The framework has been launched to achieve excellence in the performance of RBI's mandates.
RBI Governor Shaktikanta Das on Tuesday launched Utkarsh 2022, the central banks’ medium-term strategy framework, in line with evolving macro-economic environment, said an official release.
The framework has been launched to achieve excellence in the performance of RBI’s mandates and strengthening the trust of citizens and other institutions.
The Reserve Bank of India said its management attaches high importance to ‘Utkarsh 2022’ and will periodically monitor its implementation and progress through a sub-committee of the Central Board.
A formal strategic management framework was launched in April 2015 to re-articulate 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.
In the release, the RBI said these core purposes and values 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,” it said.
The strategic framework contains, the RBI’s mission, core purpose, values and vision statements, reiterating the bank’s commitment to the nation, it added.
The medium-term vision statements set out excellence in performance of statutory and other functions; strengthened trust of citizens and other institutions in the RBI; and enhance relevance and significance in national and global roles, among other objectives.
The vision statements are mutually reinforcing and will guide the RBI during the medium-term period (2019-22) through various strategies, it said.
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 central bank said.