Prime Minister Narendra Modi released a commemorative coin on Monday, April 1, in Mumbai to mark the 90th anniversary of the Reserve Bank of India. Maharashtra Chief Minister Eknath Shinde, Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das and other members of the RBI also attended the event.
To mark the central bank's 90th anniversary, the Finance Ministry unveiled a special Rs 90 denomination coin. This distinctive commemorative coin, made with 99.99% pure silver and weighing around 40 grams, symbolises the RBI's rich history and accomplishments over nine decades.
PM Modi Releases Commemorative Coin
"In 2014, when I attended the program for the completion of 80 years of the RBI, the situation was very different. 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. The situation was so bad that the Public Sector banks were not able to provide enough boost to the country's economic progress... And today, India's banking system is seen as a strong and sustainable banking system in the world," said PM Modi at RBI's commemoration ceremony Mumbai.
PM Modi further said, "Our government worked on the strategy of recognition, resolution and recapitalisation. 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. With the new systems of Insolvency and Bankruptcy code, loans of around Rs. 3.25 lakh crores were resolved..."