RBI's launch of Utkarsh 2.0

The Reserve Bank of India (RBI)vide Press Release dated30.12.2022 has launched The Reserve Bank of India's Medium-term Strategy Framework for the period 2023-2025 – 'Utkarsh 2.0', the second phase of its medium-term strategy for strengthening regulatory and supervisory mechanisms.

The RBI plans to leverage India's Group of 20 presidency to showcase the country's strength in digital payments, and broad-base the acceptance of the rupee in bilateral and multilateral trade as part of its strategy till 2025.

The central bank would also integrate artificial intelligence and machine learning-driven tools to enhance the reliability of its data analysis and information creation.

It includes six vision statements that are designed to improve the performance of the RBI's statutory and other functions, enhance its relevance and significance at the national and global levels, and improve its internal governance, infrastructure, and human resources.

Utkarsh 2.0 harnesses the strengths of Utkarsh 2022 by retaining the six Vision statements as well as Core Purpose, Values, and Mission statement. Collectively, they create a strategic guiding path. The Vision in Utkarsh 2.0 that will guide the Reserve Bank of India over the period 2023-25 are:

• Excellence in performance of its functions;
• Strengthened trust of citizens and Institutions in the RBI;
• Enhanced relevance and significance in national and global roles;
• Transparent, accountable and ethics-driven internal governance;
• Best-in-class and environment-friendly digital and physical infrastructure; and
• Innovative, dynamic and skilled human resources.

The desired outputs are proposed to be realised in terms of strategies calibratedthrough milestones.

The Reserve Bank of India attaches high importance to its medium-term strategy andmonitors its implementation and progress through a Sub-committee of its Central Board.