Dr Ambedkar’s Role in the Formation of Reserve Bank of India


Did you know Reserve Bank of India (RBI) came into picture according to the guidelines laid down by Dr Ambedkar? Reserve Bank of India was conceptualised as per the guidelines, working style and outlook presented by Dr Ambedkar in front of the Hilton Young Commission. When this commission came to India under the name of “Royal Commission on Indian Currency & Finance”, each and every member of this commission were holding Dr Ambedkar’s book named “The Problem of the Rupee – Its origin and its solution.” 

The legislative assembly passed this under the name of RBI act 1934, its need, working style and its outlook was presented by Dr Ambedkar in front of Hilton Young Commission. For more details read, “Evidence before the Royal Commission on Indian Currency and Finance” and “The Problem of the Rupee – Its origin and its solution.”

Now, walking through the streets of India, on most of the “State Bank of India’s” (SBI’s) street hoardings it shows Rabindranath Tagore as “The banker to this nation” as if Rabindranath Tagore is the brand ambassador of SBI!

What hurts many of us is the picture of Mr. Gandhi on the Indian currency. We need to ask everyone what’s the contribution of these two leaders (Rabindranath Tagore and Mr. Gandhi) towards Indian currency, finance and economics, and who deserves to be there on the signposts or Indian currency?

I’ll say if any person deserves to be on Indian currency then that person should be Dr. Ambedkar. Nobody else deserves that place on the Indian currency. Reserve Bank of India should make sure that it gives proper respect to the efforts and energy put by Dr. Ambedkar but this year also Reserve Bank of India forgot to mention Babasaheb Ambedkar’s name on its foundation day.

Is this the way India respects its legends? The ruling castes in India has failed Dalit-Bahujan heroes and they remember lower caste heroes for votes only.

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