RBI's Essential Contribution in Establishing India as a Global Leader in Digital Payments: President Murmu
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Synopsis
President Droupadi Murmu praised the Reserve Bank of India's crucial contribution to positioning India as a leader in digital payments. She highlighted innovations like UPI that have transformed financial access, emphasizing the RBI's role in fostering trust and stability in the nation's financial ecosystem.
Key Takeaways
- RBI plays a vital role in India's digital payment revolution.
- UPI has significantly enhanced financial inclusion.
- The RBI has built trust over its 90-year history.
- Resilience during economic challenges is a hallmark of the RBI.
- Future challenges will require adaptability and innovation.
Mumbai, April 1 (NationPress) President Droupadi Murmu on Tuesday commended the Reserve Bank for its pivotal role in positioning India as a global frontrunner in digital payments, highlighting innovations such as UPI that have transformed financial accessibility.
During her address at the closing ceremony celebrating the RBI's 90th anniversary, the President remarked, “By consistently upgrading the nation's payment infrastructure, the Reserve Bank has guaranteed that digital transactions are not only smooth and effective but also secure. Innovations like UPI have changed the landscape of financial access, facilitating immediate, low-cost transactions and enhancing financial inclusion. In addition to payments, the RBI has fostered a dynamic fintech ecosystem.
She noted that throughout its nine decades, the RBI's greatest accomplishment has been earning the public's trust. This trust has been cultivated by the RBI's unwavering commitment to maintaining price stability, growth, and financial soundness. Moreover, it has continuously evolved to meet the demands of our expanding nation. Its prompt reactions to significant challenges, from the economic liberalisation of the 1990s to the COVID-19 pandemic, showcase its resilience and adaptability. In a world that is increasingly globalised, the RBI has also ensured that India’s financial framework remains robust against any negative international developments.
The President emphasized that the RBI has become one of the nation's most essential institutions. She highlighted that while the average citizen may not directly interact with the RBI—except for its name on the currency they utilize—indirectly, all their financial interactions, whether through banks or otherwise, are regulated by the RBI. They inherently trust the financial system it oversees.
Furthermore, she stated that the RBI, as the central bank, is at the heart of India’s remarkable growth narrative. It has observed the entire journey of the country, from the era before Independence characterized by widespread poverty to the current status as one of the leading economies worldwide.
The President also remarked that as India nears the centenary of its Independence, the vision of ‘Viksit Bharat 2047’ necessitates an innovative, adaptable, and universally accessible financial ecosystem. She indicated that the future would bring new complexities and challenges.
She expressed confidence that with a steadfast commitment to stability, innovation, and inclusion, the RBI would persist as a cornerstone of strength—reinforcing trust and guiding India toward a future of prosperity and global prominence. As the steward of monetary and financial stability, the RBI will play a crucial role in this journey—ensuring a reliable banking system, fostering financial innovation, and safeguarding trust within our financial ecosystem, the President concluded.
