{"id":1929,"date":"2024-04-01T16:24:36","date_gmt":"2024-04-01T16:24:36","guid":{"rendered":"https:\/\/readnownews.in\/?p=1929"},"modified":"2026-02-26T00:42:35","modified_gmt":"2026-02-25T19:12:35","slug":"prime-minister-modi-commends-the-rbi","status":"publish","type":"post","link":"https:\/\/readnownews.in\/en\/prime-minister-modi-commends-the-rbi\/","title":{"rendered":"&#8220;Prime Minister Modi commends the RBI for its significant role in India&#8217;s transformation over the past decade, likening it to a trailer of achievements 2024.&#8221;"},"content":{"rendered":"<div class=\"react-scroll-to-bottom--css-mgnyb-1n7m0yu\">\n<div class=\"flex flex-col text-sm pb-9\">\n<div class=\"w-full text-token-text-primary sm:AIPRM__conversation__response\" data-testid=\"conversation-turn-5\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group final-completion\">\n<div class=\"relative flex w-full flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"39696f27-3a0f-4273-902f-e9ad2d726926\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark AIPRM__conversation__response\">\n<h1>Prime Minister Modi commends the RBI for its significant role in India&#8217;s transformation over the past decade, likening it to a trailer of achievements 2024.&#8221;<\/h1>\n<p><a href=\"https:\/\/readnownews.in\/en\/katchatheevu-island-controversy\/\">Prime Minister Modi<\/a> praised the\u00a0 RBI for its commendable contribution to the transformation of India&#8217;s banking system and economy over the past decade, during his speech at the central bank&#8217;s 90th anniversary event in Mumbai on Monday.<\/p>\n<p>Reflecting on the contrast from his attendance at the RBI&#8217;s 80th anniversary in 2014, Modi highlighted the significant challenges faced by India&#8217;s banking sector at that time, including the twin balance sheet crisis and banking turmoil. He recalled widespread doubts regarding the stability and future of the system, emphasizing the inability of public sector banks to effectively stimulate the Indian economy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mt-1 flex justify-start gap-3 empty:hidden\">\n<div class=\"text-gray-400 flex self-end lg:self-center items-center justify-center lg:justify-start mt-0 -ml-1 h-7 gap-[2px] visible\">\n<p><button class=\"flex items-center gap-1.5 rounded-md p-1 text-xs text-token-text-tertiary hover:text-token-text-primary md:invisible md:group-hover:visible md:group-[.final-completion]:visible\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-1513\" src=\"https:\/\/readnownews.in\/wp-content\/uploads\/2024\/03\/PM-1.jpg\" alt=\"Prime Minister Modi \" width=\"549\" height=\"309\" \/><\/button><\/p>\n<div class=\"flex items-center gap-1.5 text-xs\">\n<p>&#8220;The banking system which was on the verge of going bust, is today seeing profits and is setting records when it comes to providing credit. A change like this is just 10 years was not easy. it happened because our policies, intentions and decisions were clear,&#8221; Modi said.<\/p>\n<p>Going ahead, the RBI must think differently, Modi said. &#8220;Shaktikanta Das is an expert in this regard,&#8221; the <a href=\"https:\/\/readnownews.in\/en\/katchatheevu-island-controversy\/\">PM<\/a> said.<\/p>\n<\/div>\n<div>\n<p>Further, he said that RBI&#8217;s priority in the next ten years must be growth.<\/p>\n<p>\u201cIn the next decade,\u00a0 RBI should give growth the highest priority, while focusing on trust and stability,\u201d he said. RBI should now \u201cfocus on ease in credit access for needy sections,\u201d he said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"AIPRM__sidebar-icon\" class=\"AIPRM__p-2 AIPRM__top-12 md:AIPRM__top-2 AIPRM__p-2 AIPRM__items-center AIPRM__transition-colors AIPRM__duration-200 AIPRM__cursor-pointer AIPRM__text-sm AIPRM__rounded-md AIPRM__border AIPRM__bg-white dark:AIPRM__bg-gray-900 AIPRM__border-black\/10 dark:AIPRM__border-white\/20 hover:AIPRM__bg-gray-50 dark:hover:AIPRM__bg-gray-850 AIPRM__cursor-pointer AIPRM__fixed AIPRM__right-4 AIPRM__z-30\" title=\"Open AIPRM sidebar\">\n<p>Prime Minister Modi \u00a0emphasized that in the upcoming decade, the RBI should prioritize fostering growth while maintaining trust and stability. He urged the central bank to concentrate on facilitating easier access to credit for underprivileged segments of society.