RBI At 90: 'Will Have To Grow Digital Transactions In The Next 10 Years...,' Says PM Modi

RBI Turns 90: Prime Minister Narendra Modi issued special Rs 90 coin to mark the event

PM Modi highlighted the imperative to enhance financial inclusion and empowerment measures, acknowledging diverse preferences among the populace regarding banking methods. ( Image Source :RBI )

Prime Minister Narendra Modi on Monday highlighted the necessity of prioritising digital transactions amidst the flourishing cashless economy. Speaking at an event commemorating the 90th anniversary of the Reserve Bank of India (RBI) in Mumbai, PM Modi stressed the importance of staying abreast of developments in the digital financial landscape.

PM's Pitch

"We will have to grow digital transactions in the next 10 years. We will also have to keep an eye on the developments coming from the cashless economy," said Modi, underlining the evolving nature of financial transactions. The prime minister also highlighted the imperative to enhance financial inclusion and empowerment measures, acknowledging diverse preferences among the populace regarding banking methods. "The country needs to make measures which make banking better and everyone has access to credit," he added.

#WATCH | Mumbai: At the commemoration ceremony of 90 years of the Reserve Bank of India, PM Modi says, "What happened in the last 10 years is just a trailer. Still, a lot is left to do to take our nation forward... We have to make sure that our goals for the next 10 years are… pic.twitter.com/dMdpNzPXz7

— ANI (@ANI) April 1, 2024

Echoing the sentiment of progress, PM Modi urged the RBI to take proactive steps to foster faster, inclusive, and sustainable growth in India. "RBI needs to take proactive steps to achieve this, and the government is with them," he affirmed. As part of the commemoration, PM Modi unveiled a special coin to mark the 90th anniversary of the RBI, joined by esteemed dignitaries including Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

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— ANI (@ANI) April 1, 2024

PM Issues Special Rs 90 Coin

Modi also unveiled a special Rs 90 denomination coin, crafted from 99.99 per cent pure silver and weighing approximately 40 grams, symbolising the remarkable journey and achievements of the RBI over nine decades.

RBI History

Established in accordance with the recommendations of the Hilton Young Commission, the RBI commenced its operations on April 1, 1935, under the Reserve Bank of India Act, 1934 (II of 1934). As the nation's central bank, the RBI plays a pivotal role in shaping India's financial landscape, adapting to the evolving needs of its economy and citizens.