The RBI Board finalised a 3-year roadmap covering its mission and vision for regulation and supervision. The three-year medium-term strategy- named UTKARSH 2022 has been made for improving regulation, supervision of the central bank and avoid any crisis.
- Deputy Governor Viral Acharya anchored an internal committee which was formed to identify issues to be addressed in the next three years.
- The step has been taken with a recent crisis due to IL&FS and confidence crisis in the NBFC sector.
- All central banks across the world strengthen their regulatory and supervisory mechanism by formulating a long-term plan as well as a medium-term plan. RBI has also formulated a three-year plan on the same line.
- The RBI is India’s central bank, established on April 1, 1935, under the Reserve Bank of India Act.
- RBI function is to provide financial stability, regulate the country’s currency and credit systems, monitors India’s monetary policy etc.
- Shaktikanta Das is the present Governor of the Reserve Bank of India.