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PM Modi Praises RBI’s Honest, Consistent Transformation

While addressing the commemoration ceremony, PM Modi applauded the transformation that the RBI witnessed in the last decade.

Narendra Modi

Narendra Modi

On the 90th anniversary of the Reserve Bank of India, PM Narendra Modi on Monday released a commemorative coin.

While addressing the commemoration ceremony, Prime Minister Modi applauded the transformation that the RBI witnessed in the last decade.

He said that the changes occurred in the banking system due to the honesty and consistency in the efforts of the government.

PM Modi stated that when the decisions are right, the policies bear the right fruit.

PM Modi said, “The transformation occurred because there was honesty and consistency in our efforts. This change has come because our policies, intentions, and decisions were clear.”

“When the intentions are clear, then the policies are right. When policies are right, then the decisions are right. And when the decisions are right, the results are also right,” he added.

Prime Minister said that in 2014, the situation was so bad that the public sector banks were not able to provide enough boost to the country’s economic progress.

The PM said, “In 2014 when I attended the programme for the completion of 80 years of the RBI, the situation was very different. The entire banking sector in India was struggling with problems and challenges. Everyone was doubtful regarding the stability and future of India’s banking system. We all started from there and today, India’s banking system is seen as a strong and sustainable banking system in the world.”

Prime Minister Modi further discussed the evolution of the banking sector. He described it as a case study. He also highlighted the government’s injection of Rs 3.5 lakh crore into PSU Banks for their revival.

“The BJP government worked with the policy of recognition, resolution and recapitalization. To improve the situation of the public sector banks, the BJP government infused capital of around Rs. 3.5 lakh crore. The government also brought reforms related to governance,” the Prime Minister added.

Highlighting the growth of UPI in the last 10 years, PM Modi said that India has entered a new era of the banking sector, economy, and currency exchange.

He said, “UPI has become a globally recognized platform. It records over 1200 crore transactions every month. In just 10 years, we have entered a new era of the banking sector, economy and currency exchange.”

Aiming for the target for the next 10 years, PM Modi said that the aspirations of the youth of India need to be focused and the RBI has an important role in fulfilling this youth aspiration.

“While deciding the target for the next 10 years, we have to keep one more thing in mind. That is- the aspirations of the youth of India. India is one of the youngest countries in the world today. RBI has an important role in fulfilling this youth aspiration,” he said.

Prime Minister Modi expressed optimism about India’s tourism sector. He highlighted Ayodhya’s potential to emerge as a premier destination for religious tourism, foreseeing its rise to prominence in the years ahead.

Prime Minister Modi indicated his preoccupation with the upcoming elections. He urged others to utilize the ensuing 100 days to contemplate new policies.

He emphasized the imminent workload following the swearing-in ceremony, underscoring the importance of advance planning and preparation.

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