The next decade will be crucial in shaping the financial architecture of the Indian economy, said Reserve Bank of India (RBI) Governor Sanjay Malhotra while speaking at the 90th anniversary of RBI.
Ninety years ago, the RBI was established to serve as the custodian of India’s monetary and financial stability. Over these nine decades, it has evolved, adapting to the changing economic landscape while remaining committed to the economic progress of our nation and the welfare of its people, he said.
“We remain committed to expanding and deepening financial inclusion. We shall strive to foster a culture of continuous improvement in customer services and strengthening customer protection,” he said while addressing delegates at the function organised in Mumbai which was attended by President of India Droupadi Murmu and several ministers.
Highlighting that the Reserve Bank’s role has expanded significantly beyond its initial mandate, he said today, it stands at the confluence of tradition and transformation, where the imperatives of price stability, financial stability, and economic growth intersect with rapid technological advancements, global uncertainties, challenges of climate change and increasing public expectations.
He said RBI would optimise its regulatory frameworks by balancing the interests of financial stability and efficiency. It will continue to support technology and innovation and remain vigilant, adaptive, and forward-looking, he emphasized.
Mr. Malhotra said the RBI would do everything required to improve the financial system by expanding its access, enhancing its efficiency, and strengthening its resilience in an evolving economic landscape.
“Even as we embrace new technologies and modern regulatory approaches, our core values — integrity, transparency, and commitment to public service — will continue to guide us,” he said.
Stating that the trust that the people of India repose in the Reserve Bank was its greatest asset, he said it would be preserved and further strengthened it in the years ahead.
“This institution belongs to the nation. We shall continue to take each and every decision, driven by an unwavering resolve to serve the interests of the people, the financial system, and the economy,” he emphasised.
“The journey ahead will demand continuous adaptation and agility; fresh thinking and innovation; collaboration and coordination; and an unwavering commitment to excellence and perfection,” Mr Malhotra said.
“We, at the Reserve Bank, remain fully prepared to meet all challenges and seize all opportunities, to contribute proactively and vigourously, to India’s economic progress,” he concluded.
Published – April 01, 2025 03:17 pm IST