PM Modi To Address 90 Years Of Reserve Bank Of India

Marking 90 years of the Reserve Bank of India, Prime Minister Narendra Modi will address a ceremony in Mumbai today.

Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will be part of the event.

Taking to X, RBI in a post said, “Join us for the commemoration of the 90th year of RBI. Address by Hon’ble Prime Minister @narendramodi and by Hon’ble Finance Minister @nsitharaman. Welcome address by RBI Governor @dasshaktikanta.”

Prime Minister Modi’s participation underscores the government’s recognition of the RBI’s significant role in shaping India’s financial landscape and its commitment to supporting the institution’s endeavors.

Established in 1935, RBI functions as the nation’s central bank. It follows the recommendations of the Hilton Young Commission.

The functioning of this central bank is governed by the Reserve Bank of India Act, 1934. It began operations on 1 April, 1935. It operated under Sir Osborne Smith as the first Governor, overseeing tasks including currency issuance, banking services, and rural credit development.

In 1937, the Central Office of the Reserve Bank shifted from Kolkata to Mumbai.

The RBI’s role has expanded to cover monetary management, regulation and supervision of the financial system, management of foreign exchange, currency issuance, regulation and supervision of payment and settlement systems, and developmental roles over the years.

In the last decade, the Reserve Bank of India has been playing an important role in promoting digital payments.

In its nine decades of history, the Reserve Bank of India has seen twenty-six Governors, with Shaktikanta Das as the current Governor, whose tenure started in October 2021.

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