RBI’s Vision and Values

Foreword

“The future depends on what we do in the present.” Mahatma Gandhi Utkarsh, meaning "excellence" in Sanskrit, embodies the very essence and ethos of the Reserve Bank of India (RBI, Bank). Excellence, of course, is not a destination but a continuous journey. Utkarsh has been the guiding light of RBI since July 2019, be it while navigating the turbulence of the pandemic under Utkarsh 2022 or reimagining the financial sector for a post-pandemic world under Utkarsh 2.0.
Utkarsh 2029 is the strategy framework of RBI for the years 2026 to 2029 and has been designed to transform the institutional purpose into actionable excellence. Grounded in the Bank’s enduring values with a clear vision statement, Utkarsh 2029 is strengthened by six strategy pillars encapsulating forty-nine overarching, purposeful and impactful deliverables, formulated to align with the various functions of the Bank. In an era marked by rapid technological advancements, evolving geopolitical dynamics, and emerging climate-related imperatives, Utkarsh 2029 focuses on areas, inter-alia, simplifying regulations, adopting a customer-centric approach, deepening financial markets, upgrading technology and upskilling the staff. It also endeavours to expand and globalise the reach of payment systems, strengthen the financial ecosystem, establish robust metrics to benchmark the services offered by RBI, and thereby position RBI as a world-class full-service central bank.

reach of payment systems, strengthen the financial ecosystem, establish robust metrics to benchmark the services offered by RBI, and thereby position RBI as a world-class full-service central bank. Utkarsh 2029 is not merely a medium-term strategy framework but a shared compass to RBI’s resolve to traverse complexity with foresight and serve the nation with unwavering dedication. It reinforces the collective aspiration to contribute meaningfully to India’s journey towards becoming a developed nation, a Viksit Bharat. Jai Hind !

Sanjay Malhotra Governor

March 30, 2026

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Executive Summary

The Reserve Bank of India had first formulated its medium-term strategy framework, viz. ‘Utkarsh 2022’ in July 2019, replacing its annual action plans as the latter spanned over a short period, insufficient to pursue strategic objectives. Utkarsh 2022 articulated a mission statement, six vision statements, 24 strategies, 153 goals, and 352 milestones to be achieved by December 2022. The subsequent strategy framework, i.e., ‘Utkarsh 2.0’, spanned the period 2023-25. It harnessed the strengths of Utkarsh 2022 by retaining the six vision statements as well as its core purpose, values, and mission. Utkarsh 2.0 aimed at pursuing 170 milestones.
Continuing the previous two frameworks, Utkarsh 2029 communicates the medium-term strategic priorities of RBI, over a three-year time horizon, Financial Year (FY) 2026-29.

pursuing 170 milestones.
Continuing the previous two frameworks, Utkarsh 2029 communicates the medium-term strategic priorities of RBI, over a three-year time horizon, Financial Year (FY) 2026-29. It is a well-thought-out mix of the top-down and bottom-up approaches, merging the forward-looking vision of RBI with the deliverables put forward to achieve the vision. While the regular functions of RBI will continue, the overarching and impactful deliverables that are brought under the ambit of Utkarsh 2029 aim to align the functions with objectives to manage risks, adapt to new technologies, enhance accountability to stakeholders, and expand internationalisation initiatives, thereby making it a future- ready organisation. Utkarsh 2029 framework has strategy pillars and deliverables, guided by the vision and values of RBI, as well as the broader vision of making India Viksit Bharat. The six strategy pillars highlight the priorities, each pillar encompassing overarching, purposeful, forward-looking and transformative deliverables, which also address the interconnectedness between various functions of the Bank towards collaborative achievement of slated deliverables. These deliverables would be monitored digitally through the Utkarsh web application, with quarterly reporting of the status of achievement to the top management. Periodic monitoring mechanism offers flexibility to adapt to the dynamic scenario, as this strategy framework is alive to the emerging requirements of the financial ecosystem.

o the top management. Periodic monitoring mechanism offers flexibility to adapt to the dynamic scenario, as this strategy framework is alive to the emerging requirements of the financial ecosystem. This strategy framework is also being aligned with the FY of RBI to synergise resource allocation under activity-based budgeting, thereby making it a coherent framework.

