Did you know Reserve Bank of India (RBI) came into the 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 (also known as 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.” 

The legislative assembly passed this under the name of RBI act 1934, its need, working style and its outlook were 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.”

Hilton Young Commission submitted its report in 1926 and it was on the recommendations of the report 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. It is really shameful that India has not recognized Babasaheb’s thoughts.

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! Why is it so that Babasaheb Ambedkar’s contribution toward RBI is kept hidden? Babasaheb Ambedkar was the first economist of the country who envisioned great things for the country but successive governments have failed his legacy.

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 have failed Dalit-Bahujan heroes and they remember lower caste heroes for votes only.

It is unfortunate that the role of Dr Babasaheb Ambedkar’s in the formation for RBI is not appreciated or acknowledged. If only India could acknowledge and bring forward Babasaheb Ambedkar’s ideology and work, India would be in a better position and shape.

Author – Pardeep Attri