PM Modi Celebrates RBI's 90th Anniversary: A Milestone in India's Financial Evolution

Summary and Important Points:

1. Event Overview:

• PM Modi addressed the RBI@90 opening ceremony in Mumbai, marking 90 years of RBI's establishment.

• Released a commemorative coin to celebrate the occasion.

1. RBI's Historic Journey:

• Recognized for its professionalism and commitment pre and post-India's independence.

• Acknowledged for shaping the country's financial landscape over nine decades.

1. Banking System Transformation:

• Highlighted the transformation from a near moribund banking system to a profitable and strong banking system.

• Emphasized strategies of recognition, resolution, and recapitalization for banking reform.

1. Financial Inclusion and Digitalization:

• Praised Jan Dhan accounts, PM Kisan Credit Cards, and UPI transactions for enhancing financial inclusion and digital transactions.

1. Vision for the Next Decade:

• Stressed on deepening financial inclusion, promoting digital transactions, and adapting to cashless economy changes.

1. Global and National Economic Growth:

• Cited India's significant role in global GDP growth and the importance of the Indian banking system in supporting global and national economic development.

Additional Information:

• Financial Inclusion: Refers to efforts to make financial services accessible at affordable costs to all individuals and businesses.

• Digital Transactions: Electronic transfer of money from one account to another, facilitated by digital payment platforms like UPI.

• Insolvency and Bankruptcy Code (IBC): A legal framework in India to resolve insolvencies which benefits the economy by facilitating faster turnaround of businesses and creating a database of credit information.

• Central Bank Digital Currency (CBDC): A digital form of fiat currency issued and regulated by a country's central bank, aimed at improving the payment system's efficiency.

Examination Perspective and Concise Points for Use:

• Understanding RBI's role in India's economic development and financial stability.

• Insights into the transformation and modernization of the Indian banking system.

• The significance of financial inclusion and digital transactions in promoting economic growth.

Key Words to Remember:

• RBI@90

• Financial Inclusion

• Digital Transactions

• Banking System Transformation

• Economic Growth

Link to Article : Press Information Bureau (pib.gov.in)

Released On : 01 April 2024