The Reserve Bank of India released its mid-term strategy for April 2026-March 2029 on Friday, centred around robust regulations, customer service, competitive markets.
The strategy termed as 'Utkarsh 2.0' will also focus on areas such as "effective technology", "future-ready organisation", and "global India", as per the official RBI release.
Utkarsh 2029 has been designed to transform the institutional purpose into actionable excellence for between 2026 and 2029, RBI governor Sanjay Malholtra said in the central bank's press release.
"Grounded in the Bank's enduring values with a clear vision statement, Utkarsh 2029 is strengthened by six strategy pillars encapsulating forty-nine overarching, purposeful and impactful deliverables, formulated to align with the various functions of the Bank," Malhotra pointed out.
He added that in an era marked by rapid technological advancements, evolving geopolitical dynamics, and emerging climate-related imperatives, Utkarsh 2.0 zeroes on multiple areas. It aims to simplify regulations, adopting a customer-centric approach, deepening financial markets, upgrading technology and upskilling the staff.
"It also endeavours to expand and globalise the reach of payment systems, strengthen the financial ecosystem, establish robust metrics to benchmark the services offered by RBI, and thereby position RBI as a world-class full-service central bank," the governnor underscored.
The six pillars of the strategy will encompass overarching, forward-looking and medium-term deliverables. However, \the regular functions of RBI will continue under the Annual Action Plan of the respective Departments, the bank stated.
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A Deep Delve Into The Six Pillars
- Robust Regulations: The Bank aims to minimise procedural redundancies, empower REs with greater operational flexibility, encourage responsible innovation in present and emerging realms of the financial system.
- Customer Centricity and Inclusive Finance: The Bank has outlined to assess customer service in SCBs and to cover grievance escalation across all REs to accelerate grievance redressal and empower customers.
- Competitive Markets: This pillar focuses on deliverables that aim at reducing turnaround time of auctions, strengthening pricing transparency in the G-Secs market, and enhancing retail access to markets.
- Effective Technology: The Bank will leverage technology in various areas of its operations such as making the interface with REs and citizens electronic and eliminate paper or email-based interactions.
- Future-ready Organisation: The initiative underscores the need to build a future-ready organisation through continuous upskilling of resources, reviewing functions across its offices, strengthening two-way communication with its stakeholders, and embedding 6 sustainability and climate awareness in its actions and decisions to further institutional excellence.
- Global India: Promotes the implementation of the UPI stack in other countries to modernise the payment infrastructure, augment international trade settlement in INR, expand cross-border CBDC arrangements, and adopt global standards to enhance global competitiveness.
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