Launch of Utkarsh 2.0 – Reserve Bank of India’s Medium-term Strategy Framework: The Reserve Bank of India’s Medium-term Strategy Framework for the period 2023-2025 – ‘Utkarsh 2.0’ – was launched by Shri Shaktikanta Das, Governor, RBI. In July 2019, the first strategic framework (Utkarsh 2022) spanning the years 2019–2022) was released. It became a medium-term strategy document guiding the Bank’s progress towards realisation of the identified milestones. With Utkarsh 2.0, the central bank would be able to respond to socioeconomic difficulties both quickly and proactively.
January 2023 Current Affairs Quiz
Significance of Utkarsh 2.0:
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.
Reserve Bank of India‘s Aim:
- 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.
Utkarsh 2.0 Expected outcomes:
The desired outputs are proposed to be realised in terms of strategies calibrated through milestones. The Reserve Bank of India attaches high importance to its medium-term strategy and monitors its implementation and progress through a Sub-committee of its Central Board.
The Time-line of This Strategy Framework:
The central bank formalised its strategic management programme in July 2015 to serve as a framework for the creation of its policies. In 2019, it changed that to a medium-term strategy framework to keep up with emerging challenges in the economy.