RBI Committed to Strengthening India's Financial System: Governor Sanjay Malhotra
The Reserve Bank of India (RBI) will take all necessary steps to improve the country’s financial system by expanding access, enhancing efficiency, and strengthening resilience in an evolving economic environment, RBI Governor Sanjay Malhotra said on Tuesday. Speaking at the commemoration of RBI’s 90th anniversary, Malhotra emphasized the central bank’s focus on improving customer service and strengthening consumer protection.
“As we mark this milestone, we recognize that the Reserve Bank’s role has expanded significantly beyond its initial mandate. Today, we stand 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, climate change challenges, and increasing public expectations”, he said.
Malhotra highlighted that the next decade would be crucial in shaping the financial architecture of the Indian economy, with a strong emphasis on expanding and deepening financial inclusion. Under RBI’s financial inclusion initiatives, over 551 million bank accounts have been opened. The Financial Inclusion Index, which measures inclusion based on access, quality, and usage, stood at 64.2 in March 2024, up from 60.1 in March 2023 and 43.4 in 2017.
The governor reiterated that the RBI remains committed to optimizing regulatory frameworks to balance financial stability and efficiency. He emphasized that the central bank aims to support technology and innovation, ensuring that India’s financial system remains robust and future-ready.
Malhotra also stressed the importance of collaborating with governments and financial sector regulators to strengthen the financial ecosystem. He noted that new technologies and modern regulations would be adopted while upholding the RBI’s core values of integrity, transparency, and commitment to public service.
“The road ahead will require continuous adaptation, fresh thinking, innovation, collaboration, and an unwavering commitment to excellence,” Malhotra said. He added that the trust reposed in the RBI by the people of India is its greatest asset, and the institution is determined to preserve and further strengthen it in the years to come.
