RBI prepares for 75th anniversary

The Reserve Bank of India (RBI) commemorated entering its 75th year on Wednesday with a speech by the governor, who announced plans to mark its platinum jubilee.
The Reserve Bank of India (RBI) commemorated entering its 75th year on Wednesday with a speech by the governor, who announced plans to mark its platinum jubilee.

The RBI was first established as a shareholders' bank on 1 April 1935, before being nationalised in 1949, two years after India became independent of British rule.

Among the events that it has presided over are the devaluation of the rupee in 1966, the nationalisation of 14 banks in July 1969 and the economic expansion that followed the country's 1991 financial reforms.

Addressing the Reserve Bank's staff, Duvvuri Subbarao, the governor, said: "The Reserve Bank evolved in parallel with these socio-economic developments. It took a leading role in designing and implementing policies for agricultural and industrial development."

Subbarao added: "Most importantly, over the years, the mandate of the RBI has expanded encompassing both its regulatory and developmental responsibilities. Today we are a large and complex organisation compared to most other central banks in the world."

The RBI plans to mark the year with events and "a series of initiatives and activities that make the Reserve Bank a more responsive, relevant, professional and effective public policy institution."

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