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4 Jun 2024

Do You Know Why RBI has Launched Utkarsh 2.0?

The Reserve Bank of India (RBI) has unveiled its medium-term strategy framework, 'Utkarsh 2.0', set to guide the central bank’s operations from 2023 to 2025. This initiative builds on the success of its predecessor, Utkarsh 2022, launched in July 2019, and aims to further enhance the RBI’s capabilities in maintaining financial stability and fostering growth.
Key Highlights of Utkarsh 2.0
Vision Statements:

Excellence in Performance of its Functions: Striving for top-tier execution in all its roles and responsibilities.

Strengthened Trust of Citizens and Institutions in the RBI: Enhancing public and institutional confidence through robust financial governance.

Enhanced Relevance and Significance in National and Global Roles. Elevating India's standing in global financial markets.

Transparent, Accountable, and Ethics-Driven Internal Governance: Promoting integrity and transparency within the RBI.

Best-in-Class and Environment-Friendly Digital and Physical Infrastructure: Developing sustainable and state-of-the-art infrastructural capabilities.

Innovative, Dynamic, and Skilled Human Resources: Fostering a skilled and adaptive workforce.

The core purpose of Utkarsh 2.0 is to foster monetary and financial stability while promoting an efficient and inclusive financial system. The framework also aligns with the RBI's mission to proactively address socio-economic challenges, leveraging strengths from Utkarsh 2022.

RBI Guidelines to Prevent Bank Payment Frauds:

Utkarsh 2.0 emphasizes the extension of the Central Payments Fraud Information Registry (CPFIR) to include local area banks, state cooperative banks, district cooperative banks, regional rural banks, and non-scheduled urban cooperative banks. This initiative aims to create a more comprehensive and robust fraud reporting system across all financial institutions.

RBI Steps to Stop Bank Fraud:

By expanding the scope of fraud reporting and implementing stricter guidelines, the RBI is reinforcing its commitment to curb bank fraud and enhance the security of financial transactions. Utkarsh 2.0 sets clear guidelines on how to report payment frauds to the RBI, ensuring prompt and efficient handling of such incidents.

Leveraging Digital Payments and AI:

The RBI plans to utilize India's G20 presidency to promote the country's strengths in digital payments and increase the acceptance of the rupee in bilateral and multilateral trade. Additionally, the central bank aims to integrate artificial intelligence and machine learning-driven tools to improve the reliability of its data analysis and information creation.

Monitoring and Implementation

The RBI attaches high importance to its medium-term strategy and closely monitors the implementation and progress of Utkarsh 2.0 through a Sub-committee of the Central Board. This ensures that strategic objectives are met through meticulously calibrated milestones.

PrivateCourt appreciates the RBI's commitment to Utkarsh 2.0, particularly its efforts to create a more comprehensive and robust fraud reporting system. By extending CPFIR reporting to a wider range of financial institutions, the RBI is taking significant steps to curb payment fraud and enhance the overall security of India’s banking ecosystem.

The launch of Utkarsh 2.0 by Shri Shaktikanta Das, Governor of the RBI, marks a forward-looking approach in the central bank's strategy. It emphasizes the importance of innovation, transparency, and ethical governance in navigating the challenges of the modern financial landscape.

Utkarsh 2.0 is poised to drive the Reserve Bank of India towards excellence, bolstering the nation’s financial stability, and reinforcing trust in its banking institutions. This strategy underscores the RBI's dedication to fostering a secure and inclusive financial environment for all stakeholders.

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