During the celebration marking the 90th anniversary of the Reserve Bank of India, Prime Minister Modi reflected on the remarkable changes seen in the Indian banking sector over the last decade. He recalled attending the 80th-anniversary event in 2014, emphasizing the stark differences in circumstances.
In 2014, when PM Modi was at the RBI's 80th anniversary, India's banking sector faced unprecedented challenges. There were concerns about its stability and future, especially for public sector banks vital for the country's economic growth. The situation was tough for all stakeholders.
But today, things have changed drastically. India's banking system has transformed into a symbol of strength and resilience globally. The reforms undertaken in the past decade have led to a more robust and sustainable banking environment.
Now, India's banking sector is admired worldwide for its turnaround. It's a testament to the collective efforts of everyone involved. Though the journey wasn't easy, with bold reforms and determination, India has become a leader in banking excellence.
As we celebrate the RBI's 90th anniversary, it reminds us of the challenges overcome and progress made. It shows the adaptability and strength of India's banking sector, which has emerged stronger than ever.
Looking forward, there's optimism for India's banking future. With a focus on innovation and inclusivity, the sector is set to achieve greater prosperity for all Indians. Let's commit to building a banking system that meets the needs of every citizen and contributes to the nation's development.