RBI board finalises ‘Utkarsh 2022’

  1. The Reserve Bank of India (RBI) board has finalised a three year roadmap named as Utkarsh 2022.
  2. The objective of the policy is to improve regulation and supervision of the central bank.
  3. RBI has said that this strategy is in line with the global central banks decision to strengthen the regulatory and supervisory mechanism by formulating a long-term plan and a medium-term plan.
  4. The strategy will be that RBI will play a proactive role and takes preemptive action to avoid any crisis such as the IL&FS debt default issue and the crisis of confidence in the non-banking financial sector.
  5. Further,the board has also approved the RBI’s budget for the July 2019 to June 2020 period.Other matters discussed by the board included issues relating to currency management and payment systems.