RBI 90th Anniversary: Guv Charts Path For Future Amidst Uncertainties, Says "Next Decade Crucial"

The Reserve Bank of India's role has expanded significantly beyond initial mandate as it stands at the confluence of tradition and transformation, said RBI Governor Sanjay Malhotra while addressing the ceremony to mark RBI's 90 years of commemoration. He also underlined the importance to evolve in synchronisation with evolving technologies to stay proactive in India's economic growth.

"As we mark this milestone, we recognize that the RBI's role has expanded significantly beyond initial mandate. Today, we stand at the confluence of tradition and transformation, where the imperatives of price stability, financial stability and economic growth intersect with rapid technological advancements, global uncertainties, challenges of climate change and increasing public expectations," PTI quoted Malhotra as saying at the closing ceremony of RBI's 90 year celebration.

While addressing the ceremony, Malhotra mentioned that RBI's journey will demand continuous adaptation and agility, fresh thinking and innovation, collaboration and coordination to meet its unwavering commitment to excellence and perfection.

Balance between financial stability and efficiency

For the Reserve Bank of India, it is important to strike a balance between financial stability and efficiency to strengthen consumer protection with well formulated regulatory framework.
"We shall strive to foster a culture of continuous improvement in customer services and strengthening consumer protection. It will be our endeavor to optimize our regulatory frameworks by balancing the interests of financial stability and efficiency. We will continue to support technology and innovation. We shall remain vigilant, adaptive and forward looking," he said.

Malhotra also emphasised that the next decade for the RBI will be crucial in shaping the financial architecture of the Indian economy.

'Integrity, transparency and commitment' RBI's core value

In his address at the closing ceremony of RBI's 90 year celebration, Malhotra emphasised that the institution would continue to collaborate effectively with all stakeholders, governments and financial sector regulators, among others.
RBI will always ensure that it improves the financial system by expanding its access, enhancing its efficiency and strengthening its resilience in an evolving economic landscape, he said.

"Even as we embrace new technologies and modern regulatory approaches, our core values, integrity, transparency and commitment to public service will continue to guide us. The trust that the people of India repose in the Reserve Bank is our greatest asset. We are determined to preserve it and further strengthen it in the years ahead," he added.

RBI's journey ahead

Chalking the path for the central bank as it entered into its centenary decade, Sanjay Malhotra stressed that the institution belongs to the nation and it would take each and every step to serve the interests of its people, the financial system, and Indian economy,

"As we conclude this year-long celebration and step into our centenary decade, we do so with confidence, determination and a clear vision. The journey ahead will demand continuous adaptation and agility, fresh thinking and innovation, collaboration and coordination and an unwavering commitment to excellence and perfection," said Malhotra.

While underlining RBI's path for the next decade, Sanjay Malhotra said that RBI is fully prepared to meet all the challenges and seize all opportunities to contribute in nation building.

The event was also attended by the President of India Droupadi Murmu, Finance Secretary Ajay Seth, Sebi chairman Tuhin Kanta Pandey, former RBI Governor Urjit Patel, and almost the entire banking leaders' fraternity.

While speaking at the ceremony, Droupadi Murmu lauded the RBI for taking proactive measures to strengthen and safeguard a secure banking environment. "With the rapid advancement of technology, the risk of financial fraud and cyber threats is also increasing," she said, adding that this is a growing concern which demands constant vigil.