RBI 90 years – Prime Minister Narendra Modi praised the central bank for its commitment and professionalism.
The Prime Minister congratulated all staff on the completion of 90 years of the RBI. Deeming the present RBI staff as fortunate, the Prime Minister said that the policies drafted today will shape the next decade of RBI and noted that the next 10 years will take RBI to its centenary Years.
RBI 90 years Union Finance minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were in attendance.
PM addresses RBI@90 opening ceremony
At a celebration honoring the Reserve Bank of India’s 90th anniversary in Mumbai, Prime Minister Narendra Modi gave a speech (RBI). Both RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman attended the event. The banking industry has seen a tremendous metamorphosis in the last ten years, as PM Modi pointed out, going from extreme financial hardship to profitability and unprecedented credit expansion. He ascribed this improvement to the government’s identification, resolution, and recapitalization policy. Loans totaling approximately Rs. 3.25 lakh crores were effectively addressed with the help of a capital infusion of Rs. 3.5 lakh crores, governance reforms, and the application of the Insolvency and Bankruptcy Code.
Governor Shaktikanta Das underlined the RBI’s unwavering dedication to upholding a strong and stable financial system, which is crucial for the development of India’s economy. He considered how the RBI had changed over time, from its planning-era position as a central bank mainly involved in resource distribution to its current position as an essential enabler of the market economy.
The Bank of International Settlements (BIS) acknowledged the RBI’s important role in stabilizing inflation expectations through efficient communication strategies, a point made by Finance Minister Nirmala Sitharaman. Even in the face of the pandemic’s obstacles, she emphasized the value of clear direction and open communication in promoting confidence and optimism in the economy.
The occasion provided a forum for acknowledging the RBI’s critical role in the growth and stability of India’s economy. Insights from Governor Das and Finance Minister Sitharaman, together with Prime Minister Modi’s speech, emphasized the government’s dedication to bolstering the financial industry and creating an atmosphere that supports long-term economic expansion.
#WATCH | Mumbai: Prime Minister Narendra Modi addresses the commemoration ceremony of 90 years of the Reserve Bank of India. pic.twitter.com/G9mEQqKo02
— ANI (@ANI) April 1, 2024
RBI 90 years – View PM Modi’s RBI desire.
Prior to the celebration, Governor Shaktikanta Das of the RBI posted a message on X, the former Twitter platform, expressing gratitude for the RBI’s ninety-first anniversary. “Today marks the Reserve Bank of India’s 90th anniversary. Over the years, the institution has grown to become a symbol of stability, growth, and trust,” he said. My sincere congrats go out to the whole Team RBI, past and present, whose combined efforts have made this incredible journey possible. Let us move forward to the next stage of our journey with unflinching dedication and perseverance.”
Das’s words capture the essence of the RBI’s history over the years, highlighting the key role it has played in promoting stability, establishing confidence, and spurring the country’s economic expansion. The reference to the “entire Team RBI” emphasizes the cooperative efforts of everyone who has contributed to the history of the central bank, highlighting the importance of consistency and cooperation in accomplishing the goals of the organization.
Moreover, Das’s appeal for “even greater dedication” demonstrates a dedication to furthering the RBI’s goal in the face of changing economic conditions and obstacles. It exhibits a proactive stance, acknowledging the necessity of resilience and flexibility in handling the intricacies of the financial domain.
Essentially, Das’s speech is a call to action for the RBI to keep up its outstanding performance and commitment to serving the country’s economic interests, in addition to celebrating the institution’s rich past and accomplishments.
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History of RIB: More About RBI and its History-
The central bank of the country is the Reserve Bank of India (RBI), which was founded in 1935 based on suggestions made by the Hilton Young Commission. Under the direction of Sir Osborne Smith, the RBI’s first Governor, it began operations on April 1, 1935, and was governed by the Reserve Bank of India Act of 1934. The RBI took on significant duties at the outset, such as issuing money and offering financial services to other banks.
An important turning point in India’s financial history was the establishment of the RBI, which offered a strong framework for monetary policy and regulatory supervision. Its founding was a crucial step in promoting the nation’s economic development and financial stability.
A second milestone that cemented the Reserve Bank’s position as a key player in India’s financial system was the 1937 relocation of its Central Office from Kolkata to Mumbai. By strategically placing the RBI at the center of India’s financial and commercial hub, this shift improved operational effectiveness and allowed for closer cooperation with important financial sector players.
The RBI has changed over the years to adapt to the shifting needs of the international financial markets and the Indian economy. Its original responsibilities have been superseded by a wider range of duties, such as the creation of monetary policy, the oversight of financial institutions, and the preservation of financial stability.
As a cornerstone of India’s financial and monetary policy, the RBI plays a crucial role in establishing the nation’s infrastructure for long-term stability and progress. Its long history demonstrates its unwavering dedication to advancing the country’s economic goals and preserving the integrity of its financial system.
RBI Total Branches in India-
Reserve Bank of India: Offices and Subsidiaries:
In India, the RBI has 31 branches. With two notable exceptions the Reserve Bank branch in Ahmedabad and the Reserve Bank branch in Nagpur, which serves as Maharashtra’s second capital most are located in capital cities. The Ahmedabad branch of the Reserve Bank was founded in 1950, whereas the Nagpur branch was founded in 1956.
As the nation’s central bank, the Reserve Bank has been carrying out a variety of multifaceted tasks, including developing financial technologies, supervising and regulating the financial industry, and setting monetary policy. The RBI operates through three distinct wings in this regard: offices, subsidiaries, and training centers.
