Shaktikanta Das: Reserve Bank of India@90 commemoration
Welcome address by Mr Shaktikanta Das, Governor of the Reserve Bank of India, at
the Reserve Bank of India@90 commemoration function, Mumbai, 1 April 2024.
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Hon'ble Prime Minister, Hon'ble Governor of Maharashtra, Hon'ble Finance Minister,
Hon'ble Chief Minister of Maharashtra, Hon'ble Union Ministers of State for Finance,
Hon'ble Deputy Chief Ministers of Maharashtra, Distinguished invitees, Media
representatives, and My colleagues from the Reserve Bank, past and present.
Today, the Reserve Bank of India enters the 90th year from its establishment on April 1,
1935. The journey of the Reserve Bank over the last nine decades has been one of
efficient functioning and contribution to the nation's progress. On this momentous
occasion, it is my proud privilege on behalf of the Reserve Bank, to welcome the
Honourable Prime Minister to this commemorative event. Sir, your presence here
amidst your busy schedule is a source of great inspiration for all of us. I also welcome
the Honourable Finance Minister, who has been a source of support and guidance.
Further, I welcome all the distinguished dignitaries on the dais and all our invitees who
have made it convenient to be here today.
The Reserve Bank's evolution as an institution has been closely intertwined with the
development of the Indian economy. From being a central bank primarily concerned
with allocation of scarce resources during the planning period, the Reserve Bank has
transitioned into being an enabler for the market economy. We are a full-service central
bank with our functions spanning multiple dimensions.
It has been our endeavour to promote a financial sector that is robust, resilient and
future ready. The path-breaking structural reforms, such as the enactment of the
Insolvency and Bankruptcy Code (IBC) and the adoption of Flexible Inflation Targeting
in the recent years, have helped us to deal with the challenges in the banking system
and the task of maintaining price stability more effectively.
Given the rapid changes taking place in today's world, especially in the areas of
technology, innovation, business practices and growing complexities in the financial
sector, the Reserve Bank is constantly evaluating the emerging trends and taking
necessary policy measures to remain in sync with the evolving situation. Our effort is to
anticipate situations and take proactive action.
The global turmoil arising from the COVID-19 pandemic and the ongoing geopolitical
hostilities have tested the resilience of every economy in the world, including India. The
well-calibrated and co-ordinated monetary and fiscal policies adopted in our country
went a long way in shielding our economy from these shocks and helped us emerge
even stronger than before. It is a matter of satisfaction that today our GDP growth is
robust; inflation is moderating; the financial sector is stable; the external sector remains
resilient; and the forex reserves are at an all-time high.
Over the years, the Reserve Bank has emerged as a symbol of stability, resilience, and
commitment to the welfare of our citizens. This has been possible due to the
contributions made by generations of Team RBI. As we move towards RBI@100, the
Reserve Bank remains focused on ensuring a stable and strong financial system that
would act as a bedrock for our country's economic progress.
With these words, let me once again welcome the Hon'ble Prime Minister and the other
dignitaries to this commemorative event. I also extend a warm welcome to each one of
you in the audience.
Thank you. Namaskar!