Prime Minister Narendra Modi today inaugurated a special coin to commemorate the 90th anniversary of the Reserve Bank of India (RBI). The event in New Delhi, attended by dignitaries including Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das, marked a significant milestone in India’s financial history.

The Finance Ministry revealed a distinct Rs 90 denomination coin crafted from 99.99% pure silver, weighing approximately 40 grams. Symbolizing the illustrious journey and achievements of the RBI over nine decades, the coin features the iconic RBI emblem at its center, adorned with the inscription “RBI@90” below. Additionally, it showcases the revered Lion Capital of the Ashoka Pillar, alongside the national motto “Satyamev Jayate” in Devanagari script, embodying India’s cultural heritage and democratic principles.

Established on April 1, 1935, in accordance with the recommendations of the Hilton Young Commission and governed by the Reserve Bank of India Act, 1934 (II of 1934), the RBI has played a pivotal role as India’s central bank. Initially tasked with regulating banknotes, maintaining monetary stability, and overseeing the country’s credit and currency system, the RBI’s mandate evolved over the years to encompass pivotal developmental initiatives, particularly in agriculture and institutional development.

During the 1960s, amidst India’s planned development endeavors, the RBI spearheaded efforts to utilize finance as a catalyst for growth. Notably, the Bank facilitated the establishment of several key financial entities, including the Deposit Insurance and Credit Guarantee Corporation of India, the Unit Trust of India, and the Industrial Development Bank of India, among others, strengthening the nation’s financial infrastructure.

In the wake of economic liberalization, the RBI shifted its focus to core central banking functions such as monetary policy formulation, bank supervision, regulation, and oversight of the payments system.