RBI Governor Shaktikanta Das on Monday said the Reserve Bank has seen evolution from being a central bank primarily concerned with the allocation of scarce resources during the planning period to now being an enabler for the market economy.
“The Reserve Bank’s evolution as an institution has been closely intertwined with the development of the Indian economy, from being a central bank primarily concerned with the allocation of scarce resources, during the planning period, the Reserve Bank transitioned into being an enabler for the market economy. We are a full-service central bank, with our functions spanning multiple dimensions. It has been our endeavour to promote the financial sector, a financial sector that is robust, resilient, and future-ready,” Das said, while speaking at the RBI@90 event marking 90 years of the central bank on April 1.
The RBI governor also said the path-breaking structure reforms such as the enactment of the Insolvency and Bankruptcy Code and the adoption of flexible inflation targetting in the recent years have helped us to deal with the challenges in the banking system and the task of maintaining price stability more effectively.
He also said the RBI remains focused on ensuring stable, strong financial system that would act as a bedrock of India’s economic progress.
“The Covid-19 pandemic and the ongoing geopolitics hostilities have tested the resilience of every economy in the world, including India. The well-calibrated and coordinated monetary and fiscal policies adopted in our country went a long way in shielding our economy from these shocks and helped us to emerge even stronger than before. It’s a matter of satisfaction that today our GDP growth is robust, inflation is moderating, the financial sector is stable, the external sector remains resilient, and the forex reserves are at an all-time high,” the RBI governor said.
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