RBI At 90 Live: India Credit Growth Is Rising And Bad Loans Have Fallen, Says PM Modi

• Blockchain technology has reformed India's banking practices.

• Need for newer financing and operating business models for large and small players.

• India rupee must be more accessible and acceptable globally.

• Need to empower small merchants through financial inclusion & digital payments.

• RBI must study India's growth prospects and credit availability.

• RBI needs to devise out-of-the-box policies to meet aspirations of India's youth.

• RBI has potential to become a global role model in monetary policy management.

• Innovation will be backbone for India's growth in the coming years.

• Financial support for India's tourism industry must be provided

• India needs to formulate policies for ease of banking and better credit access, PM Modi added.

• Rural and middle-class consumers are now driving growth in Indian economy.

• RBI's efforts in last decade has enabled work on central bank digital currency, PM Modi added.

• Need to expand digital transactions while keeping an eye.

• Rural economy received big boost from cooperative banks.

• Changes that are coming from cashless economy need to be watched.

• AI and machine learning is crucial to ensure inclusive and sustainable economic growth.

• "RBI must remain proactive for future transformation and needs in the financial sector", PM said.

• Government infused capital of Rs 3.5 lakh crore in public sector banks under IBC, PM Modi added.

• Banks' gross non-performing asset at below 3% in Sept. 2023.

• Banks' credit growth is at 15%.

• RBI has played crucial role in making banking system robust.

• Efforts to ensure financial inclusion has been exemplary.

• The coming decade is crucial for sustained growth in India.

• India's GDP is dependent on coordination of monetary and fiscal policies.

• India's banking sector was grappling with NPA challenges.

• India's banking system is seen strong and sustainable system globally and is showing record growth in credit, PM noted.

• Reserve Bank Of India is known for professionalism and commitment across the world, prime minister Narendra Modi said at RBI's 90th anniversary ceremony event in Mumbai.

• RBI's policies today will pave the way for the next decade, PM added.

• RBI has had a remarkable checkered history, finance minister Nirmala Sitharaman said at RBI @90 event in Mumbai.

• "It stands strong among its peers", FM added.

• During Covid-19, RBI adopted conventional & unconventional ways to ensure financial stability.

• RBI has been one of the earliest to recognise non-transient nature of inflation.

• Collaborative effort of government and RBI like asset quality management & prompt corrective action framework have been a success

• G-Sec yields have stabilised and India rupee has exhibited lower volatility under RBI.

• Stability in G-Sec markets have contributed to investor confidence in Indian economy.

• Optimism building is a beautiful function done by RBI during crisis.

• Institutional integrity of RBI needs a big applause in RBI's 90th anniversary.

• RBI's evolution has been intertwined with development of Indian economy, says RBI Governor Shaktikanta Das at the RBI @90 event in Mumbai.

• Been our endeavor to promote a financial sector that is future-ready, Das said.

• RBI is constantly evaluating emerging trends to remain in sync with changing times

• Today, India's GDP growth is robust, inflation is moderating and financial sector is stable, and forex reserves at all-time-high.

• As we move towards, RBI @100, it is aiming to ensure and strong and robust financial system.

The Reserve Bank of India was established on April 1, 1935 under the provisions of the Reserve Bank of India Act, 1934. It used to be privately owned, before being nationalised in 1949.

The Central Office of the banking regulator—where the RBI Governor sits and policies are former—was first set up in Kolkata but was later relocated to Mumbai in 1937.

Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and Governor Shaktikanta Das will address the event to mark 90 years of Reserve Bank of India.

A short film on the nine decades of the central bank will be played during the event. Modi will also release a commemorative coin to mark the occassion.