Reserve Bank of India bags the prestigious 'Changemaker of the Year' title

The Reserve Bank of India (RBI), under the stewardship of its Governor Shaktikanta Das, was honoured with the 'Changemaker of the Year' award recently. 

The honour was part of the Hindu businessline Changemaker Awards 2023, which were held at ITC Maurya in New Delhi on November 3. The award ceremony, which was a resounding success, recognized and celebrated individuals and organizations who have made extraordinary contributions to society, the economy, and the planet through their innovative ideas and relentless determination. 

The fifth edition of the prestigious businessline Changemaker Awards highlighted and rewarded remarkable visionaries and achievers who have left a positive mark on society. These awards encompass various categories, celebrating those who have contributed to the betterment of society, the economy, and the planet. 

Notably, the winners were celebrated across six categories - Changemaker of the Year, Iconic Changemaker of the Year, Changemaker - Social Transformation, Changemaker - Digital Transformation, Changemaker - Financial Transformation, and Young Changemakers. 

Reserve Bank of India (RBI) bagged the 'Changemaker of the Year' award for playing a pivotal role in handling the Indian economy during a period of pandemic. Das helped in keeping inflation under control and supporting economic growth. 

Over the past three years, India's economy and financial system faced significant challenges, including the pandemic and the war in Ukraine. Amidst these challenges, the Reserve Bank of India (RBI) stood by in support of the economy, shining like a beacon. The RBI swiftly responded to the pandemic by reducing the repo rate to a historic low of 4%, ensuring liquidity and credit accessibility when needed. As conditions improved, the RBI efficiently rolled back these measures while maintaining strict oversight of banks and NBFCs. 

Unlike central banks in the West, the RBI adeptly balanced inflation and growth through a

series of rate hikes from May 2022 to April 2023, prioritizing growth. Additionally, under Governor Das's leadership, the RBI supported innovation, fostering India's digital payments ecosystem while opposing the legalization of cryptocurrencies. 

What's noteworthy is the collaborative effort between the RBI and the government, working together seamlessly to shape policies that drove economic growth. This success can be credited to Governor Shaktikanta Das, a seasoned ex-bureaucrat at the helm of the RBI. 

Meanwhile, world-renowned dairy cooperative AMUL (Anand Milk Union Limited) was named the 'Iconic Changemaker of the Year' in recognition of its enduring impact on the country over the decades, standing the test of time as a transformative force. The success of AMUL, which is the strongest dairy brand in the world, demonstrates the power of cooperative models in empowering individuals and communities. By giving farmers ownership and a stake in the organisation, AMUL transformed them from mere suppliers to active participants in the dairy industry. 

Furthermore, Neha Bagaria- Founder and CEO of HerKey and Safeena Hussain- Founder of Educate Girls were honoured with the ‘Changemaker - Social Transformation’ award. While, HerKey is India’s largest career engagement platform for women and provides job opportunities, skilling, and mentorship for women wishing to enter or re-enter the job market, Educate Girls is a non-profit organisation in India, established in 2007 that works towards girls' education in India's rural and educationally backward areas by mobilising communities. The organisation aims to improve access and quality of education for 15 million girls by 2025. 

Stellapps Technologies Private Limited received the ‘Changemaker - Digital Transformation’ accolade. The Bengaluru-headquartered start-up works on digitising the dairy sector. The company has developed a suite of solutions leveraging technologies. 

Also, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was recognised with the ‘Changemaker - Financial Transformation’ award for its significant role in India's economic revolution. The financial inclusion program has made significant progress towards increasing financial literacy and reducing poverty in the country. It has created millions of new bank accounts, particularly in rural areas, and has enabled account holders to make transactions digitally. PMJDY aims to curb financial exclusion and promote inclusive growth. 

Shrinidhi RS was announced as the 'Young Changemaker' for their dedicated efforts in Ed-tech and Mental Health Awareness respectively. Shrinidhi RS is the Co-founder of CherriLearn, which is an education app that offers gamified lessons in regional languages to children of Standards 1-5. 

It is worth noting that the businessline team established a rigorous process to identify these changemakers. The selection process began with nominations, which were then carefully shortlisted based on a set of criteria to determine the final nominees in each category. These nominees underwent independent validation, and a jury comprising eminent personalities selected the winners. 

Meanwhile, Shri Raj Kumar Singh, Minister of Power and New Renewable Energy, the event's chief guest, shared, “Let me first begin by congratulating the winner. while coming to this event, I was reflecting on this issue of changemakers-of people who make a difference- of organisers who make a difference and what came to my mind was that only when you make a difference is when you can say that you have justified your existence that you have stood for something and that I have done something which has made a difference whether for few people or the whole country, that is the satisfaction, the truest reward and that is what you’ll always remember.” 

“More than any reward it’s that satisfaction that is important. But the awards are also important because when we do something good or that has made a difference, we would like to be recognised apart from the fact that we have the satisfaction that we made something better. I want to congratulate businessline for holding these awards,” he added. 

Raghuvir Srinivasan, Editor of businessline, expressed, “This award is given to recognize exceptional people and organisations that are driving change in society but yet fly under the radar, unrecognized and not applauded. It is our newspaper’s endeavour to shine the spotlight on these outstanding individuals and organisations, not just through our columns but through public events like this.” 

The jury consist of M. Damodaran, Former Chairman, SEBI (jury chair), Pallavi S Shroff, Managing Partner of Shardul Amarchand Mangaldas, Dr V Sumantran, Chairman of InterGlobe Aviation (Indigo Airlines), Harish Bhat, Brand Custodian of Tata Sons, Lakshmi Narayanan, Former Vice-Chairman of Cognizant, Poonam Natarajan, Director of Vidya Sagar and Suchitra Ella, Joint Managing Director of Bharat Biotech.

Dr. Nirmala Lakshman, Chairperson of The Hindu Group, stated, “We understand the power of information. It can shape minds, transform society and drive change. We always endeavour to shine a light on the news in perspective that matters and stories that have the potential to create a positive impact and drive a meaningful change in the world. What keeps us going are the people, the millions of readers who turn to us every day, whether in print or online.”

The businessline Changemaker Awards were presented by Sastra University and powered by associate partners, including Life Insurance Corporation of India (LIC), Casagrand, Gujarat Mineral Development Corporation, Punjab & Sind Bank, United India Insurance, LIC Housing Finance Ltd, GAIL, and NTPC. J&K Bank served as the banking partner for the event, with online grocery partner Big Basket, tourism partner Bihar Tourism, and education partner SSVM Institutions. News X was the television partner, gifting partner Anand Prakash, Knowledge Partner Ashoka & Deloitte, and validation partner Niti Consulting.