In his address at the RBI@90 event in Mumbai, Prime Minister Narendra Modi emphasized the imperative of ensuring credit accessibility for marginalized demographics, particularly the urban poor, youth, and women, highlighting obliquely the pivotal role urban cooperative banks play in this endeavour.
Beyond the usual financial jargon, PM Modi underscored the tangible impact of RBI’s actions on ordinary lives. Over the past decade, the government has underscored the link between central banking, financial systems, and marginalized communities. Notably, PM Modi cited the significant strides in financial inclusion, with 55% of the 52 crore Jan Dhan accounts belonging to women. He also lauded the impact of initiatives like PM Kisan Credit Cards, facilitating access to finance for millions in the agriculture and fisheries sectors.
Reflecting on the past decade’s advancements, PM Modi spotlighted the regulatory role of RBI vis-à-vis cooperative banks, alongside the transformative influence of platforms like UPI, boasting over 1200 crore monthly transactions. He also touched upon initiatives like Central Bank Digital Currency, signalling a paradigm shift in banking, economy, and currency experiences.
Celebrating RBI’s 90th anniversary, PM Modi commended its legacy of professionalism and global recognition, urging the current staff to steer the institution into its centenary year with foresight and resolve. He stressed the crucial role of monetary-fiscal coordination in driving GDP growth and ensuring economic stability.
Highlighting the transformative journey of India’s banking system, PM Modi attributed its resilience to clear policies and decisive actions, particularly in addressing challenges like NPAs. Reforms focused on recognition, resolution, and recapitalization, bolstered by initiatives like the Insolvency and Bankruptcy Code, led to a significant reduction in NPAs and the resolution of underlying defaults.
Acknowledging India’s youthful demographic, PM Modi emphasized RBI’s role in harnessing youth aspirations through policy interventions, including the expansion of new sectors like green energy, indigenous technologies, and MSME support during the pandemic. He urged innovative approaches to ensure credit access for youth in emerging sectors.
Looking ahead, PM Modi urged readiness for 21st-century innovations, with a focus on cutting-edge technologies and sectors like space and tourism. He underscored the potential of Ayodhya as a global religious tourism hub.
Finally, PM Modi lauded the government’s efforts in financial inclusion and digital payments, stressing the need to leverage such data to empower small businesses and street vendors economically.
In conclusion, PM Modi’s address encapsulated a vision of inclusive growth, leveraging RBI’s legacy and embracing innovation to empower marginalized communities and propel India into a dynamic future.