RBI launches Utkarsh 2.0 for the period 2023-2025

According to the Bulletin, debt distress is rising, with a surge in default rates and an appreciating US dollar.

RBI Governor Shaktikanta Das on December 30 launched Utkarsh 2.0, the second phase of the central bank’s medium-term strategy for strengthening regulatory and supervisory mechanism.

“Utkarsh 2.0 harnesses the strengths of Utkarsh 2022 by retaining the six Vision statements as well as Core Purpose, Values, and Mission statement,” the central bank said in a press release.

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.

The six vision statements 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 will guide the strategy.

“RBI attaches high importance to its medium-term strategy and monitors its implementation and progress through a sub-committee of its Central Board,” the press release said.