RBI HAS PLAYED A KEY ROLE IN MAKING INDIA A GLOBAL LEADER IN DIGITAL PAYMENTS: PRESIDENT MURMU

Newdelhi:1/4/25:The President of India, Smt Droupadi Murmu graced the closing ceremony of the commemoration of 90^th year of the Reserve Bank of India in Mumbai today (April 1, 2025). Speaking on the occasion, the President said that the RBI, as the central bank, is at the very center 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 said that 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 stated that in the nine decades, the biggest achievement of the RBI is this trust. 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 played a key role in making India a global leader in digital payments. By continuously modernizing the country’s payment infrastructure, it has ensured that digital transactions are not only seamless and efficient but also secure. Innovations like the UPI have revolutionised financial access, enabling instant, low-cost transactions and deepening financial inclusion. Beyond payments, RBI has nurtured a vibrant fintech ecosystem.

The President said 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, RBI would continue to be a pillar of strength – reinforcing trust and steering India towards a future of prosperity and global leadership. She said that as the guardian of monetary and financial stability, RBI would play a defining role in this journey – ensuring a sound banking system, driving financial innovation, and safeguarding trust in our financial ecosystem.