Mumbai: PM Modi Releases Commemorative Coin on 90th Anniversary of RBI – Watch - www.lokmattimes.com

Prime Minister Narendra Modi unveiled a commemorative coin in Mumbai on Monday, April 1, to commemorate the 90th anniversary of the Reserve Bank of India (RBI). The special Rs 90 denomination coin, made of 99.99% pure silver and weighing 40 grams, symbolizes the central bank's accomplishments over nine decades. The event was attended by Maharashtra Chief Minister Eknath Shinde, Union Finance Minister Nirmala Sitharaman, and RBI Governor Shaktikanta Das.

Prime Minister Modi Commemorates 90 Years of the Reserve Bank of India with the Unveiling of a Commemorative Coin

Mumbai, April 1, 2024 - Prime Minister Narendra Modi graced the 90th anniversary celebrations of the Reserve Bank of India (RBI) with the release of a commemorative coin, a testament to the institution's unwavering stewardship of India's financial landscape.

Chief Minister of Maharashtra, Eknath Shinde, Union Finance Minister, Nirmala Sitharaman, RBI Governor, Shaktikanta Das, and other distinguished members of the RBI witnessed the momentous occasion.

To commemorate the central bank's remarkable journey, the Finance Ministry unveiled a special Rs 90 denomination coin, crafted from 99.99% pure silver and weighing approximately 40 grams. This unique commemorative coin serves as a tangible symbol of the RBI's enduring legacy and the profound impact it has had over nine transformative decades.

In his address during the commemoration ceremony, Prime Minister Modi lauded the RBI's pivotal role in shaping India's economic trajectory. Recalling his attendance at the RBI's 80th anniversary celebration in 2014, the Prime Minister acknowledged the significant challenges the banking sector faced at the time.

"The entire banking sector of India was struggling with problems and challenges. Everyone was doubtful regarding the stability and future of India's banking system," Prime Minister Modi said, recounting the grim scenario. "The situation was so bad that the Public Sector banks were not able to provide enough boost to the country's economic progress."

Through bold reforms and a steadfast commitment to strengthening the financial infrastructure, the Modi government has played a pivotal role in transforming India's banking system into a pillar of strength and stability. "Our government worked on the strategy of recognition, resolution, and recapitalization," the Prime Minister explained. "The government did a capital infusion of Rs. 3.5 lakh crores to improve the condition of the Public Sector banks, did governance-related reforms."

The introduction of the Insolvency and Bankruptcy Code, a landmark reform, has further empowered the financial sector to resolve distressed assets and foster a more conducive environment for investment. "With the new systems of Insolvency and Bankruptcy code, loans of around Rs. 3.25 lakh crores were resolved," Prime Minister Modi highlighted.

The Prime Minister's unwavering belief in the power of technology to drive financial inclusion has also been instrumental in revolutionizing the banking landscape. "Today, India has become the first country in the world to have a real-time, 24/7 payment system. The scale and reach of India's digital payment ecosystem are unparalleled," Prime Minister Modi remarked.

Governor Shaktikanta Das, in his address, commended the RBI's staff for their dedication and unwavering commitment to serving the nation. "The RBI has remained steadfast in its resolve to maintain monetary and financial stability, even during challenging times," Governor Das said. "This is a testament to the professionalism, expertise, and dedication of our staff."

The 90th anniversary of the Reserve Bank of India is a testament to the transformative power of sound monetary and financial policies. Under the stewardship of Prime Minister Modi, the RBI has emerged as a global powerhouse, shaping the economic destinies of not only India but the world.