RBI adopts framework to strengthen trust of citizens and other institutions

The Reserve Bank of India (RBI)’s medium-term strategy framework, which would guide the bank’s inner workings through 2022, would be focused around achieving excellence in the performance of the RBI’s mandates and strengthening the trust of citizens and other institutions.
 
The mission of the framework, named Utkarsh 2022, would be to “promote the economic and financial well-being of the people of India in terms of price and financial stability; fair and universal access to financial services; and a robust, dynamic and responsive financial intermediation infrastructure,” according to a presentation by the central bank uploaded on its website.
 
There are five core purposes of the RBI, according to the framework:

 

To foster confidence in the internal and external value of the rupee and contribute to macro-economic stability, to regulate markets and institutions under its ambit in order to ensure financial system stability and consumer protection, to promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payment systems, to ensure efficient management of currency as well as banking services to the government and banks, and to support “balanced, equitable and sustainable economic development of the country.”
 
The vision of the central bank, again, would be to ensure that there is 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 to have innovative, dynamic and skilled human resource.

 
“These vision statements are mutually reinforcing and will guide the RBI during the medium-term period (2019-22) through various strategies. The strategies are essentially well thought-out actions to capitalise on the emerging opportunities and meet challenges of the future. The desired outputs are proposed to be realised in terms of achievement of strategic goals through one or more tangible and time-bound milestones,” the RBI said in a statement.