The Reserve Bank of India (RBI) celebrated its 90th anniversary with a special address by Prime Minister Narendra Modi. The Prime Minister used this occasion to highlight the government’s strategy for financial reform and the measures taken to bolster Public Sector Banks (PSBs).
PM Modi outlined the government’s three-pronged strategy of “recognition, resolution, and recapitalisation.” He emphasized that the government has infused a substantial amount of Rs. 3.5 lakh crores into the banking sector to enhance the health of PSBs.
In addition to capital infusion, the government has also implemented several governance-related reforms. These reforms are aimed at improving operational efficiency, enhancing transparency, and ensuring accountability within the banking sector.
A key component of the government’s financial reform strategy has been the introduction of the Insolvency and Bankruptcy Code (IBC). The IBC has played a pivotal role in resolving loans worth around Rs. 3.25 lakh crores. It has provided a structured and effective mechanism for handling insolvency and bankruptcy cases, thereby aiding in the cleanup of the banking system.
The 90th anniversary of the RBI served as a platform for the Prime Minister to underscore the government’s commitment to financial stability and economic growth. As the RBI embarks on its 90th year, the focus continues to be on fortifying the financial sector and nurturing a robust economy.