<\/p>\n<p>Highlighting the past lack of alignment between financial policies and the reality of double-digit inflation, Modi credited the government with granting the RBI the authority to combat inflation effectively.<\/p>\n<p>Modi commended the six-member Monetary Policy Committee (MPC) for its commendable performance in fulfilling its mandate over the years.<\/p>\n<p>He attributed the government&#8217;s efforts, such as fiscal consolidation and vigilant price monitoring, to the moderation of inflation. Despite challenges like the Covid pandemic and conflicts in various regions, Modi noted that inflation remains at a manageable level.<\/p>\n<p>Modi praised India&#8217;s approach during the pandemic, balancing financial prudence with the needs of the common people.<\/p>\n<p><img decoding=\"async\" class=\"alignnone  wp-image-1933\" src=\"https:\/\/readnownews.in\/wp-content\/uploads\/2024\/04\/download-5.jpg\" alt=\"\" width=\"545\" height=\"305\" \/><\/p>\n<h2>The RBI\u2019s Historic Journey RBI<\/h2>\n<p>The Reserve Bank of India, established in 1935, functions as the nation\u2019s central bank. Initially tasked with currency issuance and banking services, the RBI\u2019s role has expanded significantly over the years. From monetary management to regulation and supervision of the financial system, the RBI has been at the forefront of India\u2019s economic development.<\/p>\n<h2>A Decade of Transformation RBI<\/h2>\n<p>Prime Minister Modi emphasized that the last ten years have been transformative for India\u2019s banking sector and economy. Here are key highlights:<\/p>\n<ol>\n<li><strong>Stabilizing G-Sec Yields<\/strong>: Despite monetary tightening, the RBI has successfully stabilized government security (G-Sec) yields. This stability has contributed to investor confidence and economic growth.<\/li>\n<li><strong>Anchoring Inflation Expectations<\/strong>: The RBI\u2019s vigilant approach to inflation management has anchored inflationary expectations. This stability is crucial for sustainable economic growth.<\/li>\n<li><strong>Profitable Banking Sector<\/strong>: Efforts by the government and the RBI have led to a profitable banking sector. Increased credit growth and improved financial health have been instrumental in driving economic progress.<\/li>\n<\/ol>\n<h2><img decoding=\"async\" class=\"alignnone size-full wp-image-1934\" src=\"https:\/\/readnownews.in\/wp-content\/uploads\/2024\/04\/download-4.jpg\" alt=\"\" width=\"300\" height=\"168\" \/><\/h2>\n<h2>The Trailer of Achievements RBI<\/h2>\n<p><a class=\"ac-anchor sup-target\" href=\"https:\/\/bing.com\/th?id=OIP.PT1WO-SwopebduBu_LIlAgAAAA\" target=\"_blank\" rel=\"noopener\" data-citationid=\"8e6ce2f0-dc8f-7af5-ede7-888ecf7e25f2-42\" aria-label=\"1: \"><sup class=\"citation-sup\">1<\/sup><\/a>:\u00a0<a class=\"ac-anchor\" href=\"https:\/\/www.news18.com\/india\/pm-modi-mumbai-attends-90-years-of-rbi-celebrations-8835342.html\" target=\"_blank\" rel=\"noopener\">News18<\/a><a class=\"tooltip-target\" href=\"https:\/\/en.wikipedia.org\/wiki\/Prime_Minister_of_India\" data-citationid=\"8e6ce2f0-dc8f-7af5-ede7-888ecf7e25f2-45-group\" target=\"_blank\" rel=\"noopener\">\u00a0<\/a><a class=\"ac-anchor sup-target\" href=\"https:\/\/bing.com\/th?id=OIP.2IPvpFDztxK-SRkeni-z4gAAAA\" target=\"_blank\" rel=\"noopener\" data-citationid=\"8e6ce2f0-dc8f-7af5-ede7-888ecf7e25f2-45\" aria-label=\"2: News18\"><sup class=\"citation-sup\">2<\/sup><\/a>:\u00a0<a