In an evolving macroeconomic dynamic, the Reserve Bank of India (RBI) on July 23, 2019, launched a medium-term strategy framework towards achieving the excellence in the performance of RBI’s mandates and strengthening the trust of the citizens and other institutions.
The framework by the RBI is to promote core purpose, values and vision statement towards nations for which its policies are formulated. RBI through its medium-term Dynamic Vision Statement in emerging challenges and dynamics of the economic, social and technological environment plans to bring more transparent, accountable and ethics driven internal governance.
RBI with its best in class and environment friendly digital initiatives expects to strengthen the public confidence in the coming times. “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,” read the RBI circular. However, in a way of formal strategic management framework something similar to Utkarsh 2022 was launched in April 2015.
To rearticulate the same mission, RBI this time came with proper medium-term vision statements to capture the same backdrop of its vision. “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,” according to the statement by the RBI. The progress and the implementation of mission Utkarsh 2022 would also be periodically monitored through a sub-committee of the central board.