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Utkarsh 2029

Reserve Bank of India (RBI) has published its medium-term strategy framework – Utkarsh 2029, for the period April 2026 to March 2029.

Utkarsh

  • RBI had first formulated its medium-term strategy framework, viz. ‘Utkarsh 2022’ for the period 2019-2022 in July 2019, replacing its annual action plans as the latter spanned over a short period, insufficient to pursue strategic objectives. 
  • The strategic framework contained, inter alia, RBI’s Mission, Core Purpose, Values and Vision Statements, reiterating RBI’s commitment to the Nation. It became a medium-term strategy document guiding RBI’s progress towards realisation of the identified milestones.
  • The subsequent strategy framework, i.e., ‘Utkarsh 2.0’, spanned the period 2023-25.

Utkarsh 2029 

  • Utkarsh 2029 is the medium-term strategy framework for the period April 2026 to March 2029.
  • Utkarsh 2029 has a 3-layered structure consisting of strategy pillars guided by the vision and values of RBI.
  • Vision of Utkarsh 2029 – Continue excellence while enabling a stable, inclusive and technologically robust financial system.
  • Values of Utkarsh 2029 –

# Values Actions
1 Public Interest Ensure public interest by following customer centric approach
2 Integrity and Independence Maintain highest standards of integrity and independence and foster trust by sustaining transparency and accountability
3 Responsiveness and Innovation Be agile and responsive to changing technological requirements of the financial ecosystem
4 Diversity and Inclusiveness Promote diversity and inclusion in all its activities
5 Introspection and Pursuit of Excellence Pursue professional excellence and stay committed to continuous self-appraisal
  • Strategic pillars of Utkarsh 2029 –
# Statement Focus Areas
1 Robust Regulations Simplification, Resilience
2 Customer Centricity and Inclusive Finance Accessibility, Interconnectedness
3 Competitive Markets Financial Deepening, Digitisation
4 Effective Technology Innovation, Cybersecurity
5 Future-ready Organisation Upskilling, Sustainability
6 Global India Standardisation, Internationalisation
  • The 6 strategy pillars encapsulate 49 deliverables, formulated to align with the various functions of RBI.
  • Utkarsh 2029 also lays down the foundation to achieve certain long-term deliverables such as pursuing Project Sa-Mudra for modernising the currency management system, expanding CBDC for supporting cross-border payments efficient, scaling up ULI for inclusive credit delivery, developing frameworks for use of emerging technologies such as AI and Quantum in our financial sector, etc. 
  • Utkarsh 2029 continues the long-term deliverables for which the foundation was laid under Utkarsh 2.0, such as internationalisation of the INR as well as the UPI to revolutionise cross-border payments, etc.
  • RBI monitors the implementation and progress of medium-term strategy framework through a Sub-committee of its Central Board.


References

Reserve Bank of India. (2026, April 10). 'Utkarsh 2029'. Retrieved from https://rbidocs.rbi.org.in/rdocs/content/pdfs/Utkarsh202910042026.pdf

Reserve Bank of India. (2026, April 10). 'Utkarsh 2029 – Reserve Bank of India’s Medium-term Strategy Framework for 2026-29'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=62542


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