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I. Utkarsh 2029 – Medium-Term Strategy Framework for 2026-29

Introduction I.1 Utkarsh 2029 articulates the strategic priorities of RBI to solidify its position as a world-class full-service central bank. As a strategy framework, it focuses on overarching and impactful deliverables, while regular ongoing activities would continue to be performed outside this framework. Spanning three years from April 2026 to March 2029, Utkarsh 2029 also lays down the foundation to achieve certain long-term deliverables such as pursuing Project Sa-Mudra for modernising the currency management system, expanding CBDC for supporting cross-border payments efficient, scaling up ULI for inclusive credit delivery, developing frameworks for use of emerging technologies such as AI and Quantum in our financial sector, and so on. At the same time, Utkarsh 2029 continues the long-term deliverables for which the foundation was laid under Utkarsh 2.0, such as internationalisation of the INR as well as the UPI to revolutionise cross- border payments, etc. Utkarsh 2029 aligns itself with the FY of RBI from April to March, thus synergising allocation and utilisation of resources through activity-based budgeting.

volutionise cross- border payments, etc. Utkarsh 2029 aligns itself with the FY of RBI from April to March, thus synergising allocation and utilisation of resources through activity-based budgeting. Structure I.2 Utkarsh 2029 has been fine-tuned to a three-layered structure consisting of strategy pillars, each pillar encompassing a set of deliverables, guided by the vision and values of RBI (Chart I.1): Chart I.1: Structure of Utkarsh 2029

Strategy Pillars Deliverables Vision Values

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Vision and Values I.3 The Vision statement of Utkarsh 2029 refines the mission, vision and core purpose of the earlier Utkarsh editions: ‘Continue excellence while enabling a stable, inclusive and technologically robust financial system.’ I.4 Utkarsh 2029 pursues the values of Utkarsh 2022 and Utkarsh 2.0 to guide the actions of RBI: Table I.1: Values and Actions of RBI Values Actions
Public Interest Ensure public interest by following customer centric approach
Integrity and Independence
Maintain highest standards of integrity and independence and foster trust by sustaining transparency and accountability Responsiveness and Innovation
Be agile and responsive to changing technological requirements of the financial ecosystem
Diversity and Inclusiveness Promote diversity and inclusion in all its activities Introspection and Pursuit of Excellence Pursue professional excellence and stay committed to continuous self-appraisal
Strategy Pillars and Deliverables I.5

nd inclusion in all its activities Introspection and Pursuit of Excellence Pursue professional excellence and stay committed to continuous self-appraisal
Strategy Pillars and Deliverables I.5 To deliver the values, emphasis will be given to technology-driven initiatives, simplifying instructions, bringing clarity in communication, reducing compliance costs, and maintaining stakeholder centricity. Utkarsh 2029 also incorporates high-impact projects, though the achievement of timelines may extend beyond three years, since work towards laying a strong foundation will be undertaken during this period. This is articulated through the strategy pillars, which highlight the strategic priorities and the deliverables they encompass, which are the actionable items for the Bank.

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I.6 To foster internal inclusivity, inputs from all the CODs, ROs, and Subsidiaries of RBI, as applicable, have been incorporated in shaping the deliverables. Interlinkages, interdependencies and support required from internal / external stakeholders have been factored in while establishing the timelines. Guidance has also been taken from the Aspirational Goals for RBI@100 and the goals shared with the Government of India under Viksit Bharat 2047 and Panch Pran. Forty-nine deliverables under six strategy pillars encapsulate the Utkarsh 2029 framework, with each strategy pillar highlighting a distinct and important priority of RBI.

arat 2047 and Panch Pran. Forty-nine deliverables under six strategy pillars encapsulate the Utkarsh 2029 framework, with each strategy pillar highlighting a distinct and important priority of RBI.
The strategy pillars of Utkarsh 2029 and its focus areas are: Table I.2: Strategy Pillars Strategy Pillar Statement Focus Areas 1
Robust Regulations Simplification, Resilience 2
Customer Centricity and Inclusive Finance Accessibility, Interconnectedness 3
Competitive Markets Financial Deepening, Digitisation 4
Effective Technology Innovation, Cybersecurity 5
Future-ready Organisation Upskilling, Sustainability 6
Global India Standardisation, Internationalisation

I.7 Robust Regulations – RBI endeavours to review, rationalise, and simplify instructions periodically to align its regulations / master directions / master circulars with evolving economic dynamics and reduce compliance burden for REs, thereby promoting ease of doing business. The Bank aims to minimise procedural redundancies, empower REs with greater operational flexibility, encourage responsible innovation in present and emerging realms of the financial system. I.8 Customer Centricity and Inclusive Finance – RBI plays a multifaceted role in ensuring last-mile accessibility and inclusion within the financial system. The Bank has outlined to assess customer service in SCBs and to cover grievance escalation across all REs to accelerate grievance redressal and empower customers.

