President Murmu emphasises on strong partnership between RBI, govt for macroeconomic stability

President Draupadi Murmu on Tuesday said technological advancements are increasing the risks of financial frauds and underlined the need for an "enduring partnership" between the central bank and the government for maintaining macroeconomic stability.

Speaking at the closing ceremony of the commemoration of the 90th year of the Reserve Bank of India, Murmu lauded the RBI for taking proactive measures to strengthen and safeguard a secure banking environment.

"With the rapid advancement of technology, the risk of financial fraud and cyber threats is also increasing," she said, adding that this is a growing concern which demands constant vigil.

The President said the RBI's "remarkable journey" of the last 90 years has been closely aligned with the vision and policies of the government.

"This enduring partnership has been essential in navigating complex economic transitions, implementing critical financial reforms, and maintaining macroeconomic stability," she added.

The biggest achievement for RBI over its 90-year existence has been earning the trust of the people, the President said, adding that people "instinctively place" their utmost faith in the financial system overseen by the central bank.

"I have no hesitation in saying that the RBI has emerged as one of the most critically important institutions in the nation," she said.

The RBI has earned the trust by delivering on its mandate of price stability, growth, and financial stability, and also adapted to meet the evolving needs of the country.

The swift responses to challenges like COVID-19 pandemic highlight RBI's resilience and adaptability, she said.

A teaser of a five-episode web series, which includes visuals of India's gold holdings coming out for the first time in public, was shown to the audience at the event.

Speaking on the occasion, RBI Governor Sanjay Malhotra said the next decade will be crucial in shaping the financial architecture of the Indian economy.

"We remain committed to expanding and deepening financial inclusion. We shall strive to foster a culture of continuous improvement in customer services and strengthen consumer protection," she said.

"It will be our endeavor to optimize our regulatory frameworks by balancing the interests of financial stability and efficiency. We will continue to support technology and innovation. We shall remain vigilant, adaptive and forward-looking," he said.

A specially created customised stamp celebrating RBI's 90-year journey was released on the occasion.

Speaking at the same event, Union Communications Minister Jyotiraditya Scindia said the RBI has stood as a steadfast pillar anchoring India's economic progress.

Finance Secretary Ajay Seth, Sebi chairman Tuhin Kanta Pandey, former RBI Governor Urjit Patel, and almost the entire banking leaders' fraternity, including SBI chairman C S Setty were present at the event.