Utkarsh 2029 Framework by the Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) has introduced its medium-term strategy termed the Utkarsh 2029 framework, covering the period from April 2026 to March 2029. This plan focuses on reinforcing RBI’s position as a leading global central bank.

Main Objectives

• Project Sa-Mudra: Modernize currency management.
• Central Bank Digital Currency (CBDC): Enhance cross-border payment efficiency.
• Unified Lending Interface (ULI): Broaden credit access.
• Regulatory Frameworks: Develop rules for emerging technologies like AI and quantum computing.
• Internationalization of the Rupee: Expand the global reach of UPI to reshape cross-border payments.
• Resource Allocation: Improve through activity-based budgeting.

Strategic Focus Areas

• Regulatory Simplification: Ease business processes and support innovation.
• Customer-Centric Approach: Enhance customer service standards and grievance redress systems.
• Financial Market Deepening:
  • Modernize infrastructure with automation.
  • Expand central clearing.
  • Improve price transparency in government securities.
• Technology and Operations:
  • Digitize processes and enhance electronic interfaces.
  • Develop advanced supervisory tools and AI systems.
• Organizational Development:
  • Invest in workforce upskilling.
  • Enhance internal communication.
  • Integrate sustainability and climate considerations.

Key Framework Pillars

• Robust Regulation
• Customer-Centric and Inclusive Finance
• Competitive Markets
• Effective Technology
• Future-Ready Organization
• Global India Focus

The RBI plans to periodically review and rationalize instructions to reflect changing economic conditions, aiming to reduce compliance burdens and support responsible innovation. Additionally, it aims to enhance accountability and public service delivery through initiatives like the Citizen’s Charter.