Uttkarsh: RBI’s Medium Term Strategy framework

Uttkarsh, a hind word means rising to something better/ pull something upwards.

RBI has used the word for its medium term strategy framework:

Shri Shaktikanta Das, Governor today launched ‘Utkarsh 2022’, the Reserve Bank of India’s Medium-term Strategy Framework, in line with the evolving macroeconomic environment, to achieve excellence in the performance of RBI’s mandates and strengthening the trust of citizens and other institutions.

A formal strategic management framework was launched in April 2015 to rearticulate the core purpose, values and vision statement of the Reserve Bank 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. These core purposes (reflecting the RBI’s commitments to the nation) and values (Public Interest, Integrity and Independence, Responsiveness and Innovation, Diversity and Inclusiveness, and Introspection and Pursuit of Excellence) 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.

The strategic framework contains, inter alia, the Bank’s Mission, Core Purpose, Values and Vision Statements, reiterating the Bank’s commitment to the Nation. The Medium-term Vision Statements set out the following:

    • Excellence in performance of statutory and other functions;
    • Strengthened trust of citizens and other Institutions in the RBI;
    • Enhanced relevance and significance in national and global roles;
    • Transparent, accountable and ethics-driven internal governance;
    • Best-in-class and environment friendly digital as well as physical infrastructure; and
    • Innovative, dynamic and skilled human resources

These vision statements are mutually reinforcing and will guide the RBI during the medium-term period (2019-22) through various strategies. 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 Management of the Reserve Bank attaches high importance to ‘Utkarsh 2022’ and will periodically monitor its implementation and progress through a Sub-committee of the Central Board.

I was just going through the presentation/document and reads more like a consultant’s report with all kinds of management jargons. I mean there is RBI’s core purpose, mission and values feeding into 6 vision statements!

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