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President Droupadi Murmu today highlighted the increasing risks of financial fraud due to technological advancements and emphasised the need for an "enduring partnership" between the central bank and the government to maintain macroeconomic stability.
Speaking at the closing ceremony of the commemoration of the 90th year of the Reserve Bank of India (RBI), Murmu praised the central bank for its proactive measures in strengthening and safeguarding 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 requiring constant vigilance.
The President said the RBI's "remarkable journey" over the past 90 years has been closely aligned with the vision and policies of the government.
"This enduring partnership has been essential in navigating complex economic transitions, implementing critical financial reforms, and maintaining macroeconomic stability," she added.
The President noted that the biggest achievement of the RBI over its 90-year existence has been earning the trust of the people. She remarked that citizens "instinctively place" their utmost faith in the financial system overseen by the central bank.
"I have no hesitation in saying that the RBI has emerged as one of the most critically important institutions in the nation," she said.
She credited the RBI with earning this trust by fulfilling its mandate of ensuring price stability, economic growth, and financial stability while also adapting to the evolving needs of the country.
Murmu further emphasised that a financial ecosystem that is innovative, adaptive, and accessible to all is key to achieving the vision of Viksit Bharat 2047.
"As India approaches the centenary of its independence, the mission of Viksit Bharat 2047 calls for a financial ecosystem that is innovative, adaptive, and accessible to all," she said.
She also commended the RBI’s swift responses to challenges such as the Covid-19 pandemic, which demonstrated its resilience and adaptability.
Speaking on the occasion, RBI Governor Sanjay Malhotra said the next decade would be crucial in shaping the financial architecture of the Indian economy.
"We remain committed to expanding and deepening financial inclusion. We shall strive to foster a culture of continuous improvement in customer services and strengthening consumer protection," he said.
A specially designed commemorative postage stamp celebrating the RBI’s 90-year journey was also released at the event.
Union Communications Minister Jyotiraditya Scindia, who also spoke at the event, said the RBI has remained a steadfast pillar, anchoring India's economic progress.
