90 years of establishment of RBI completed: PM said – I consider the people associated with RBI lucky, the policy you make will decide the direction of RBI.

Reserve Bank of India (RBI) is celebrating its 90th anniversary today. On this occasion, at the memorial ceremony organized in Mumbai, Prime Minister Modi said, ‘Today the Reserve Bank of India has reached a historic milestone. RBI as an institution has witnessed both pre-independence and post-independence periods. RBI has been recognized in the world because of its professionalism and commitment. On this occasion, the Prime Minister congratulated all the officers and employees of the Reserve Bank. He said, ‘I consider those who are associated with RBI at this time to be very fortunate. The policies you make today and the work you do will decide the direction of the next decade of RBI. This decade is the decade taking this institute to its centenary year. Today India’s banking system is a strong and sustainable system. The Prime Minister said – When I came to the 80th year program of the Reserve Bank in 2014, the situation was completely different. The entire banking sector of India was facing problems and challenges. Everyone was full of apprehensions about the stability and future of India’s banking system regarding NPAs. The situation was so bad that the public sector banks of the country were not able to give the necessary impetus to the economic progress of the country. We all started from there and today India’s banking system is considered one of the strong and sustainable systems in the world. The banking system which was once on the verge of collapse has now become profitable and is showing record growth in credit. RBI Governor said – Necessary policy steps are being taken after analyzing the emerging trends. Earlier, RBI Governor Shaktikanta Das said, ‘The development of RBI as an institution is closely linked with the development of the Indian economy. Pathbreaking structural reforms such as the enactment of the Insolvency and Bankruptcy Code and the adoption of flexible inflation targeting in recent years have helped us address challenges in the banking system and maintain price stability more effectively. In view of the rapid changes taking place in today’s world, the Reserve Bank is continuously analyzing the emerging trends and taking necessary policy steps to keep pace with the changing times.

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