As RBI completes 87 years, a look at contributions of Dr. Ambedkar on conceptualizing RBI

New Delhi: As the Reserve Bank of India completes 87 years on April 1, 2022, we look at the role of Dr. BR Ambedkar in establishing the RBI. The Reserve Bank of India was conceptualized according to the guidelines, working style, and outlook presented by Dr. Ambedkar in front of the Hilton Young Commission (also known as the Royal Commission on Indian Currency and Finance). When this commission came to India under the name of “Royal Commission on Indian Currency and Finance”, each and every member of this commission was holding Dr. Ambedkar’s book named “The Problem of the Rupee – Its origin and its solution.” Hilton Young Commission submitted its report in 1926 and it was on the recommendations of the report that RBI was established. Reserve Bank of India (RBI) came into the picture on 1st April 1935. Dr. Babasaheb Ambedkar had submitted a statement of evidence to the commission and one can find clear authority and evidence of Babasaheb’s expertise on the matter in the statement submitted. The RBI, however, is often blamed for neglecting the contributions of Dr. Ambedkar and not mentioning the same on RBI Foundation day or on any other occasion. (Source: Vartha Bharati)