PM Unveils Commemorative Coin for Reserve Bank of India's 90th Anniversary

Prime Minister Narendra Modi unveiled a special Rs 90 coin to commemorate 90 years of the Reserve Bank of India (RBI). The pure silver coin weighs approximately 40 grams with the RBI emblem on its obverse side and the Ashoka Pillar on its reverse side. RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman were present for the unveiling. In his address, PM Modi emphasized the central bank's role in India's economic growth and highlighted the popularity of UPI (Unified Payments Interface), with over 1200 crore monthly transactions, making it a globally recognized platform.

Prime Minister Unveils Commemorative Coin to Mark 90 Years of Reserve Bank of India

On a solemn occasion, Prime Minister Narendra Modi, accompanied by Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das, unveiled a special silver coin bearing the denomination of INR 90 to commemorate the bank's historic 90th anniversary.

Coin Features and Significance

The commemorative coin, meticulously crafted from pure silver, weighs approximately 40 grams. Its obverse side proudly displays the RBI emblem at its center, with the inscription "RBI@90" inscribed beneath. The coin's reverse side features the iconic Lion Capital of Ashoka Pillar, adorned with the national motto "Satyamev Jayate" (Truth Alone Triumphs) inscribed in Devanagari script.

This commemorative coin serves as a tangible symbol of the Reserve Bank of India's extensive history and its remarkable achievements over the past nine decades. It is a testament to the institution's pivotal role in shaping the economic growth and stability of India.

PM Modi's Address and Highlights

In his address during the commemorative event, Prime Minister Modi emphasized the crucial role of the Reserve Bank of India in strengthening the nation's economic landscape. He noted that the widespread adoption of the Unified Payments Interface (UPI), with over 1200 crore monthly transactions, has propelled India to the forefront of digital payments worldwide. The UPI platform has gained international recognition, with seven countries embracing its use: Sri Lanka, Mauritius, France, United Arab Emirates, Singapore, Bhutan, and Nepal.

The Prime Minister further highlighted the significant strides made in financial inclusion, particularly among women. He revealed that as of December 2023, women in India hold an impressive 56% of total Jan Dhan accounts. Over 51.25 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), providing access to essential financial services for marginalized communities.

Prime Minister Modi also recognized the transformative impact of the Pradhan Mantri Kisan Credit Cards, which have empowered over 7 crore farmers, fishermen, and cattle owners with access to affordable credit.

Historical Perspective on the Reserve Bank of India

The Reserve Bank of India was established on April 1, 1935, in accordance with the recommendations of the Hilton Young Commission formed in 1926. The bank's inception marked a significant milestone in India's financial infrastructure, providing a central authority for monetary policy and banking regulation. The RBI Act of 1934 serves as the legal framework governing the bank's operations.

Sir Oborne Smith held the honor of being appointed as the first Governor of the Reserve Bank. He served in this capacity from April 1, 1935, to June 30, 1937. The bank underwent nationalization on January 1, 1949, under the RBI (Transfer to Public Ownership) Act of 1948.

Initially headquartered in Kolkata, West Bengal, the central office of the RBI was later relocated to Mumbai, Maharashtra, in 1937.

Key Functions of the Reserve Bank of India

The Reserve Bank of India plays a multifaceted role in shaping the nation's financial landscape, with its primary functions encompassing:

• Formulating and implementing monetary policy
• Supervising and regulating financial institutions
• Issuing and managing currency
• Managing India's foreign exchange reserves

Recent Developments and Milestones

The Reserve Bank of India has consistently strived to innovate and adapt to the changing demands of the financial landscape. Recent initiatives include:

• The release of a report in December 2023 indicating a decline in the Gross Non-Performing Asset (GPNA) ratio of scheduled commercial banks to 3.2% as of September 2023, down from 39% in March 2023.
• The launch of the centralized web portal "UDGAM" (Unclaimed Deposits-Gateway to Access Information) in January 2024 to facilitate individuals in searching for and claiming unclaimed deposits.

Conclusion

The unveiling of the special INR 90 coin is not merely a commemorative gesture but a testament to the enduring legacy of the Reserve Bank of India. As the nation celebrates the bank's 90th anniversary, it is a time for both reflection and anticipation, as the RBI continues to navigate the financial landscape with expertise and vision.