‘Utkarsh 2.0’. Medium-term Strategy Framework for 2023-2025 by RBI

Subject : History

Section: Monetary Policy

Background:

RBI in 2015 launched a strategic management program to provide a framework for all its future policies and frameworks. Under this framework, the first strategy framework titled Utkarsh 2022 was launched, covering the period from 2019-2022.
It was a 3-year medium-term roadmap to improve regulation and supervision by the central bank. It was built in line with the central banks globally to strengthen the supervisory and regulatory mechanism.
Under it an internal committee was formed, under the aegis of the then deputy governor Viral Acharya.
Their task was to identify issues that can be addressed in the next three years until 2022. The agenda was to prevent a crisis to the likes of IL&FS and the issues that follow, especially regarding investor confidence.

Utkarsh 2.0

RBI will put in a resilient framework for oversight of Centralised Payment Systems-NEFT and RTGS.
Upgradation of RTGS, to bring in new functionalities
Six vision statements (from Utkarsh 1.0 are continued) that are designed to improve the performance of the RBI’s statutory and other functions
core purpose in Utkarsh is to foster monetary and financial stability keeping in mind the objective of growth and to ensure the development of an efficient and inclusive financial system

Vision No.	Statement
1	Excellence in the Performance of its Functions
2	Strengthened Trust of Citizens and Institutions in the Reserve Bank of India
3	Enhanced Relevance and Significance in National and Global Roles
4	Transparent, Accountable and Ethics-Driven Internal Governance
5	Best-in-class and Environment-friendly Digital and Physical Infrastructure
6	Innovative, Dynamic, and Skilled Human Resources