President of India graces closing ceremony of the commemoration of 90th year of RBI

by Banking & FinanceLatest Updates

The President of India, Smt Droupadi Murmu graced the closing ceremony of the commemoration of 90th year of the Reserve Bank of India in Mumbai today (April 1, 2025).

Speaking on the occasion, the President said that the RBI, as the central bank, is at the very centre of India’s incredible growth story. It has witnessed the whole journey of the country so far, from the time before Independence when it was suffering from widespread poverty to the time now when it is among the top economies in the world.

The President said that RBI has emerged as one of the most critically important institutions in the nation. She pointed out that a common man or woman has no direct interaction with RBI – except for its name printed on the currency notes in their pockets, but indirectly all their financial dealings, through banks and otherwise, are governed by the RBI. And they instinctively place their utmost faith in the financial system overseen by it. She stated that in the nine decades, the biggest achievement of the RBI is this trust.

The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability. Also, it has continuously adapted to meet the evolving needs of our growing nation. Its swift responses to key challenges, from economic liberalisation in the 1990s to the Covid-19 pandemic, highlight its resilience and adaptability. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends.

The President said that the RBI has played a key role in making India a global leader in digital payments. By continuously modernizing the country’s payment infrastructure, it has ensured that digital transactions are not only seamless and efficient but also secure. Innovations like the UPI have revolutionised financial access, enabling instant, low-cost transactions and deepening financial inclusion. Beyond payments, RBI has nurtured a vibrant fin-tech ecosystem.

The President said that as India approaches the centenary of its Independence, the mission of ‘Viksit Bharat 2047’ calls for a financial ecosystem that is innovative, adaptive, and accessible to all. She stated that the path ahead would present new complexities and challenges.

She expressed confidence that with a steadfast commitment to stability, innovation and inclusivity, RBI would continue to be a pillar of strength – reinforcing trust and steering India towards a future of prosperity and global leadership. She said that as the guardian of monetary and financial stability, RBI would play a defining role in this journey – ensuring a sound banking system, driving financial innovation, and safeguarding trust in our financial ecosystem.

Godfrey Phillips India Limited’s Journey through the years

by Today's Fables

Godfrey Phillips India Limited, a flagship company of Modi Enterprises – KK Modi Group, is one of the largest FMCG companies in India. GPI’s commitment to quality is unwavering.

Along with a strong primary portfolio, GPI also have a strong confectionery portfolio with Funda and have unique offerings for international markets. These are a testament to relentless pursuit of excellence and passion for innovation.

GPI’S Guldhar plant in Ghaziabad, Uttar Pradesh has been proving its consistent track record in performance excellence with multiple accolades to its name. Year on year, for over a decade, Rabale and Guldhar plants have been receiving the highest in category WINNER award in the areas of Environment Management, Health and Safety, etc. from Greentech Foundation.

 

Godfrey Phillips India’s Rabale factory in Maharashtra has also been recognized for its remarkable environmental practices by the Greentech Foundation and by a cross section of reputed stakeholders, including the Vasundhara Awards by the Government of Maharashtra, INSSAN, IRIM for Manufacturing Competitiveness. Rabale unit has bagged the Greentech ‘Quality and Innovation’ Award for two successive years.

Godfrey Phillips seeks RBI nod on bonus issue to non-resident shareholders

Godfrey Phillips India Ltd on Friday announced that its board of directors has discussed issuing bonus shares.

However, the company has decided to seek clarification and approval from the Reserve Bank of India (RBI) before proceeding with the issuance, particularly for non-resident shareholders, including those under Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI).

Given the company’s involvement in manufacturing cigarettes and other tobacco products, where FDI is currently prohibited, the board recognised the need for regulatory clearance.

The decision to issue bonus shares will be revisited once the necessary approvals from the RBI are obtained. Godfrey Phillips India said a subsequent board meeting will be convened to finalise and implement the issuance of bonus shares.

“In view of the above, the board decided that on receipt of the necessary clarification/approval from RBI, a board meeting will be subsequently convened to approve the issuance of Bonus Shares and undertake necessary steps to implement the decision thereafter,” it said.

The company’s revenue from operations increased 12% to ₹1,158.2 crore compared to ₹1,034.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA was up 3.5% to ₹248.3 crore in the first quarter of this fiscal over ₹239.8 crore in the year-ago period. The EBITDA margin stood at 21.4% in the reporting quarter compared to 23.2% in the corresponding period in the previous fiscal.