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Economy
Mahesh

03/01/23 07:41 AM IST

RBI launches Utkarsh 2.0 for the period 2023-2025

In News
  • RBI Governor Shaktikanta Das recentlylaunched Utkarsh 2.0, the second phase of the central bank’s medium-term strategy for strengthening regulatory and supervisory mechanism.
Utkarsh 2.0
  • Utkarsh 2.0 is the second phase of the RBI’s medium-term strategy for strengthening regulatory and supervisory mechanisms.
  • It builds upon the foundation laid by Utkarsh 2022, which was launched in July 2019 and covered the period from 2019 to 2022.
  • Utkarsh 2.0 will guide the RBI over the period from 2023 to 2025 and 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.
Six Visions
  • 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 will guide the strategy.
About RBI
  • The Reserve Bank of India is the central bank of India and was established under the Reserve Bank of India Act of 1934.
  • It began operations on April 1, 1935, and was nationalized in 1949, with the government of India becoming its owner.
  • The RBI is responsible for regulating banks under the Banking Regulation Act of 1949 and non-banking financial companies (NBFCs) under the Reserve Bank of India Act of 1934.
  • It is also the regulator of the digital payment system under the Payment and Settlement Act of 2007.
  • The headquarters of the RBI are located in Mumbai.
Source- Economic Times

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