Stable, strong financial system to act as bedrock for economic progress: RBI Governor

Mumbai, Apr 1 (PTI) Reserve Bank Governor Shaktikanta Das on Monday said the endeavour of the central bank would be to provide a stable and strong financial system over the next decade, which will act as the bedrock for the country’s economic progress.

Over the years, the Reserve Bank of India (RBI) has emerged as a symbol of stability, resilience and commitment to the welfare of our citizens, he said at an event to mark the 90th anniversary of the RBI.

“As we move towards RBI at 100, the Reserve Bank remains focussed on a stable and strong financial system that would act as the bedrock for our country’s economic progress,” he said.

The Reserve Bank is constantly evaluating the emerging trends and taking necessary policy measures to remain in sync with the changing times, he said, adding the central bank’s effort is to anticipate situations and take proactive measures.

Das highlighted that the Reserve Bank’s evolution as an institution has been closely intertwined with the development of the Indian economy.

“We are a full-service central bank with our functions spanning multiple dimensions. It has been our endeavour to promote a financial sector that is robust, resilient, and future-ready,” he said.

Talking about structural reforms, he said, the enactment of the Insolvency and Bankruptcy Code and the adoption of flexible inflation targeting in recent years, have helped to deal with the challenges in the banking system and the task of maintaining price stability more effectively.