Viksit Bharat calls for innovating financial ecosystem: President Murmu at RBI's 90th foundation day

Mumbai: The Viksit Bharat 2047 mission calls for a financial ecosystem that is innovative, adaptive, and accessible to all, President Droupadi Murmu said on Tuesday lauding the 90 years’ journey of Reserve Bank of India (RBI), the centre of India’s growth story.

"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,” the President said.

“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,” Murmu said at the closing ceremony of the commemoration of 90th year of the RBI, the apex bank.

Besides, she mentioned that the path ahead will present new complexities and challenges.

“Yet, with a steadfast commitment to stability, innovation and inclusivity, RBI will continue to be a pillar of strength – reinforcing trust and steering India towards a future of prosperity and global leadership,” the President said.

“It is noteworthy that the RBI sees itself as more than a central bank, and has played a pivotal role in financial inclusion and institution-building initiatives,” she said, adding: “As for institution-building, the RBI has over the years strengthened the financial ecosystem by establishing key institutions such as the NABARD, IDBI, SIDBI, and National Housing Bank. It has thus provided essential support for agriculture, small businesses, and housing.”

Murmu said that a common man or woman has no direct interaction with RBI – except for its name printed on the currency notes in their pockets, but indirectly all their financial dealings, through banks and otherwise, are governed by the RBI.

“And they instinctively place their utmost faith in the financial system overseen by it. In the nine decades, the biggest achievement of the RBI is this trust,” she said.

Murmu said that in the nine decades, the biggest achievement of the RBI is this trust. The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability.

"Also, it has continuously adapted to meet the evolving needs of our growing nation. Its swift responses to key challenges, from economic liberalisation in the 1990s to the Covid-19 pandemic, highlight its resilience and adaptability. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends,” she said.

The President said that the RBI has played a key role in making India a global leader in digital payments.

“By continuously modernizing the country's payment infrastructure, it has ensured that digital transactions are not only seamless and efficient but also secure. Innovations like the UPI have revolutionised financial access, enabling instant, low-cost transactions and deepening financial inclusion. Beyond payments, RBI has nurtured a vibrant fin-tech ecosystem,” Murmu noted.