The Reserve Bank of India (RBI) is India’s Central Bank and regulatory body. One of its primary functions is to issue and supply the Indian rupee and regulate the Indian banking system. It is also responsible for promoting India’s economic development and managing the primary payment systems of the country.
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In line with its main functions, the Reserve Bank of India launched Utkarsh 2022 in July 2019—a three-year-medium term strategy to promote excellence in RBI’s mandates and to strengthen its trust in the citizens of India and other institutions.
In this article, discussed are the key aspects of Utkarsh 2022, its objectives and significance, important from the UPSC exam perspective.
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What is Utkarsh 2022?
Similar to all global central banks that create long-term or medium-term plans to foster the country’s regulatory and supervisory mechanisms, RBI formulated Utkarsh 2022 RBI to outline issues that needed to be addressed in the next three years.
Utkarsh 2022 RBI was started with an objective to boost the economic and financial well-being and stability of Indian citizens. Its mission is to provide universal access to financial services and to create a responsive and robust financial intermediation infrastructure.
To monitor the implementation of Utkarsh 2022, RBI created medium-term vision statements. These statements are meant to guide the RBI during the medium-term period i.e. between 2019-2022. The progress of Utkarsh 2022 RBI is maintained by a sub-committee of the Central Board.
The medium-term vision statements of Utkarsh 2022 are as follows:
- Create excellence in the performance of statutory and other functions
- Strengthen the trust of citizens and other RBI institutions
- Enhance national and global roles
- Maintain transparent and ethics-driven internal governance
- Provide environment-friendly, digital and physical infrastructure
- Train dynamic and skilled human resources
What are the objectives of Utkarsh 2022?
- To support India’s macro-economic stability and to strengthen the internal and external value of the Indian Rupee.
- To promote consumer protection and ensure the stability of the financial system.
- To support markets and institutions that fall within its scope.
- To make the financial and payment systems more efficient and competent.
- To manage currency and banking services to the Government and its banks.
- To ensure a balanced and sustainable economic development of the country.
- To avoid any IL&FS debt defaults.
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What are the main functions of the RBI?
- Supervisor of monetary policies
RBI holds the monetary authority to formulate, implement and monitor monetary policies. Its main objective is to maintain price stability.
- Regulator of the financial system
As the regulatory body, RBI also needs to supervise India’s financial system. As such, it is responsible for the country’s banking operations. It needs to maintain the public’s confidence in RBI’s financial system while introducing cost-effective banking services to the public.
- Manager of Foreign Exchange
As per the Foreign Exchange Management Act, 1999, RBI needs to promote external trade and payment while also maintaining India’s foreign exchange market.
- Issuer of currency
One of the main functions of RBI is to issue and exchange or destroy currency and coins that are not in circulation. It also has to keep an adequate quantity of currency supply in rotation.
- Developer of payment systems
RBI needs to introduce, regulate, supervise, and upgrade new payment and settlement systems in India.
- Promotor
As the government’s banker, RBI needs to promote and perform merchant banking functions for the central and state governments. It also maintains accounts of all scheduled banks in the country.
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Frequently Asked Questions on Utkarsh 2022
Who launched Utkarsh 2022?
Shri Shaktikanta Das, Governor of RBI launched Utkarsh 2022 in July 2019.
Which agency is associated with Utkarsh 2022?
The board of the Reserve Bank of India (RBI).
Who is the Governor of the Reserve Bank of India?
The Governor of RBI is Shaktikanta Das, IAS Retd., former Secretary, Department of Revenue and Department of Economic Affairs, Ministry of Finance, Government of India.
When was the RBI established?
The Reserve Bank of India was established on April 1, 1935
Where are the headquarters of RBI?
The Central Office of RBI was initially established in Kolkata but was permanently moved to Mumbai in 1937.
How many offices does the RBI have in India?
The RBI has offices at 31 locations in India.
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