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Prime Minister Narendra Modi, while addressing the public on the occasion of the foundation day of Reserve Bank (RBI), extended his wishes to all the employees of RBI. He emphasized the importance of RBI in shaping the country’s economic direction, particularly in boosting the rural economy and advancing the Unified Payments Interface (UPI). PM Modi attended the 90th-anniversary program of RBI alongside prominent political figures, including Chief Minister Eknath Shinde, Governor Ramesh Bais, Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, Deputy Chief Minister Devendra Fadnavis, and Deputy Chief Minister Ajit Pawar.
During his speech, PM Modi highlighted the remarkable transformation in the banking sector, noting the transition from a loss-making economy to a profitable one. He credited the last decade for witnessing significant reforms in the banking sector, which he likened to a mere trailer of the changes to come. PM Modi emphasized the importance of formulating policies that would shape RBI’s direction in the next decade, praising India’s banking system as strong and sustainable.
PM Modi commended RBI’s achievements in enhancing the public sector and addressing defaults, citing the reduction of gross NPAs from 1.5 percent in 2018 to three percent in 2023. He acknowledged RBI’s role in achieving a robust banking credit growth of 15 percent, attributing it to the institution’s commendable efforts in fostering economic resilience and stability.
In his address, PM Modi urged RBI to take proactive steps to accelerate India’s progress and promote inclusivity. He assured the government’s support for RBI’s endeavors, emphasizing the importance of collaboration in driving India’s economic resurgence on the global stage. PM Modi expressed confidence in RBI’s ability to navigate India towards new heights of prosperity and global prominence amidst the challenges posed by the COVID-19 pandemic.
Also Read: Is Congress Backing Prakash Ambedkar’s VBA from Behind? Here’s What We Know So Far
🇮🇳🏦 PM Modi hails RBI’s role in shaping India’s economic trajectory, lauds banking sector’s transformation. Promises significant changes ahead, signaling optimism and collaboration for the nation’s future prosperity. #RBI #EconomicTransformation 💼📈
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