90 Years of RBI: Key milestones and achievements

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The Reserve Bank of India (RBI) completed 90 years on April 1, 2025, achieving a historic milestone highlighting India's success at a global level.

President of India Droupadi Murmu addressed the audience at the closing ceremony of the 90th anniversary of the apex bank on April 1.

Let’s learn fascinating facts about the RBI, its history and its major accomplishments throughout the last 90 years.

Establishment

The RBI was established on April 1, 1935 under the provisions of the Reserve Bank of India Act, 1934 as a privately owned institution.

Role of RBI

The apex bank was constituted to regulate the issue of banknotes, maintain reserves to ensure monetary stability and operate India’s credit and currency system.

Nationalisation

The RBI was nationalised on January 1, 1949, making it a fully government-owned institution to ensure autonomy over monetary and banking policies.

Indian Rupee

After India gained Independence in 1947, the RBI played a key role in phasing out British-era currency and introducing Indian currency.

Institutional development

Since its inception, the central bank has been instrumental in the development of major financial institutions in India including IDBI, NABARD, and SIDBI.

Bank nationalisation

The RBI helped the central government to nationalise 14 major banks in 1969 and six more in 1980, expanding financial inclusion and banking services in India.

MPC

In 2016, the Monetary Policy Committee (MPC) was formed to decide key interest rates and inflation targets to make monetary policy in India more transparent.

Demonetisation

RBI managed the demonetisation of ₹500 and ₹1,000 notes on November 8, 2016, which was primarily aimed at reducing black money and counterfeit currency.

UPI

One of the most important achievements of the central bank has been the digitisation of payments in India by introducing the Unified Payments Interface (UPI).

Central Bank Digital Currency

In 2023-24, the RBI introduced India’s Digital Rupee (e₹) in both wholesale and retail forms aimed at improving tax collection and curbing crime.

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