class=\"ac-anchor\" href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/just-the-trailer-pm-modi-heaps-praises-on-the-rbi-for-transforming-india-in-the-last-10-years\/articleshow\/108933318.cms\" target=\"_blank\" rel=\"noopener\">The Economic Times<\/a><a class=\"tooltip-target\" href=\"https:\/\/en.wikipedia.org\/wiki\/Prime_Minister_of_India\" data-citationid=\"8e6ce2f0-dc8f-7af5-ede7-888ecf7e25f2-48-group\" target=\"_blank\" rel=\"noopener\">\u00a0<\/a><a class=\"ac-anchor sup-target\" href=\"https:\/\/bing.com\/th?id=OIP.GTAhCme1DdN4XWFMcH5YvQHaE7\" target=\"_blank\" rel=\"noopener\" data-citationid=\"8e6ce2f0-dc8f-7af5-ede7-888ecf7e25f2-48\" aria-label=\"3: The Economic Times\"><sup class=\"citation-sup\">3<\/sup><\/a>:\u00a0<a class=\"ac-anchor\" href=\"https:\/\/www.msn.com\/en-in\/news\/India\/pm-modi-applauds-rbi-says-indian-banking-sector-s-transformation-a-global-case-study\/ar-BB1kRILc\" target=\"_blank\" rel=\"noopener\">MSN<\/a><\/p>\n<p>Prime Minister Modi aptly likened the RBI\u2019s role to a \u201ctrailer of achievements\u201d for India. Let\u2019s explore some of these achievements:<\/p>\n<ol>\n<li><strong>Financial Inclusion<\/strong>: The RBI\u2019s initiatives, such as Jan Dhan Yojana and Aadhaar linkage, have brought millions of unbanked citizens into the formal banking system. Financial inclusion has empowered individuals and boosted economic participation.<\/li>\n<li><strong>Digital Revolution<\/strong>: The RBI\u2019s push for digital payments, UPI, and mobile banking has transformed the way Indians transact. From rural areas to urban centers, digitalization has bridged gaps and enhanced financial accessibility.<\/li>\n<li><strong>Banking Reforms<\/strong>: The RBI\u2019s regulatory reforms, including the Insolvency and Bankruptcy Code (IBC), have strengthened the banking sector. Timely resolution of stressed assets and improved governance have bolstered investor confidence.<\/li>\n<li><strong>Monetary Policy Framework<\/strong>: The adoption of an inflation-targeting framework has ensured price stability. The RBI\u2019s commitment to maintaining inflation within a specified range has been a game-changer.<\/li>\n<\/ol>\n<p>In conclusion, the RBI\u2019s journey from its inception to its current role as a catalyst for India\u2019s progress is nothing short of inspiring. As we await the full feature film of achievements, let us acknowledge the RBI\u2019s pivotal role in shaping India\u2019s economic destiny.<\/p>\n<p>For more news click on\u00a0<a href=\"https:\/\/readnownews.in\/en\/\">https:\/\/readnownews.in\/<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Prime Minister Modi commends the RBI for its significant role in India&#8217;s transformation over the past decade, likening it to a trailer of achievements 2024.&#8221; Prime Minister Modi praised the\u00a0 RBI for its commendable contribution to the transformation of India&#8217;s banking system and economy over the past decade, during his speech at the central bank&#8217;s [&hellip;]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,4],"tags":[635,636],"class_list":["post-1929","post","type-post","status-publish","format-standard","hentry","category-home","category-trending","tag-prime-minister-modi","tag-rbi"],"_links":{"self":[{"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/posts\/1929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/comments?post=1929"}],"version-history":[{"count":3,"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/posts\/1929\/revisions"}],"predecessor-version":[{"id":1938,"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/posts\/1929\/revisions\/1938"}],"wp:attachment":[{"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/media?parent=1929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/categories?post=1929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/readnownews.in\/en\/wp-json\/wp\/v2\/tags?post=1929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}