Prime Minister addresses RBI@90 in Mumbai

BNE News Desk

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New Delhi: Prime Minister Narendra Modi on Monday congratulated the Reserve Bank of India (RBI) staff and emphasized the importance of fast-paced growth and focus on trust and stability. The Prime Minister was addressing the opening ceremony of RBI@90, a program marking the 90th anniversary of the RBI. 

The RBI, which began operations in 1935, has witnessed pre and post-independence eras and created a global identity based on professionalism and commitment. Modi recalled the 80-year celebration of RBI in 2014 and credited clarity of policy, intentions, and decisions for the transformation. 

The government has worked on the strategy of recognition, resolution, and recapitalization, with a capital infusion of 3.5 lakh crore for public sector banks and governance-related reforms, he said, adding that the Insolvency and Bankruptcy Code has resolved loans amounting to Rs 3.25 lakh, and gross NPAs of banks have dropped from 11.25 percent in 2018 to below 3 percent by September 2023. The Prime Minister also highlighted the impact of RBI's work on the lives of common citizens, highlighting the connection between central banks, banking systems, and beneficiaries.

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