Prez Murmu for enduring partnership between RBI, govt for macroeconomic stability

Mumbai: President Droupadi Murmu on Tuesday said that technological advancements are increasing the risks of financial frauds and underlined the need for a “enduring partnership” between the central bank and the government for maintaining macroeconomic stability.
Speaking at the closing ceremony of the commemoration of the 90th year of the Reserve Bank of India, Murmu lauded the RBI for taking proactive measures to strengthen and safeguard a secure banking environment.
“With the rapid advancement of technology, the risk of financial fraud and cyber threats is also increasing,” she said, adding that this is a growing concern which demands constant vigil.
The President said the RBI’s “remarkable journey” of the last 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,” she added.
The biggest achievement for RBI over its 90-year existence has been earning the trust of the people, the President said, adding that people “instinctively place” their utmost faith in the financial system overseen by the central bank.
“I have no hesitation in saying that the RBI has emerged as one of the most critically important institutions in the nation,” she said.
The RBI has earned the trust by delivering on its mandate of price stability, growth, and financial stability, and also adapted to meet the evolving needs of the country.
Murmu lauded the Reserve Banks’ remarkable journey over the past 90 years and emphasised that a financial ecosystem that is innovative, adaptive and accessible to all is key for a Viksit Bharat 2047.
Addressing the closing ceremony of the commemoration of the 90th year of the Reserve Bank of India, the President said the RBI’s remarkable journey over the past 90 years has been closely aligned with the vision and policies of the government.
“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,” she said.
The swift responses to challenges like Covid-19 pandemic highlight RBI’s resilience and adaptability, she said.
A teaser of a five-episode web series, which includes visuals of India’s gold holdings coming out for the first time in public, was shown to the audience at the event.