Mumbai, Apr 1 (UNI) President Droupadi Murmu on Tuesday said that the Reserve Bank of India (RBI) is the pillar of India's financial stability.

Speaking as chief guest at the 90th anniversary programme of RBI organised at NCPA here, she said that as India moves towards becoming a 'Viksit Bharat 2047', an innovative and inclusive financial system is necessary to meet new challenges in the economy.

RBI will remain the pillar of India's financial stability, she said and pointed to the major role played by the central bank in making India a global leader in digital transactions.

Its role will be very important in terms of maintaining a strong banking system, financial innovation and

customer confidence, she asserted.

President Murmu further said, "Today we are celebrating the 90th anniversary of the RBI. The RBI is one of the most important institutions in the country. As the country's central bank, the RBI is at the centre of India's unique development journey. From the difficult situation in the pre-independence era to today's global superpower, RBI has been an important pillar in the journey."

Established in 1935, this institution has always been one step ahead of the country's development journey and has also led the country in this journey, she said.

RBI is not only a central bank but also plays an important role in financial inclusion and institution building, she noted.

From an institutional building perspective, RBI had established important financial institutions like NABARD, IDBI, SIDBI and National Housing Bank, which provide significant support to agriculture, small business and housing sectors, she informed.

Initiatives like 'Lead Bank Scheme' had helped in extending banking services to rural areas.

Towards financial inclusion, RBI had created a conducive policy environment for Pradhan Mantri Jan Dhan Yojana, enabling a large number of women to participate in this scheme, bringing about a positive change in financial empowerment, Ms Murmu added.

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