90 Rs Coin by RBI: Prime Minister Narendra Modi on Monday released a special coin to commemorate the 90th year of the Reserve Bank of India. Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, and other RBI members were also present at the event.
Addressing the inaugural function, PM Modi said the changing landscape may require new approaches to "financing, operating, and business models".
The Prime Minister said that there is a need for the banking industry to take a step forward to meet the loan requirements of the schemes required for the future development of the country.
He said the industry faces some challenges, including artificial intelligence and blockchain, which are changing the face of banking and cyber security amid growing reliance on innovations such as digital banking and fintech.
To mark the occasion of RBI's 90th anniversary, the Finance Ministry has introduced a special coin of Rs 90. The commemorative coin, made of 99.99 percent pure silver and weighing around 40 grams, symbolizes the RBI's rich history and accomplishments over nine decades.
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About the special Rs 90 coin
The iconic RBI emblem at the center of the coin, with "RBI@90" written below, symbolizes the institution's lasting legacy and its role in sustaining India's economic resilience. It depicts the lion capital of the Ashoka Pillar, a symbol of India's cultural heritage and democratic values, inscribed in the Devanagari script below the national motto "Satyamev Jayate" (Truth Alone Triumphs).
The purpose behind establishing RBI
The Reserve Bank of India (RBI) serves as the country's central bank. Central banking institutions are a relatively recent concept, with most of them in their current form being established in the early 1900s. The Reserve Bank of India was established by the recommendations of the Hilton Young Commission. Established under the Reserve Bank of India Act, 1934 (II of 1934), the Bank formally began operations on April 1, 1935.
What does the RBI do?
It issues and regulates bank notes. Maintaining reserves considering monetary stability is the responsibility of the Reserve Bank and it monitors the credit and currency system in India.
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