Prime Minister Narendra Modi will address a ceremony marking “90 years of the Reserve Bank of India” in Mumbai on Monday, which will also be attended by Union finance minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.
“Join us for the commemoration of the 90th year of Reserve Bank of India (RBI@90). Address by Hon’ble Prime Minister @narendramodi and by Hon’ble Finance Minister @nsitharaman. Welcome address by RBI Governor @dasshaktikanta,” the central bank wrote on X.
In the lead-up to the Lok Sabha elections 2024, PM Modi, during his address in Uttar Pradesh’s Meerut on Sunday said preparations for a third term had already begun. He emphasised the progress made by the nation over the past decade, declaring, “India’s time has come, India has started.” Modi will also kick off his election campaign in Bihar on April 4 with a rally in Jamui, a constituency slated for voting in the first phase of the Lok Sabha elections.
All about RBI’s history
The establishment of the Reserve Bank of India was guided by the suggestions of the Hilton Young Commission, according to the central bank’s official website. The functioning of this central bank is governed by the Reserve Bank of India Act, 1934 (II of 1934), and it began operations on April 1, 1935. It has released four volumes detailing its journey:
– Volume 1, published in 1970, delves into the period from 1935 to 1951, chronicling the establishment of India’s central bank and its formative years. It discusses the challenges encountered during World War II and the post-independence era.
– Volume 2, released in 1998, covers the years from 1951 to 1967, marked by India’s transition to planned economic development. It showcases efforts to bolster and refine the nation’s economic and financial structure.
– Volume 3, unveiled by former Prime Minister Manmohan Singh on March 18, 2006, spans from 1967 to 1981. It highlights significant events like the nationalisation of fourteen banks in 1969, which expanded banking services across India.
– Volume 4, also launched by Manmohan Singh on August 17, 2013, documents the dynamic 16-year period from 1981 to 1997. Published in two parts, Part A and Part B:
- Part A of the volume centres on shifting the Indian economy from a regime of constraints to gradual liberalisation.
- Part B of the volume details the enactment of structural and financial sector reforms, including fiscal adjustments and the discontinuation of automatic monetisation. It discusses the evolution of the government securities market and the enhanced integration of money, securities, and foreign exchange markets. Additionally, it examines the changes in banking due to liberalisation and enhancements in credit provision.
