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PM Modi addresses RBI@90 Programme; RBI marks 90 years

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PM Modi addresses ceremony marking 90 years of RBIPrime Minister (PM) Narendra Modi addressed the opening ceremony of RBI@90, as the Reserve Bank of India (RBI) marked its 90th year on April 1, 2024. The ceremony took place at National Centre for the Performing Arts in Mumbai, Maharashtra.

i.PM Modi was accompanied by Union Finance Minister Nirmala Sitharaman and Shaktikanta Das, Governor of RBI.

Prime Minister unveils special Rs 90 coin to commemorate 90 years of RBI

A special Rs 90 coin was unveiled by Prime Minister Narendra Modi to commemorate 90 years of RBI.

Features:

i.The coin is made from pure silver and it weighs about 40 grams.

ii.On the obverse side the RBI emblem is embossed at the centre of the coin, below which “RBI@90” is inscribed.

  • The Reverse Side Showcases the Lion Capital of Ashoka Pillar with the national motto “Satyamev Jayate” (Truth Alone Triumphs) inscribed in Devanagari script below.

iii.The coin signifies RBI’s extensive history and achievements over 90 years.

Key Points:

i.During his address, PM highlighted the pivotal role of RBI in strengthening the economic growth of India.

ii.PM mentioned that more than 1200 crore monthly transactions were made via UPI (Unified Payments Interface). This makes UPI an internationally recognized platform.

Note: At present, 7 countries have officially accepted UPI system : Sri Lanka, Mauritius, France, United Arab Emirates(UAE), Singapore, Bhutan and Nepal.

iii.He informed that as of December 2023, women in India hold 56% of total Jan Dhan accounts, and about 51.25 crore bank accounts were opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY).

iv.More than 7 crore farmers, fishermen and cattle owners have access to Pradhan Mantri Kisan Credit Cards.

Background: Reserve Bank of India

i.RBI was established on 1st April,1935, based on the recommendation of Hilton Young Commission(formed in 1926).

ii.RBI is formed in accordance with the provisions of RBI Act, 1934.

iii.Sir Oborne Smith was the 1st Governor of Reserve Bank. He served as Governor of Reserve Bank from 1st April, 1935 to 30th June, 1937.

iv.RBI was nationalised on 1st January, 1949 under the RBI(Transfer to Public Ownership) Act, 1948.

v.Central Office of the RBI was initially established in Kolkata, West Bengal. In 1937,it was shifted to Mumbai, Maharashtra.

Functions of RBI:

  • Formulating Monetary Policy
  • Supervision and Regulation of Financial Institutions
  • Issuer of Currency
  • Management of Foreign Exchange Reserves

Recently Related:

i.As per RBI report released in December 2023, The Gross Non-Performing Asset (GPNA) ratio of scheduled commercial banks drops to 3.2% (at end September 2023) from 39%(end-March 2023).

ii.In January 2024, RBI launched a centralised web portal “UDGAM” (Unclaimed Deposits-Gateway to Access Information). It will help people to search and claim their unclaimed deposits.

About Reserve Bank of India(RBI):
Governor: Shaktikanta Das
Headquarters : Mumbai, Maharashtra
Established: 1 April, 1935