Prime Minister Narendra Modi, alongside Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, and other dignitaries, presided over a ceremony on Monday to unveil a special coin commemorating the 90th anniversary of the Reserve Bank of India (RBI). The Finance Ministry introduced a unique Rs 90 denomination coin crafted from 99.99% pure silver, weighing approximately 40 grams. This coin serves as a tribute to the RBI’s illustrious nine-decade journey, symbolizing its significant contributions to India’s financial landscape.
Adorned with the distinguished RBI emblem at its center and the inscription “RBI@90” below, the coin embodies the enduring legacy and pivotal role of the institution in bolstering India’s financial resilience. It features the iconic Lion Capital of the Ashoka Pillar, a symbol of India’s rich cultural heritage and democratic values, with the national motto “Satyamev Jayate” engraved in Devanagari script beneath it.
Delving into the history of the RBI, it emerges as the cornerstone of India’s central banking system, established on the recommendations of the Hilton Young Commission. Enacted through the Reserve Bank of India Act, 1934 (II of 1934), the institution commenced operations on April 1, 1935. Initially tasked with assuming the functions of the Controller of Currency within the Government and managing Government accounts and public debt from the Imperial Bank of India, the RBI swiftly became renowned for its pivotal role in fostering development, especially in the agricultural sector.
During the 1960s, as India embarked on ambitious development endeavors, the RBI spearheaded efforts to utilize finance as a catalyst for progress. Its developmental initiatives gained traction, bolstering institutional development through the establishment of entities like the Deposit Insurance and Credit Guarantee Corporation of India, the Unit Trust of India, the Industrial Development Bank of India, the National Bank of Agriculture and Rural Development, and the Discount and Finance House of India. These initiatives aimed to fortify the nation’s financial infrastructure and stimulate economic growth.
In the wake of liberalization, the RBI recalibrated its focus towards fundamental central banking functions such as Monetary Policy, Bank Supervision and Regulation, and Oversight of the Payments System. Simultaneously, it continued to champion the development of financial markets, ensuring robustness and stability in India’s financial ecosystem.