Let’s make Rupee a global currency: PM to RBI

Prime Minister Narendra Modi on Monday asked the Reserve Bank of India (RBI) to prepare a 10-year strategy to make the indian rupee a globally “accessible and acceptable” currency and to meet the credit needs of every segment burgeoning economy, particularly the youth.

Praising RBI governor Shaktikanta Das

Praising RBI governor Shaktikanta Das for his “out of box” thinking in monetary management, the PM said the same approach should be used in ensuring “adequate” credit to new sectors, the youth and innovators. Referring to Rs 1 lakh crore research fund announced in the interim budget for innovation, Modi said, in the presence of Union finance minister Nirmala Sitharaman, that the central bank should start thinking how to help those who need financial help in developing cutting-edge technology.

You have adequate time till I’m busy in elections

“You have adequate time till I’m busy in elections for the next 100 days. You must think in advance about it because tasks will pour in on the very sound day after the oath-taking [ceremony],” the PM said while addressing a function in Mumbai to commemorate 90 years of the RBI.

ELECTION COMMISSION

On March 16, the Election Commission (EC) announced dates for the Lok Sabha elections 2024, which start from April 19 and end on June 1 in seven phases. The current government’s term is ending on June 16. Recalling the work on financial inclusion done by his government in the past 10 years, Modi said wider use of digital payments by street-hawkers is showing their financial footprint transparently.

He urged the regulator to use this information in empowering them financially.

Digital Transactions

According to government data, total digital transactions surged multifold from 2,071  crore in 2017-18 to 13,462 crore 2022-23.

“Friends, we have to accomplish one more big task together in the next 10 years. We have to enhance Bharat’s economic self-reliance. We have endeavor that our economy should be least effected by global advertises. Today, Bharat is becoming global growth with 15% in global GDP growth . In these circumstances,[we should] endeavor that our rupee is more accessible and acceptable globally,” he said.

PM on GDP Growth

The PM underscored the importance of healthy banking sector growth to provide the required banking sector growth to provide the required funding to various projects. He also cautioned the sector and its regulator about emerging challenges such as artificial intelligences (AI) and blockchains that have changed the way banking is done. Stressing the importance of cybersecurity in the rapidly growing digital banking system driven by fintech, he urged experts to bring corresponding changes in the system.