Skip to main content

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


Follow at - Telegram   Instagram   LinkedIn   X   Facebook

Labels:

Comments

Post a Comment

Popular Posts

Payment of Agency Commission to Agency Banks (ABs) and Disbursement of Government Pension by ABs

Reserve Bank of India (RBI) has issued guidelines on the conduct of Government business by Agency Banks (ABs), payment of agency commission to ABs and disbursement of Government pension by ABs. Who are ABs? ABs mean all Public Sector Banks (PSBs), scheduled Private Sector Banks (PVBs), scheduled Payments Banks (PBs), and scheduled Small Finance Banks (SFBs) appointed by the RBI under Section 45 of the RBI Act, 1934, by mutual agreement, to carry out Government banking business of the Central Government (CG) / State Governments (SGs). What is agency commission? Agency commission means the remuneration paid by the RBI to an AB in consideration of it acting as an agent of the RBI in the conduct of general banking business of the CG and the SGs at the places and in the manner specified in the agreement between the RBI and the bank, with the exception of the functions relating to the management of the public debt. What are the guidelines on appointment of ABs? Any eligible bank which intend...
Post a Comment
Read more

Kisan Credit Card (KCC) Scheme

Reserve Bank of India (RBI) has issued directions on Kisan Credit Card (KCC) Scheme. To whom are the directions applicable? The directions are applicable to the following entities – Commercial Banks (excluding overseas branches of Indian banks) Small Finance Banks (SFBs) Regional Rural Banks (RRBs) Rural Co-operative Banks – State Co-operative Banks (StCBs) Central Co-operative Banks (CCBs) To which loans shall the directions be applicable? The directions shall be applicable to loans sanctioned under the KCC Scheme with effect from January 01, 2027.  What are the crop seasons? Crop season means the period up to harvesting and marketing of the crops raised. Short duration crops shall mean crops with anticipated period from sowing to marketing up to 12 months. Long duration crops mean crops which are not short duration crops. The crop season for long duration crops i.e., anticipated period from sowing to marketing is more than 12 months and up to 18 months. For the purpose of the KCC...
Post a Comment
Read more

Credit Derivatives

Reserve Bank of India (RBI) has issued directions on credit derivatives. What is Credit Derivative? Credit derivative means a derivative contract whose value is derived from the credit risk of an underlying debt instrument or an index of underlying debt instruments. What is Credit Default Swap (CDS) and Total Return Swap (TRS)? Credit Default Swap (CDS) means a credit derivative contract in which one counterparty (protection seller) commits to pay to the other counterparty (protection buyer) in the case of a credit event with respect to a reference entity and in return, the protection buyer makes periodic payments (premium) to the protection seller until the maturity of the contract or the credit event, whichever is earlier. Total Return Swap (TRS) means a credit derivative contract under which one counterparty (total return payer) commits to transfer the entire economic performance of a reference asset to the other counterparty (total return receiver), and, in return, receives a pre-d...
Post a Comment
Read more

Deposits between a person resident in India and a person resident outside India

Reserve Bank of India (RBI) has updated the regulations on deposits between a person resident in India and a person resident outside India. What are the restrictions on deposits between a person resident in India and a person resident outside India? No person resident in India shall accept any deposit from, or make any deposit with, a person resident outside India. However, the following deposits are exempted – Deposits held in rupee accounts maintained by foreign diplomatic missions and diplomatic personnel and their family members in India with an authorised dealer. Deposits held by diplomatic missions and diplomatic personnel in special rupee accounts namely Diplomatic Bond Stores Account to facilitate purchases of bonded stocks from firms and companies who have been granted special facilities by customs authorities for import of stores into bond. The funds in the account may be repatriated outside India without the approval of the RBI. Deposits held in accounts maintained in foreig...
Post a Comment
Read more

Credit Cards and Debit Cards

Reserve Bank of India (RBI) has issued directions on issuance of credit cards and debit cards. To whom are the directions applicable? The directions are applicable to the following Regulated Entities (REs) – Commercial Banks  Small Finance Banks (SFBs) Regional Rural Banks (RRBs) Primary (Urban) Co-operative Banks (UCBs) Non-Banking Financial Companies (NBFCs) for all layers – NBFC-Investment and Credit Companies (NBFC-ICC) NBFC-Factor  NBFC-Micro Finance Institutions (NBFC-MFI)  Housing Finance Company (HFC)  What is a credit card? Credit Card is a physical / virtual payment instrument issued with a pre-approved revolving credit limit that can be used to purchase goods and services or draw cash advances. What is a debit card? Debit Card is a physical / virtual payment instrument linked to a Savings Bank / Current Account which can be used to withdraw cash, make online payments, do Point of Sale (PoS) terminal / Quick Response (QR) code transactions, fund transfer, e...
Post a Comment
Read more