Prime Minister Narendra Modi is set to deliver a speech today in Mumbai, marking the 90th anniversary of the Reserve Bank of India (RBI). The ceremony, organized by the central bank, will also see the presence of Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.
In a social media post on X, the RBI extended an invitation to the public to join the commemoration event of RBI@90, highlighting the participation of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. The event will commence with a welcome address by RBI Governor Shaktikanta Das.
Join us for the commemoration of the 90th year of Reserve Bank of India (RBI@90). Address by Hon’ble Prime Minister @narendramodi and by Hon’ble Finance Minister @nsitharaman. Welcome address by RBI Governor @dasshaktikanta.
Watch Live at: https://t.co/jtuBmtDZDz
#RBI@90…— ReserveBankOfIndia (@RBI) March 31, 2024
Established in 1935, the Reserve Bank of India serves as the country’s central bank, operating in accordance with the recommendations of the Hilton Young Commission and governed by the Reserve Bank of India Act, 1934.
The RBI commenced its operations on April 1, 1935, with Sir Osborne Smith as its inaugural Governor. Initially entrusted with responsibilities such as currency issuance, banking services for banks and the government, and the promotion of rural cooperatives and agricultural credit, the central bank played a pivotal role in the economic landscape of the nation.
In 1937, the Central Office of the Reserve Bank was relocated from Kolkata to Mumbai, cementing the financial hub’s status as the headquarters of the institution.
Over the decades, the RBI’s mandate has evolved significantly. In addition to its traditional functions, the central bank now plays a crucial role in monetary management, regulation and supervision of the financial system, management of foreign exchange reserves, regulation and supervision of payment and settlement systems, and fostering developmental initiatives.
The commemoration of the RBI’s 90th anniversary not only reflects on its rich history but also underscores its enduring significance in shaping India’s economic trajectory. As the country’s premier financial institution, the RBI continues to adapt to emerging challenges and fulfill its mandate of ensuring monetary stability, financial inclusion, and sustainable economic growth.
