NEW DELHI: Prime Minister Narendra Modi will address a ceremony marking 90 years of the Reserve Bank of India in Mumbai today, the central bank said.

The event will also be attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

"Join us for the commemoration of the 90th year of Reserve Bank of India (RBI@90). Address by Hon'ble Prime Minister @narendramodi and by Hon'ble Finance Minister @nsitharaman. Welcome address by RBI Governor @dasshaktikanta," RBI said in a post on X.

Established in 1935, RBI functions as the nation's central bank, following the recommendations of the Hilton Young Commission and governed by Reserve Bank of India Act, 1934.

The 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.

In 1937, the Central Office of the Reserve Bank was also shifted from Kolkata to Mumbai.

The RBI's 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.