President Droupadi Murmu on Tuesday said the Reserve Bank of India (RBI) has emerged as one of the most critically important institutions in the nation, and has been at the centre of India’s growth story since its inception in 1935.

While addressing the RBI’s 90th anniversary commemoration ceremony in Mumbai, President Murmu highlighted that the technological advancements are increasing the risks of financial frauds and underlined the need for a “enduring partnership” between the central bank and the government for maintaining macroeconomic stability.

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

President 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.

During her address, the President lauded the Reserve Banks’ remarkable journey over the past 90 years and emphasised that a financial ecosystem that is innovative, adaptive and accessible to all is key for a Viksit Bharat 2047.

“As India approaches the centenary of its independence, the mission of Viksit Bharat 2047, calls for a financial ecosystem that is innovative, adaptive and accessible to all,” she said.

She also mentioned the response of RBI during the tough times like Covid saying, the swift responses to challenges like Covid-19 pandemic highlight RBI’s resilience and adaptability.

“The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability. Also, it has continuously adapted to meet the evolving needs of our growing nation.”

She also highlighted the RBI’s role in making India a global leader in digital payments.

By continuously modernizing the country’s payment infrastructure, it (RBI) has ensured that digital transactions are not only seamless and efficient but also secure. Innovations like the UPI have revolutionised financial access, enabling instant, low-cost transactions and deepening financial inclusion.

Beyond payments, the RBI has nurtured a vibrant fin-tech ecosystem, she said.