Commemorative Coin Unveils RBI's Nine Decades of Financial Excellence

Prime Minister Narendra Modi has released a special coin to mark the 90th anniversary of the Reserve Bank of India (RBI). The commemorative coin, made of 99.99% pure silver and weighing around 40 grams, features the RBI emblem, the Lion Capital of the Ashoka Pillar, and the national motto "Satyamev Jayate." The coin highlights the RBI's rich history and accomplishments spanning nine decades, from its establishment in 1935 under the Reserve Bank of India Act to its role in fostering development and maintaining financial stability.

Commemorative Coin Unveiled as Reserve Bank of India Celebrates Nine Decades of Excellence

New Delhi, [Date] - Prime Minister Narendra Modi unveiled a commemorative coin on Monday, marking the 90th anniversary of the Reserve Bank of India (RBI), the nation's central bank. Joining the Prime Minister at the momentous event were Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, and other esteemed members of the RBI.

Symbol of Legacy

The commemorative coin, issued in the denomination of Rs 90, stands as a testament to the RBI's illustrious history and unwavering commitment to India's financial stability. Crafted from 99.99% pure silver and weighing approximately 40 grams, the coin embodies the bank's enduring legacy and unparalleled accomplishments that span nine decades.

Design and Symbolism

The coin's centerpiece features the RBI's iconic emblem, a symbol of the institution's enduring presence and the vital role it plays in maintaining India's financial resilience. Below the emblem, the inscription "RBI@90" serves as a poignant reminder of the bank's nine decades of service. The coin also proudly displays the Lion Capital of the Ashoka Pillar, representing India's rich cultural heritage and democratic principles. Engraved beneath the Lion Capital in Devanagari script is the national motto, "Satyamev Jayate" (Truth Alone Triumphs).

RBI's Historic Evolution

The establishment of the Reserve Bank of India in 1935 marked a pivotal moment in the nation's financial history. Born from the recommendations of the Hilton Young Commission, the bank was officially incorporated under the Reserve Bank of India Act, 1934 (II of 1934). The bank's primary mandate was threefold:

• Regulating the issue of banknotes
• Maintaining reserves to ensure monetary stability
• Managing the country's credit and currency system to its optimal advantage

In its initial years, the RBI assumed responsibilities previously carried out by the Controller of Currency within the Government, and absorbed the management of Government accounts and public debt from the Imperial Bank of India. The bank's unique role in fostering development, especially in agriculture, was quickly recognized. As India embarked on its planned development initiatives, the RBI's developmental function gained prominence, particularly in the 1960s.

The RBI played a pivotal role in institutional development, establishing entities such as the Deposit Insurance and Credit Guarantee Corporation of India, the Unit Trust of India, the Industrial Development Bank of India, the National Bank of Agriculture and Rural Development, and the Discount and Finance House of India. These initiatives were crucial in strengthening the nation's financial infrastructure.

Following the liberalization of the Indian economy, the RBI refocused its attention on core central banking tasks such as Monetary Policy, Bank Supervision and Regulation, and Oversight of the Payments System, while continuing to emphasize the development of financial markets.

A Legacy of Innovation and Vision

Throughout its nine decades of existence, the RBI has consistently demonstrated its commitment to innovation and progress. The bank played a pioneering role in introducing innovative payment systems, such as the Real-Time Gross Settlement (RTGS) system and the Unified Payments Interface (UPI), which have revolutionized the way Indians conduct financial transactions.

The RBI's monetary policy framework has been instrumental in maintaining price stability and economic growth. The bank's Inflation Targeting Framework, adopted in 2015, has been widely lauded for its effectiveness in managing inflation.

Global Recognition and Collaboration

The RBI's unwavering commitment to international cooperation has earned it a reputation as a respected and influential institution on the global stage. The bank is an active member of the Bank for International Settlements (BIS) and the International Monetary Fund (IMF). It has also forged strategic partnerships with central banks worldwide, fostering knowledge sharing and collaboration.

Looking Ahead

As the Reserve Bank of India embarks on its tenth decade, it stands poised to navigate the ever-evolving financial landscape. The bank is committed to embracing new technologies and staying at the forefront of innovation. Its focus on financial inclusion and economic development will continue to guide its path in the years to come.

The commemorative coin unveiled today serves as a fitting tribute to the RBI's illustrious legacy and its unwavering commitment to serving the nation. As India continues on its path of progress and prosperity, the Reserve Bank of India stands as a steadfast partner, ensuring the stability and resilience of the country's financial system.