Reserve Bank Of India Board Finalizes A Three- Year Road Map Utkarsh-2022

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By moderator July 9, 2019 16:36

The Reserve Bank of India (RBI) board finalized a three- year roadmap to improve regulation and supervision, among other functions of the central bank.

Details

  • It is a three-year road map for medium-term objective to be achieved for improving regulation, supervision of the central bank.
  • This medium-term strategy — named Utkarsh 2022 — is in line with the global central banks’ plan to strengthen the regulatory and supervisory mechanism.
  • An internal committee was formed, which was anchored by outgoing Deputy Governor Viral Acharya, to identify issues that needed to be addressed over the next three years. While around a dozen areas were identified by the committee, some board members felt that areas could be filtered and lesser number of areas can be identified for implementation in the next three years.
  • The board also approved the RBI’s budget for the July 2019—June 2020 period.
  • Other matters discussed by the board included issues relating to currency management and payment systems.

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moderator
By moderator July 9, 2019 16:36