RBI launches Utkarsh 2.0 for the period 2023-2025

Tags: National Economy/Finance

The Reserve Bank of India (RBI) Governor Shaktikanta Das on 30 December 2022 launched the second phase of the central bank’s medium term strategy for strengthening regulatory and supervisory mechanisms called Utkarsh 2.0. 

The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. It became a medium-term strategy document guiding the Bank’s progress towards realization of the identified milestones.

Utkarsh 2.0 like the Utkarsh 2022 has six Vision statements as well as Core Purpose, Values, and Mission statements. 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 statutory and other 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.

Reserve Bank of India (RBI)

Reserve Bank of India was set up under the Reserve Bank of India act 1934. It started functioning from 1 April 1935.

It was nationalized in 1949 and now the government of India is the owner of RBI.

It has the power to regulate Banks under the Banking Regulation Act 1949.

It has the power to regulate the Non-Banking Financial Company (NBFC) under the RBI act 1934.

RBI is also the regulator of the digital payment system under the Payment and settlement act 2007.

Headquarters of RBI: Mumbai 

Governor of RBI : Shaktikanta Das