(a) RBI Establishments
The RBI carries out its different duties through a network of 31 offices and branches. The branches that operate in the four major metropolises Mumbai, Kolkata, Delhi, and Chennai carry out higher level tasks. A senior officer designated as a Regional Director, holding the rank of Chief General Manager, oversees the offices. A senior official with the title of General Manager oversees smaller offices.
(b) Training establishments: The RBI has the following four training establishments; the first three are part of the RBI, whereas the IDRBT is autonomous.
- RBI Academy,
- College of Agricultural Banking,
- Reserve Bank of India Staff College
- Institute for Development and Research in Banking Technology (IDRBT)
(c) RBI subsidiary companies
Some of the key organizations that are significant to monetary policy are wholly owned by the RBI. Among other significant organizations, it owns a 100% stake in Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and Deposit Insurance and Credit Guarantee Corporation (DICGC). The RBI’s wholly owned subsidiaries are-
- Deposit Insurance and Credit Guarantee Corporation of India (DICGC),
- Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL),
- Reserve Bank Information Technology Private Limited (ReBIT),
- Indian Financial Technology and Allied Services (IFTAS), and
- Reserve Bank Innovation Hub (RBIH).
Prior to this, NHB and NABARD were entirely owned by the RBI. However, the Government took over the RBI’s entire stake in these institutions in April 2019. Early in the 1990s, the Narasimham Committee advocated against the RBI acting as a regulator by allowing it to own financial firms.
Total Number & Name of Reserve Bank of India-
Unlike commercial banks, the Reserve Bank of India (RBI) does not have branches. Rather, it functions via a number of regional offices and branches. The Indian Reserve Bank has 31 regional offices and 6 sub-offices located in various locations. The regional offices of RBI are listed below:
- Ahmedabad
- Bangalore
- Belapur
- Bhopal
- Bhubaneswar
- Chandigarh
- Chennai
- Delhi
- Guwahati
- Hyderabad
- Jaipur
- Jammu
- Kanpur
- Kochi
- Kolkata
- Lucknow
- Mumbai
- Nagpur
- Panaji
- Patna
- Raipur
- Ranchi
- Srinagar
- Thiruvananthapuram
- Agartala
- Gangtok
- Kohima
- Imphal
- Shillong
- Aizawl
- Itanagar
Sub-offices:
- Dehradun
- Jalpaiguri
- Jammu
- Kalyan
- Meerut
- Shimla
FAQ’s –Questions Ans. GK PM Modi:
- What is the capital of France?
- Paris is the capital of France.
- Who wrote “To Kill a Mockingbird”?
- “To Kill a Mockingbird” was written by Harper Lee.
- What is the largest planet in our solar system?
- Jupiter is the largest planet in our solar system.
- Who painted the Mona Lisa?
- Leonardo da Vinci painted the Mona Lisa.
- What is the currency of Japan?
- The currency of Japan is the Japanese Yen (JPY).
- Who was the first woman Prime Minister of India?
- Indira Gandhi was the first woman Prime Minister of India.
- What is the longest river in the world?
- The Nile River is the longest river in the world.
- Who discovered penicillin?
- Alexander Fleming is credited with the discovery of penicillin.
- Which planet is known as the Red Planet?
- Mars is known as the Red Planet.
- Who is the author of “The Great Gatsby”?
- “The Great Gatsby” was written by F. Scott Fitzgerald.
- What is the capital of France?
- Answer: Paris
- Who wrote “To Kill a Mockingbird”?
- Answer: Harper Lee
- What is the largest planet in our solar system?
- Answer: Jupiter
- Who painted the Mona Lisa?
- Answer: Leonardo da Vinci
- What is the currency of Japan?
- Answer: Japanese Yen (JPY)
- Who was the first woman Prime Minister of India?
- Answer: Indira Gandhi
- What is the longest river in the world?
- Answer: Nile River
- Who discovered penicillin?
- Answer: Alexander Fleming
- Which planet is known as the Red Planet?
- Answer: Mars
- Who is the author of “The Great Gatsby”?
- Answer: F. Scott Fitzgerald
- What is the central bank of India?
- Answer: The central bank of India is the Reserve Bank of India (RBI), established in 1935 based on recommendations by the Hilton Young Commission.
- When was the RBI founded, and who was its first Governor?
- Answer: The RBI was founded in 1935, with Sir Osborne Smith serving as its first Governor.
- What were the initial responsibilities of the RBI?
- Answer: At its inception, the RBI’s primary responsibilities included issuing currency and providing financial services to other banks.
- What was the significance of the establishment of the RBI in India’s financial history?
- Answer: The establishment of the RBI provided a strong framework for monetary policy and regulatory supervision, promoting economic development and financial stability in India.
- When was the Central Office of the RBI relocated from Kolkata to Mumbai, and what was its significance?
- Answer: The Central Office of the RBI was relocated from Kolkata to Mumbai in 1937, strategically placing the bank at the heart of India’s financial and commercial activities, enhancing operational efficiency, and fostering closer collaboration with key financial stakeholders.
- How has the role of the RBI evolved over the years?
- Answer: The RBI’s responsibilities have evolved to encompass a broader range of duties, including monetary policy formulation, supervision of financial institutions, and maintenance of financial stability.
- What role does the RBI play in India’s financial and monetary policy?
- Answer: The RBI serves as a cornerstone of India’s financial and monetary policy, establishing infrastructure for long-term stability and progress.
