Introduction: Prime Minister Narendra Modi addressed the opening ceremony of RBI@90, marking the Reserve Bank of India’s 90th year on April 1, 2024. The event took place at the National Centre for the Performing Arts in Mumbai, Maharashtra, with Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das in attendance.
Special Rs 90 Coin Unveiled:
- Coin Features:
- Made from pure silver, weighing approximately 40 grams.
- Obverse: RBI emblem with “RBI@90” inscribed below.
- Reverse: Lion Capital of Ashoka Pillar with “Satyamev Jayate” inscribed in Devanagari script.
Key Points from PM Modi’s Address:
- RBI’s Role: Highlighted the pivotal role of RBI in India’s economic growth.
- UPI Transactions: Over 1200 crore monthly transactions via UPI, recognized internationally. Currently, 7 countries officially accept the UPI system: Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, and Nepal.
- Women’s Financial Inclusion: As of December 2023, women hold 56% of total Jan Dhan accounts, with about 51.25 crore accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
- Kisan Credit Cards: More than 7 crore farmers, fishermen, and cattle owners have access to Pradhan Mantri Kisan Credit Cards.
Background on RBI:
- Establishment: April 1, 1935, based on Hilton Young Commission recommendations.
- Initial Governor: Sir Osborne Smith (April 1, 1935 – June 30, 1937).
- Nationalization: January 1, 1949, under the RBI (Transfer to Public Ownership) Act, 1948.
- Headquarters: Initially in Kolkata, shifted to Mumbai in 1937.
Functions of RBI:
- Formulating Monetary Policy
- Supervision and Regulation of Financial Institutions
- Issuer of Currency
- Management of Foreign Exchange Reserves
Recent Developments:
- GNPA Ratio: Dropped to 3.2% at the end of September 2023 from 3.9% at the end of March 2023.
- UDGAM Portal: Launched in January 2024 to help people search and claim unclaimed deposits.
About RBI:
- Governor: Shaktikanta Das
- Headquarters: Mumbai, Maharashtra
- Established: April 1, 1935
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