PM Modi lauds RBI’s digital innovation
Delhi Delhi: Prime Minister Narendra Modi said digital innovation is making India’s financial ecosystem stronger- empowering countless people- as he lauded the Reserve Bank of India for winning the Digital Transformation Award 2025 from Central Banking, London, UK.
“A commendable achievement, reflecting the thrust towards innovation and efficiency in governance. Digital innovation is making India’s financial ecosystem stronger, empowering countless people,” the Prime Minister wrote on X on Sunday afternoon.
The Central Banking, London, UK has selected the Reserve Bank of India for the Digital Transformation Award 2025.
The RBI was honoured and recognised for its initiatives including the Flow and Sarathi systems developed by an in-house developer team.
The awards committee noted how these digital initiatives have reduced the use of paper-based presentations, transforming RBI’s internal and external processes.
For over 30 years, London-based Central Banking has provided independent coverage, detailed data analysis, expert training and truly global networking events.
In a quote written by central banking staff, the Reserve Bank of India is described as a “large and complex organisation” with about 13,500 staff working in more than 40 branch offices.
The Central Banking article reads, “It calls itself a ‘full service’ central bank, in the sense that it plays almost every role a central bank can play, from promoting monetary and financial stability to managing reserves, supervising banks and non-banks, printing notes, handling payments and managing the government’s debt, among many other functions.”
Central Banking also noted the rise in digitalisation initiatives taken by the RBI.
“Until recently, these roles were largely paper-based, involving a lot of manual intervention and uneven adoption of digital tools,” the article said.
It cited work done by former RBI governor Shaktikanta Das.
During his tenure, Das made it a strategic priority to implement digital transformation to standardise and streamline workflows, cut costs and enhance transparency.
Two initiatives have been key in this work. RBI’s internal workflow was digitised through Sarathi. It went live in January 2023, helping employees to store and share documents securely, improve records management and increase data analysis options through reports and dashboards.
In May 2024, in the second phase of digitisation, Pravah was launched. It created a digital medium for external users to submit regulatory applications to the RBI.
