The Reserve Bank of India (RBI) celebrated its 90th anniversary with a special address by Prime Minister Narendra Modi. The Prime Minister used this platform to highlight the government’s financial reform strategy and the measures taken to fortify Public Sector Banks (PSBs).
PM Modi outlined the government’s strategy of “recognition, resolution, and recapitalisation.” He emphasized that the government has infused a substantial capital of Rs. 3.5 lakh crores into the banking sector to enhance the health of PSBs.
In addition to capital infusion, the government has also implemented several governance-related reforms. These reforms aim to improve operational efficiency, enhance transparency, and ensure accountability within the banking sector.
A significant part of the government’s strategy has been the introduction of the Insolvency and Bankruptcy Code (IBC). This new system has been instrumental in resolving loans amounting to around Rs. 3.25 lakh crores. The IBC has provided a structured and efficient mechanism for dealing with insolvency and bankruptcy cases, thereby helping to clean up the banking system.
The 90th anniversary of the RBI served as a platform for the Prime Minister to underscore the government’s commitment to financial stability and economic growth. As the RBI embarks on its 90th year, the focus continues to be on strengthening the financial sector and nurturing a robust economy.
