‘RBI Entered Historic Phase Today’: PM Modi Attends RBI@90 Celebrations in Mumbai – News18

The Reserve Bank of India entered a historic phase today, said Prime Minister Narendra Modi while addressing a ceremony marking 90 years of the Central bank in Mumbai today.

“I remember when I attended the 80th Anniversary of RBI in 2014. At the time our banking sector was going through challenging times. NPA issues were there…During that time our PSU banks were not able to give speed to our economic growth, but you can see the change today. Now the banking system which was on the verge of collapse in 2014 is showing record growth,” he said.

PM Modi released a commemorative coin on the 90th anniversary of RBI. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event.

Established in 1935, RBI functions as the nation’s central bank, following the recommendations of the Hilton Young Commission and is governed by the Reserve Bank of India Act, of 1934.

The functioning of this central bank is governed by the Reserve Bank of India Act, 1934 (II of 1934), and it began operations on April 1, 1935, with Sir Osborne Smith as the first Governor, responsible for functions such as currency issuance, banking services for banks and the government, and the development of rural cooperatives and agricultural credit.

In 1937, the Central Office of the Reserve Bank was also 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.