The Reserve Bank of India (RBI) has been instrumental in positioning India as a global leader in digital payments, President Droupadi Murmu said on Tuesday.
Speaking at the closing ceremony of RBI’s 90th Anniversary commemoration in Mumbai, President Murmu credited the central bank for continuously modernizing India’s payment infrastructure, ensuring secure and seamless transactions.
She highlighted the transformative impact of Unified Payments Interface (UPI), which has revolutionized financial access, enabling instant, low-cost transactions and fostering greater financial inclusion.
President Murmu emphasized the RBI’s critical role in shaping India’s economic trajectory, from its early struggles pre-independence to its emergence as a global financial powerhouse.
She noted that while citizens may not interact directly with the RBI beyond seeing its name on currency notes, their financial transactions are governed and safeguarded by the institution.
President Murmu emphasized that the greatest achievement of RBI over the past nine decades has been earning the trust of the people by maintaining its mandate of price stability, economic growth, and financial stability.
She praised the RBI’s ability to adapt to economic shifts, from liberalization in the 1990s to maintaining financial stability during the COVID-19 pandemic. She also acknowledged its contributions to nurturing India’s fintech ecosystem, further strengthening the country’s global financial standing.
President Murmu underscored the vision of ‘Viksit Bharat 2047’, emphasizing the need for an innovative, adaptive, and accessible financial system. She expressed confidence that the RBI will continue to drive economic stability, financial innovation, and public trust in the financial system.
