RBI played key role in making India global leader in digital payments: Prez Murmu

Mumbai, April 1 President Droupadi Murmu on Tuesday lauded the Reserve Bank for its key role in making India a global leader in digital payments with innovations like UPI revolutionising financial access.

Addressing the closing ceremony of the commemoration of the RBI’s 90th year, the President said, “

She stated that in the nine decades, the biggest achievement of the RBI is the trust of the people. The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability. Also, it has continuously adapted to meet the evolving needs of our growing nation. Its swift responses to key challenges, from economic liberalisation in the 1990s to the COVID-19 pandemic, highlight its resilience and adaptability. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends.

The President said that the RBI has emerged as one of the most critically important institutions in the nation. She pointed out that a common man or woman has no direct interaction with RBI -- except for its name printed on the currency notes in their pockets -- but indirectly, all their financial dealings, through banks and otherwise, are governed by the RBI. And they instinctively place their utmost faith in the financial system overseen by it.

She further stated that the RBI, as the central bank, was at the very centre of India’s incredible growth story. It has witnessed the whole journey of the country so far, from the time before Independence when it was suffering from widespread poverty to the time now when it is among the top economies in the world.

The President also observed that as India approaches the centenary of its Independence, the mission of ‘Viksit Bharat 2047’ calls for a financial ecosystem that is innovative, adaptive, and accessible to all. She stated that the path ahead would present new complexities and challenges.

She expressed confidence that with a steadfast commitment to stability, innovation and inclusivity, the RBI would continue to be a pillar of strength -- reinforcing trust and steering India towards a future of prosperity and global leadership. As the guardian of monetary and financial stability, the RBI would play a defining role in this journey -- ensuring a sound banking system, driving financial innovation, and safeguarding trust in our financial ecosystem, the President added.

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