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Informist, Tuesday, Apr. 1, 2025

 

--RBI Malhotra: Next decade crucial in shaping econ's fincl architecture 

--CONTEXT: Governor Malhotra speaking at RBI's 90th Foundation Day 

--Sanjay Malhotra: Determined to preserve public's trust in RBI 

--RBI Malhotra: Fully prepared to meet all challenges, seize opportunities

 

MUMBAI - Reserve Bank of India Governor Sanjay Malhotra on Tuesday said the central bank is fully prepared to meet all challenges and seize all opportunities to contribute to India's economic progress at a time when the institution stood at what he called the "confluence of tradition and transformation".

 

"Today, we stand at the confluence of tradition and transformation where the imperatives of price stability, financial stability, and economic growth intersect with rapid technological advancements, global uncertainties, challenges of climate change, and increasing public expectations. The next decade will be crucial in shaping the financial architecture of our economy," Malhotra said on the occasion of the RBI's 90th Foundation Day.

 

"We remain committed to expanding and deepening financial inclusion. We shall strive to foster a culture of continuous improvement in customer services and strengthening consumer protection. It will be our endeavour to optimise out regulatory frameworks by balancing the interests of financial stability and efficiency. We will continue to support technology and innovation. We shall remain vigilant, adaptive, and forward looking. We will do everything that is required to improve the financial system by expanding its access, enhancing its efficacy, and strengthening its resilience in an evolving economic landscape," the governor added.

 

Reflecting on nine decades of the RBI, Malhotra said the central bank had over the years remained committed to the economic progress of India and the welfare of its people even as it adapted to the changing economic landscape. At the same time, the central bank's role had expanded "significantly beyond the initial mandate", he commented.

 

Also speaking at the event, President Droupadi Murmu said the RBI had emerged as one of the most important institutions of the country and its biggest achievement had been earning the trust of the public. "In an increasingly globalising world, it has also ensured that India's financial system remains resilient in the face of any adverse international trends," the President added.  End

 

Reported by Siddharth Upasani

Edited by Akul Nishant Akhoury

 

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