RBI Played Key Role in Making India a Global Leader in Digital Payments: President Murmu
The President of India, Smt Droupadi Murmu, attended the closing ceremony of the 90th-anniversary celebrations of the Reserve Bank of India (RBI) in Mumbai today. In her address, President Murmu highlighted the pivotal role played by the RBI in India’s economic growth and transformation into one of the world's top economies.
She emphasized that the RBI, as the nation's central bank, has been at the heart of India’s journey, from pre-Independence poverty to its current standing as a global economic powerhouse. While the RBI may not have direct interactions with the common man, its influence is deeply felt in the financial dealings of every individual, through banks and financial institutions. The trust placed in the RBI, according to the President, is its most significant achievement over the past nine decades, which has been earned through its unwavering commitment to price stability, growth, and financial stability.
President Murmu also praised the RBI’s adaptability in the face of challenges, noting its swift responses to economic liberalization in the 1990s and the Covid-19 pandemic. She further acknowledged the RBI's key role in making India a global leader in digital payments. The central bank has modernized India’s payment infrastructure, ensuring that digital transactions are seamless, efficient, and secure. Innovations like the Unified Payments Interface (UPI) have revolutionized financial access, promoting instant and low-cost transactions while advancing financial inclusion.
Looking ahead to the centenary of India’s Independence, the President outlined the mission of 'Viksit Bharat 2047,' which calls for a financial ecosystem that is innovative, adaptive, and inclusive. She expressed confidence that the RBI, with its focus on stability, innovation, and inclusivity, will continue to play a defining role in India’s future, ensuring a robust banking system, driving financial innovation, and reinforcing trust in the country’s financial ecosystem.
