Utkarsh 2022 is the three- year roadmap of the Reserve Bank of India (RBI) to improve regulation and supervision, among other functions of the central bank.
Roadmap of RBI
- Utkarsh 2022 is in line with the RBI’s plan to strengthen the regulatory and supervisory mechanism.
- The three -year medium-term strategy of the RBI inter-alia covers its mission and vision statement.
- It lists the medium-term objectives to be achieved for improving regulation, supervision of the central bank.
- The roadmap is prepared based on the recommendations of internal committee anchored by outgoing Deputy Governor Viral Acharya. The committee had identified issues that needed to be addressed over the next three years.
- Based on the recommendations the RBI Board had narrowed down on few areas for implementation in the next three years.
Central Banks across the globe are formulating a long-term plan and a medium-term plan to strengthen the regulatory and supervisory mechanism. Utkarsh 2022 is a step in this direction by RBI.