In order to sustain and grow, a nation requires strong and evolving financial support. The Reserve Bank of India(RBI), for our country, is the centralized financial institution upholding the regulation and flow of monetary aid.
This particular central bank embarks on the 91st year of its journey by celebrating 90 years of establishment on April 1st, 2024, in Mumbai.
The nine-year decade operations of the RBI were recognized by a ceremony in the presence of RBI governor Shaktikanta Das, Finance Minister Nirmala Sitharaman, and Prime Minister Narendra Modi. Other guests of honour were Governor Ramesh Bais, CM Eknath Shinde, deputy CMs Devendra Fadnavis, and Ajit Pawar and ministers of state for finance Pankaj Chaudhary and Dr Bhagwat Karad, and other RBI members. 
At the ceremony
The Prime Minister unveiled a distinctive commemorative coin, made with 99.99% pure silver and weighing around 40 grams, which symbolises the rich history and accomplishments of the RBI. It has the inscription “RBI@90 displayed at the bottom. With it, the Lion Capital of the Ashoka Pillar, an emblem of India’s cultural heritage and democratic principles, with the national motto “Satyamev Jayate” (Truth Alone Triumphs) engraved in Devanagari script below.
The prime minister delivered the Keynote Speech, and the RBI Governor addressed the audience with an introductory speech.
Address of the Prime Minister
Narendra Modi reminisced the past decade of the central bank and stated that it was just the beginning of a financially strong India. However, India is in dire need of becoming self-reliant economically in the next decade to stand the ever-changing global vulnerabilities. The nation will strive to become “financially atmanirbhar” (financially independent) in the coming times.
He further delivered words of appreciation for the RBI for playing a significant role in the reduced rate of NPAs(Non-Performing Assets) from 11% to 3%, the twin-balance sheet being an ancient practice now, banks see credit growth of 15% and others.
Additionally, the Prime Minister shed light and gave suggestions for the path in the next decade. The massive growth of UPI globally will transform the banking sector, and the RBI should be prepared and adoptive to this. Ease of doing business should be promoted by easy access to credit.
Glancing at the history of RBI
Reserve Bank of India (RBI) is the central bank of India established on April 1, 1935, under the leadership of Sir Osborne Smith. It is charged with regulating the country’s currency and credit systems, supervising financial institutions, and attempting to create a supervisory rating model for its banks. and dealing with legal issues related to bank fraud. It has various departments, some of them being the Department of Monetary Policy, Department of Economic and Policy Research etc.
Over its years of operation, the RBI has seen 26 governors. The present governor Shaktikanta Das has been recognized as the top central banker globally by a US-based Global Finance magazine. The governor at the ceremony stated that the financial sector of the country is stable and the GDP growth is strong.
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