PM Modi to address ceremony marking 90 years of RBI in Mumbai today

Prime Minister Narendra Modi will address a ceremony marking 90 years of the Reserve Bank of India RBI in Mumbai today the central bank saidThe event will also be attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta DasJoin us for the commemoration of the 90th year of Reserve Bank of India RBI90 Address by Honble Prime Minister narendramodi and by Honble Finance Minister nsitharaman Welcome address by RBI Governor dasshaktikanta RBI said in a post on XJoin us for the commemoration of the 90th year of Reserve Bank of India RBI90 Address by Honrsquoble Prime Minister narendramodi and by Honrsquoble Finance Minister nsitharaman Welcome address by RBI Governor dasshaktikantaWatch Live at httpstcojtuBmtDZDz RBI90hellipmdash ReserveBankOfIndia RBI March 31 2024Established in 1935 RBI functions as the nations central bank following the recommendations of the Hilton Young Commission and governed by Reserve Bank of India Act 1934 reported news agency ANIThe functioning of this central bank is governed by the Reserve Bank of India Act 1934 II of 1934 and it began operations on April 1 1935 with Sir Osborne Smith as the first Governor responsible for functions such as currency issuance banking services for banks and the government and the development of rural cooperatives and agricultural credit reported ANIIn 1937 the Central Office of the Reserve Bank was also shifted from Kolkata to MumbaiThe RBIs role has expanded to cover monetary management regulation and supervision of the financial system management of foreign exchange currency issuance regulation and supervision of payment and settlement systems and developmental roles over the years reported ANIEarlier the Reserve Bank of India RBI disclosed the latest figures concerning Indias International Investment Position IIP as of December 2023 showing a decline in net claims of nonresidents on India plunging by USD 122 billion during the period from October to December 2023 culminating at USD 3704 billion by the end of December 2023 A contributor to this shift is the rise in reserve assets soaring by USD 348 billion during the third quarter of 202324According to Reserve Bank of India this dip in net claims is primarily attributed to a substantial surge in Indian residents overseas financial assets amounting to USD 407 billion outpacing the increase in foreignowned assets within India which stood at USD 285 billionThis surge in reserve assets constitutes over 85 per cent of the increase in foreign assets held by Indian residents underscoring the importance of reserves in bolstering Indias financial position on the global stageWith inputs from ANI