usion within the financial system. The Bank has outlined to assess customer service in SCBs and to cover grievance escalation across all REs to accelerate grievance redressal and empower customers. By scaling up ULI, the Bank endeavours to enhance access to the financial system, reduce lending costs,

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and promote inclusive credit delivery. Underscoring the interconnectedness in the financial system, the Bank intends to review and enhance the system-wide contagion risk assessment. By reviewing the delivery of services under the Citizen’s Charter and publishing a periodic metrics on the same, RBI affirms its commitment to continuous self-appraisal and public service.
I.9 Competitive Markets – This strategy pillar aims to enhance the competitiveness of markets under its ambit and bolster market infrastructure by automating processes, increasing central clearing for improved operational efficiency, reducing risk, and enhancing market access. This pillar focuses on deliverables that aim at reducing turnaround time of auctions, strengthening pricing transparency in the G-Secs market, and enhancing retail access to markets. I.10 Effective Technology – The Bank shall leverage technology in various areas of its operations such as making the interface with REs and citizens electronic and eliminate paper and / or email-based interactions. Furthermore, all internal processes shall be end-to-end digitalised. Work in this regard has already gained momentum with the initiation of projects related to foreign exchange management and customer grievance redressal.

processes shall be end-to-end digitalised. Work in this regard has already gained momentum with the initiation of projects related to foreign exchange management and customer grievance redressal. Currency management module is being augmented to digitalise manual processes and physical registers. Similar such initiatives will be taken to digitalise all workflows and processes of the Bank. Moreover, initiatives such as deploying technology-led supervisory tools, developing an indigenous AI tool based on a purpose- built LLM, augmenting critical applications like e-Kuber 3.0, and incorporating the latest technology in currency infrastructure and banknotes will be maintained. Through cyber- risk capacity building, issuing a framework on the use of AI in the financial sector, expanding asset tokenisation and setting up Digital and AI sandboxes, the Bank aims to promote responsible innovation and mindful use of technology in the financial sector. At the same time, the digitisation of internal work processes of the Bank strengthens the document management system and creates a centralised institutional memory, thereby promoting efficiency. I.11 Future-ready Organisation – Being a full-service central bank, the Bank operates in a multidimensional environment, which underscores the need to build a future-ready organisation through continuous upskilling of resources, reviewing functions across its offices, strengthening two-way communication with its stakeholders, and embedding

ed to build a future-ready organisation through continuous upskilling of resources, reviewing functions across its offices, strengthening two-way communication with its stakeholders, and embedding

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sustainability and climate awareness in its actions and decisions to further institutional excellence. I.12 Global India – The Bank endeavours to foster greater cooperation with the rest of the world by promoting the implementation of the UPI stack in other countries to modernise the payment infrastructure, augmenting international trade settlement in INR, expanding cross-border CBDC arrangements, and adopting global standards to enhance global competitiveness. Concomitantly, it aims to actively pursue the leadership role India could play in different international discourses. I.13 Under Utkarsh 2029, ROs will serve as critical conduits for executing the national priorities at the ground level, ensuring that financial inclusion, supervision, and last-mile service reflect regional realities. This approach ensures that RBI’s value of diversity and inclusiveness is embedded in its strategic fabric.
I.14 Utkarsh 2029 arrives at a pivotal moment, as India leverages its G20 legacy, and the present BRICS chairmanship, to champion multilateral and South-South financial co-operation. This strategy framework is an integral part of the roadmap to further the Indian Rupee’s global integration, extend UPI to other countries, and expand bilateral and multilateral CBDC arrangements.

This strategy framework is an integral part of the roadmap to further the Indian Rupee’s global integration, extend UPI to other countries, and expand bilateral and multilateral CBDC arrangements. Utkarsh 2029 is not just a strategy framework but a reaffirmation of RBI’s zeal to serve the nation through steadfast adherence to its values, unwavering focus on systemic resilience, and unrelenting commitment to public service. The RBI will advance to achieve this roadmap through disciplined execution, continuous introspection, user feedback and a focused dedication to outcomes that benefit all its stakeholders.

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Select Abbreviations

AI

Artificial Intelligence CBDC

Central Bank Digital Currency CODs

Central Office Departments FY

Financial Year INR

Indian Rupee (₹) LLM

Large Language Model RBI

Reserve Bank of India REs

Regulated Entities ROs

Regional Offices SCBs

Scheduled Commercial Banks ULI

Unified Lending Interface UPI

Unified Payments Interface

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