Reserve Bank of India (RBI) Governor Shaktikanta Das reflected on the illustrious journey of the central bank over the past nine decades, at the commemoration ceremony of 90 years of the RBI held in Mumbai on Monday.
Addressing the audience, Governor Das underscored the institution’s integral role in India’s economic progress and its adaptability in the face of evolving challenges.
Governor Das remarked, “The journey of reserve bank over the 9 decades has been one of efficient functioning and contribution to the nations’ progress.”
He highlighted the RBI’s evolution from its early role as a central bank primarily concerned with resource allocation during the planning period to its current status as a facilitator of the market economy.
Governor Das emphasized the pivotal role of structural reforms in shaping the RBI’s response to contemporary challenges.
He cited landmark initiatives such as the enactment of the Insolvency and Bankruptcy Code and the adoption of flexible inflation targeting as instrumental in fortifying India’s banking system and ensuring price stability.
Das said, “The RBI’s evolution as an institution has been closely intertwined with the development of the Indian economy. From being a central bank primarily concerned with the allocation of scarce resources during the planning period, the RBI has transitioned into being an enabler for the market economy.”
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