Today April 1, 2024, marks a significant milestone as the Reserve Bank of India (RBI) celebrates its 90th anniversary. Prime Minister Narendra Modi, speaking at the commemoration ceremony on Monday, emphasized the importance of the RBI's role in the nation's financial landscape. He announced that the RBI will have 100 days to deliberate on new government proposals, underlining the institution's ongoing relevance.
In a special gesture, Prime Minister Modi unveiled a unique Rs 90 denomination coin to mark this historic occasion. The event, attended by Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, and other dignitaries, highlighted the enduring legacy of the central bank.
Crafted from 99.99% pure silver and weighing approximately 40 grams, the commemorative coin features the distinguished RBI emblem at its center. The inscription "RBI@90" beneath it signifies the institution's longstanding commitment to India's financial stability. Additionally, the coin showcases the iconic Lion Capital of the Ashoka Pillar, bearing the national motto "Satyamev Jayate" in Devanagari script, symbolizing India's cultural heritage and democratic values.
Reflecting on its history, the RBI was established based on the recommendations of the Hilton Young Commission and governed by the Reserve Bank of India Act, 1934 (II of 1934). Officially commencing operations on April 1, 1935, the RBI has played a pivotal role as the nation's central banking institution, adapting and evolving to meet the changing needs of the Indian economy over the past nine decades.
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