RBI is architect of India's financial transformation: President Murmu

Central bank has ensured financial system's resilience in 'face of any adverse international trends'

The Reserve Bank of India (RBI) has been the architect of the country’s transformation by strengthening financial inclusion, maintaining monetary stability, and enabling robust economic growth, said President Droupadi Murmu on Tuesday.

 

“In an increasingly globalising world, it (RBI) has ensured that India's financial system remains resilient in the face of any adverse international trends,” she said at the 90th commemoration anniversary of the central bank in Mumbai. 

 

“For financial inclusion, it has supported the PM Jan Dhan Jajana by facilitating and enabling regulatory framework. It is heartening to note that a large number of women are account holders under PM Jan Dhan Yojana. It has been crucial in realising the vision of universal financial access and ensuring that the benefits of formal banking reach every citizen.”

 

 

Murmu credited RBI for making India a global leader in digital payments. Unified Payments Interface (UPI), which lets users transfer money between bank accounts using their mobile devices, is globally recognised as one of the most platforms of its kind.

 

“It (UPI) has ensured that digital transactions are not only seamless and efficient but also secure. The RBI’s innovations have revolutionised financial access enabling instant, low-cost transactions and deepening financial inclusion”, Murmu said, adding that RBI has also nurtured a vibrant fintech ecosystem.

 

The RBI continues to strengthen its consumer protection framework, adapting to emerging challenges while upholding the trust and stability that is the bedrock of India’s financial system.

 

Murmu highlighted RBI’s commitment for the environment as it takes steps for sustainable finance. “As the government leads the transition to a greener economy, the RBI has complemented this vision through measures such as the Green Deposit Framework, which directs funds towards environmentally sustainable projects and the inclusion of green finance under priority sector lending to encourage banks to support eco-friendly initiatives.”

 

“The RBI's remarkable journey over the past 90 years has been closely aligned with the vision and policies of the government. This enduring partnership has been essential in navigating complex economic transitions, implementing critical financial reforms and maintaining macroeconomic stability,” Murmu said.