RBI playing pivotal role in advancing growth trajectory: PM Modi

Tribune News Service

New Delhi, April 1

Prime Minister Narendra Modi on Monday commended the Reserve Bank of India (RBI) for its focus on fast-paced growth and ensuring trust and stability which were essential ingredients to achieve the goal of a ‘Viksit Bharat’.

Addressing the opening ceremony of RBI’s celebrations marking 90 years of its existence, the PM also released a commemorative coin on the occasion. The PM said the RBI had created an identity around the world based on its professionalism and commitment in its 90 years, which span both the pre and post-Independence eras.

Emphasising the importance of coordination of monetary and fiscal policies, he recalled the 80th anniversary of the RBI in 2014 when challenges and problems like the NPA and stability of the banking system were overriding concerns. “In the 10 years since, we have reached a point where the Indian banking system is being seen as a strong and sustainable banking system of the world as the near moribund banking system of that time is now in profit and showing record credit,” observed the PM. “Where intentions are right, results too are correct,” he said. The government worked on the strategy of recognition, resolution and recapitalisation to resuscitate the banking system. As a result, the problem of twin balance sheets too is one of the past,” he added while complimenting the RBI for its contribution to this transformation.

The PM also said the work carried out at the RBI directly made an impact on the lives of common citizens. Over 55 per cent of the 52 crore Jan Dhan accounts belong to women. More than seven crore farmers, fishermen and cattle owners have access to PM Kisan Credit Cards and more than 1,200 crore monthly transactions via UPI have made it a globally recognised platform. “The Indian economy is creating new records at a time when many countries in the world are still trying to recover from the economic shock of the pandemic,” he said.

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#Bharat #Narendra Modi #Reserve Bank of India RBI