RBI launches medium-term strategy framework Utkarsh 2022

Economy


RBI Governor Shaktikanta Das on Tuesday launched
Utkarsh
2022, the central banks’
medium
term
strategy
framework, in line with evolving macro-economic environment, said an official release.

The
framework has been launched to achieve excellence in the performance of
RBI‘s mandates and strengthening the trust of citizens and other institutions.

The Reserve Bank of India said its management attaches high importance to ‘
Utkarsh
2022‘ and will periodically monitor its implementation and progress through a sub-committee of the Central Board.

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A formal strategic management
framework was launched in April 2015 to re-articulate the core purpose, values and vision statement of the
RBI so as to delineate its strategic objectives in contemporary terms to provide a
framework and backdrop within and against which its policies would be formulated.

In the release, the
RBI said these core purposes and values still remain relevant and valid.

“…however, a need has been felt to have a
medium
term dynamic vision statement reflecting our responses to emerging challenges and dynamics of the economic, social and technological environment in which we operate,” it said.

The strategic
framework contains, the
RBI‘s mission, core purpose, values and vision statements, reiterating the bank’s commitment to the nation, it added.

The
medium
term vision statements set out excellence in performance of statutory and other functions; strengthened trust of citizens and other institutions in the
RBI; and enhance relevance and significance in national and global roles, among other objectives.

The vision statements are mutually reinforcing and will guide the
RBI during the
medium
term period (2019-22) through various strategies, it said.

The strategies are essentially well thought-out actions to capitalise on the emerging opportunities and meet challenges of the future.

“The desired outputs are proposed to be realised in terms of achievement of strategic goals through one or more tangible and time-bound milestones,” the central bank said.



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