Prime Minister Narendra Modi delivered accolades to the Reserve Bank of India (RBI) during an event marking the central bank’s 90th anniversary, highlighting its pivotal role in the transformation of India’s banking sector. Speaking at the commemorative event, Modi reflected on the significant changes witnessed since 2014, noting the stark contrast in the banking landscape.
He praised the RBI for its instrumental role in turning around deeply stressed banks into profitable entities. Back in days, the situation was so bad that the Public Sector banks were not able to provide enough boost to the country’s economic progress… And today, India’s banking system is seen as a strong and sustainable banking system in the world, he said.
Modi outlined the transformation as a ‘case study,’ citing the government’s infusion of Rs 3.5 lakh crore in Public Sector Banks for their revival. He also credited the RBI for maintaining a delicate balance between growth and inflation, emphasizing its crucial role in India’s economic stability.
‘The Indian economy is making new records when several economies are struggling to come out of the Covid pandemic impact,’ remarked PM Modi, acknowledging India’s resilience amidst global challenges.
However, he noted that much more work remains to be done, describing the accomplishments of the past decade as just a glimpse of what lies ahead. ‘What happened in the last 10 years is just a trailer, still a lot to be done to take the country much further,’ he added.
RBI Governor Shaktikanta Das echoed Modi’s sentiments, highlighting the central bank’s shift towards facilitating the market economy. ‘From being a central bank primarily concerned with allocation of scarce resources during the planning period, the Reserve Bank has transitioned into being an enabler for the market economy,’ said Das, underscoring the RBI’s evolving role in India’s economic landscape.
