Union Finance Minister Nirmala Sitharaman while speaking RBI 90 years ceremony, said “RBI stands tall amongst its peers on several counts. The RBI adopted and, in fact, deployed a conventional and unconventional range of instruments to provide liquidity, promote growth, and ensure financial stability. RBI in fact, has been one of the earliest to recognize the non-transient nature of inflation. One of the few central banks, if I may say so, to front load policy rate hikes in particular.”
Sitharaman said during COVID-19 RBI ensured financial stability. She said the collaborative effort between RBI and the central government has been exemplary.
RBI has been able to stabilise G-sec yields despite monetary tightening; successful in anchoring inflationary expectations, Sitharaman added.
The RBI Governor Shaktikanta Das said India’s GDP growth is robust and the external sector was resilient. Das said RBI’s evolution has been intertwined with the developments of the Indian economy. The RBI Governor added,” “RBI has emerged as a symbol of resilience, made by team RBI’s joining efforts.
The Reserve Bank of India (RBI) is celebrating 90 years this year, and today in Mumbai.
As the central bank of the country, RBI was founded in 1935 and is regulated by the Reserve Bank of India Act, 1934, as well as the Hilton Young Commission’s recommendations.
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