RBI Governor launches 'Utkarsh 2022' to evolve better economic environment

Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday launched -- Utkarsh 2022 - the central bank's medium-term strategy framework in line with the evolving macroeconomic environment to achieve excellence in the performance of its mandates and strengthening the trust of citizens and other institutions.

According to an official press note, a formal strategic management framework was launched in April 2015 to rearticulate 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.

"These core purposes -- reflecting the RBI's commitments to the nation -- and values (public interest, integrity and independence, responsiveness and innovation, diversity and inclusiveness, and introspection and pursuit of excellence) 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," adds the statement.

The medium-term vision statements set out the following: excellence in performance of statutory and other functions; strengthened trust of citizens and other institutions in the RBI; enhanced relevance and significance in national and global roles; transparent, accountable and ethics-driven internal governance; best-in-class and environment friendly digital as well as physical infrastructure; and innovative, dynamic and skilled human resources.

"The management of the RBI attaches high importance to 'Utkarsh 2022' and will periodically monitor its implementation and progress through a Sub-committee of the Central Board," adds the statement.