90th anniversary celebration of RBI

• Prime Minister Narendra Modi addressed the opening ceremony of RBI@90 in Mumbai, Maharashtra on 1 April 2024.
• The ceremony was organised to mark the 90 years of the establishment of India’s central bank, Reserve Bank of India (RBI). The Prime Minister Modi released a commemorative coin to mark 90 years of RBI on the occasion.

ABOUT RESERVE BANK OF INDIA

• Reserve Bank of India (RBI) was set up on the recommendation of the Royal Commission on Indian Currency and Finance also known as the Hilton-Young Commission.
• Accepting the recommendation of the Hilton-Young Commission the Reserve Bank of India Act 1934 was passed.
• On 1 April 1935, the Reserve Bank of India started its operation.
• The RBI was initially owned by a private person. It was nationalised in 1949 and is now owned by the Government of India.