PM Modi Inaugurates Commemorative Coin On 90th Anniversary of RBI

BY A STAFF REPORTER: In a significant development, Prime Minister Narendra Modi released a commemorative coin during a ceremony for the 90th anniversary of the Reserve Bank of India in Mumbai, Maharashtra on April 1, Monday. 

Along with PM Modi, Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das and other pertinent personalities attended the ceremony. Furthermore, PM Modi also addressed the ceremony and recalled how the entire banking sector was facing several struggles and problems when he attended the 80th anniversary of RBI in 2014. PM Modi claimed that there was skepticism amongst people concerning the stability and future of India's banking system. Moreover, PM Modi stated that the situation was abysmal as Public Sector Banks failed to provide enough boost to the Indian economy. He maintained that India's banking system is now seen as a strong and sustainable banking system in the world. 

#WATCH | Mumbai: At the commemoration ceremony of 90 years of the Reserve Bank of India, PM Modi says, "In 2014, when I attended the program for the completion of 80 years of the RBI, the situation was very different. The entire banking sector of India was struggling with… pic.twitter.com/juFQi3ZsLs

— ANI (@ANI) April 1, 2024

The Reserve Bank of India is the country's central bank and regulatory body responsible for the regulation of the Indian banking system. RBI is owned by the Ministry of Finance. It was established on April 1, 1935, after the Government of India Act, 1935.