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‘UtKarsh 2022’

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  • The Reserve Bank of India (RBI) board, which met in New Delhi, finalised a three- year roadmap to improve regulation and supervision, among other functions of the central bank.
  • It is a three-year road map for medium term objective to be achieved for improving regulation, supervision of the central bank
  • This medium term strategy — named Utkarsh 2022 — is in line with the global central banks plan to strengthen the regulatory and supervisory mechanism
  • It is a roadmap to improve regulation and supervision, currency management and payment system etc.
  • An internal committee was formed, which was anchored by outgoing Deputy Governor Viral Acharya, to identify issues that needed to be addressed over the next three years.
  •  Worldwide, all central banks strengthen the regulatory and supervisory mechanism, everybody is formulating a long-term plan and a medium-term plan. So, the RBI has also decided it will formulate a pragramme to outline what is to be achieved in the next three years.
  • The idea is that the central bank plays a proactive role and takes preemptive action to avoid any crisis highlighting the IL&FS debt default issue and the crisis of confidence the non-banking financial sector faced in the aftermath.
  • Further,the board has also approved the RBI’s budget for the July 2019 to June 2020 period.
  • The objective of the policy is to improve regulation and supervision of the central bank.


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