The Reserve Bank of India (RBI) board finalised a three- year roadmap to\nimprove regulation and supervision, among other functions of the central bank.<\/p>\n\n\n\n
This medium term strategy name is Utkarsh 2022 which is in line with the\nglobal central banks\u2019 plan to strengthen the regulatory and supervisory\nmechanism, sources aware of the board meeting.<\/p>\n\n\n\n
\u201cIt is a three-year road map for medium term objective to be achieved for\nimproving regulation, supervision of the central bank,\u201d said a source.<\/p>\n\n\n\n
\u201cWorldwide, all central banks strengthen the regulatory and supervisory\nmechanism, everybody is formulating a long-term plan and a medium-term plan.\nSo, the RBI has also decided it will formulate a pragramme to outline what is\nto be achieved in the next three years,\u201d the source added. <\/p>\n\n\n\n
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. While around a dozen areas were identified by the committee, some board members felt that areas could be filtered and lesser number of areas can be identified for implementation in the next three years.<\/p>\n\n\n\n
\u201cThe idea is that the central bank plays a proactive role and takes\npreemptive action to avoid any crisis,\u201d said another source, highlighting the\nIL&FS debt default issue and the crisis of confidence the non-banking\nfinancial sector faced in the aftermath.<\/p>\n\n\n\n
In a statement after the board meeting, the RBI said the board finalised the\nthree -year medium-term strategy document of the Reserve Bank, \u2018which covered,\ninter-alia, its mission and vision statement.\u2019 <\/p>\n\n\n\n
The board also approved the RBI\u2019s budget for the July 2019\u2014June 2020 period.\nOther matters discussed by the board included issues relating to currency\nmanagement and payment systems, the statement added. <\/p>\n\n\n\n
RBI’s board:<\/strong> The Reserve Bank of India (RBI) board finalised a three- year roadmap to improve regulation and supervision, among other functions of the central bank. This medium term strategy name is Utkarsh 2022 which is in line with the global central banks\u2019 plan to strengthen the regulatory and supervisory mechanism, sources aware of the board meeting. […]<\/p>\n","protected":false},"author":13,"featured_media":3496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[64],"class_list":["post-3495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-reserve-bank-of-india-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=3495"}],"version-history":[{"count":2,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3495\/revisions"}],"predecessor-version":[{"id":3578,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3495\/revisions\/3578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/3496"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=3495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=3495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=3495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
The decision was made by RBI’s board that met in New Delhi. It finalized the 3-year medium-term strategy document which covered inter-alia, its mission and vision statement. The board approved the RBI\u2019s budget for the July 2019-June 2020 period. The board also discussed issues relating to currency management and payment systems.
Utkarsh 2022: Why ?<\/strong>
To accomplish the global central banks\u2019 plan, every country is formulating a long-term plan and a medium-term plan. RBI’s Utkarsh 2022 will be in line with the global central banks\u2019 plan to strengthen the regulatory and supervisory mechanism.
New internal committee:<\/strong>
To implement Utkarsh 2022, RBI has formed an internal committee. It is to be headed by the outgoing Deputy Governor Viral Acharya. The committee will identify issues that needed to be addressed over the next three years. Among the identified areas of issues, the committee will select and address the vital areas for the implementation in the next three years.
Objective:<\/strong>
RBI plans to play a proactive role and take preemptive action to avoid any crisis like the IL&FS debt default issue and the crisis of confidence<\/strong> the non-banking financial sector faced in the aftermath.<\/p>\n","protected":false},"excerpt":{"rendered":"