Utkarsh 2.0

The Reserve Bank of India (RBI) has recently launched the Mid-term Strategy Framework – Utkarsh 2.0 for the period 2023-25. It will guide the bank’s progress towards achieving delineated targets by navigating through turbulent tides created by the Covid pandemic and geopolitical hostilities.

What is Utkarsh 2.0?

• It is a strategic framework for the banks that sets the activities, priorities, and desired outcomes under each of the objectives of the bank for the period 2023-25.
• Utkarsh 2.0 is designed to capture and respond to the rapidly emerging features of the economical, social and technological system.
• It will harness the strength of Utkarsh 2022 by retaining 6 vision statements as well as core objectives, values, and mission statements.

What are the objectives of Utkarsh 2.0?

• to promote the economic and financial well-being of Indian people in terms of price and financial stability,
• ensure fair and universal access to financial services,
• promote a dynamic and responsive financial intermediary infrastructure,
• to foster monetary and financial stability while keeping in mind the objective of growth.

Also Read: RBI’s 26th Financial Stability Report

Six Visions to guide RBI over the period 2023-25

• Vision 1: Achieve excellence in the execution of its functions
  • by implementing 24 strategies which include rationalizing the regulation of banks, aligning KYC norms with FATF guidelines, etc.
• Vision 2: Strengthened trust of citizens and institutions in the Reserve Bank of India
  • by improving transparency of functions, enhanced consumer awareness, and effective grievance redressal mechanism.
• Vision 3: Enhanced relevance and significance in the national and global roles
  • by intensifying bank’s international financial engagements and enhancing the internationalization of Indian Rupee etc.
• Vision 4: Transparent, Accountable and Ethics-driven Internal Governance
  • by adopting a comprehensive and robust RBI internal audit mechanism, aligning cyber security control with global best practices, fostering of risk culture in the banks, etc.
• Vision 5: Best-in-class and environment-friendly digital and physical infrastructure
  • by building sustainable ICT infrastructure, enabling ease of doing business (EODB) wrt human resources processes, adapting to emerging technologies through the implementation of NextGen applications, etc.
• Vision 6: Innovative, Dynamic, and skilled human resource
  • by using technology and data analytics in promoting research-based decision-making, building a proficient employee interface for effective communication, etc.