Indian Banking System Emerges as a Global Leader: PM Modi Highlights RBI's 90-Year Journey

New Delhi :The Indian banking system has achieved a significant milestone, emerging as a robust and sustainable force on the global stage. Prime Minister Narendra Modi highlighted this achievement during the opening ceremony of RBI@90, a program marking 90 years of the Reserve Bank of India, held in Mumbai, Maharashtra on Monday.

Prime Minister Modi commended the Reserve Bank of India (RBI) for its pivotal role in shaping India's economic landscape over the past nine decades. He emphasized the professionalism and commitment exhibited by the RBI, which has earned it recognition worldwide.

Reflecting on the transformation of the Indian banking sector, Prime Minister Modi recalled the challenges faced by the industry in the past, including non-performing assets (NPA) and instability. However, through clarity of policy, decisive actions, and comprehensive reforms, the Indian banking system has undergone a remarkable turnaround. The banking system, once on the brink of collapse, is now profitable and demonstrating record credit.

The Prime Minister credited the government's strategy of recognition, resolution, and recapitalization for this transformation. He highlighted the infusion of capital into public sector banks and the effective implementation of the Insolvency and Bankruptcy Code, which has resolved loans amounting to trillions of rupees.

Furthermore, PM Modi underscored the importance of financial inclusion and empowerment, citing initiatives such as the Jan Dhan Yojana and PM Kisan Credit Cards, which have provided significant support to the rural economy.

Looking ahead, Modi outlined the targets for the next decade, including the promotion of digital transactions, deepening financial inclusion, and leveraging artificial intelligence and machine learning in banking services. He emphasized the need for proactive measures to address the diverse banking needs of India's vast population.

In conclusion, Modi expressed confidence in the RBI's ability to lead India's economic growth while maintaining fiscal discipline. He highlighted the importance of striking a balance between inflation control and growth, positioning India as a model for other developing countries.

As India celebrates 90 years of the RBI's existence, the Prime Minister's remarks underscore the country's emergence as a global economic powerhouse, with a banking system poised for leadership on the world stage.