90 years of RBI: PM Modi in Mumbai to attend celebrations

The event will also be attended by Finance Minister Nirmala Sitharaman

RBI barred IIFL Finance from issuing gold loans and restricted JM Financial from providing financing against shares and debentures Representation

Prime Minister Narendra Modi will attend the ceremony held to mark the 90 years of the Reserve Bank of India in Mumbai on Monday. The Prime Minister's address is scheduled for 11 am.

Besides the Prime Minister, the event will also be attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.  

The Prime Minister, expected to arrive in the morning, will travel via helicopter to INS Shikra, the Indian Navy's helibase in Colaba. From there, he will proceed by road to the RBI adjacent to Town Hall. Traffic restrictions have been imposed in the city ahead of the Prime Minister's visit, effective from 7 am to 2 pm.

A post by RBI on X read: "Join us for the commemoration of the 90th year of Reserve Bank of India (RBI@90). Address by Hon'ble Prime Minister @narendramodi and by Hon'ble Finance Minister @nsitharaman. Welcome address by RBI Governor @dasshaktikanta," RBI said in a post on X.

The country's national bank was established in 1935 on this date following the recommendations of the Hilton Young Commission to maintain the country's monetary stability. The first Governor was Sir Osborne Smith and the bank was responsible for functions such as currency issuance, banking services for banks and the government, and the development of rural cooperatives and agricultural credit. 

In 1937, the Central Office of the Reserve Bank was also shifted from Kolkata to Mumbai. The RBI continued as Burma's central bank until 1947 and for Pakistan until 1948.

Over the next nine decades, the bank has seen 26  Governors. The past governors include IG Patel, Manmohan Singh, C Rangarajan, Bimal Jalan, Raghuram Rajan, Urjit Patel etc.  The tenure of the current governor, Shaktikanta Das, began in October 2021. 

Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp