Medium Term Strategy Plan Current Affairs - 2020
The Reserve Bank of India (RBI) board has finalised Three Year Roadmap to improve supervision and regulation, among other functions of central bank. This medium term strategy is named as Utkarsh 2022.
Worldwide, all central banks strengthen regulatory and supervisory mechanism and everybody is formulating a medium-term plan and a long-term plan. So, RBI also decided to formulate a pragramme to outline what is to be achieved in the next three years.
About Utkarsh 2022
It is a 3-year road map for medium term objective to be achieved for improving regulation, supervision of RBI.
This medium term strategy is in line with Global central banks’ plan to strengthen regulatory and supervisory mechanism.
An internal committee to identify issues that needed to be addressed over next 3 years was formed, which was anchored by Viral Acharya outgoing Deputy Governor of RBI.
Idea behind Utkarsh 2022 is that central bank plays a proactive role and takes preemptive action to avoid any crisis and can avoid situations like IL&FS debt default issue and crisis of confidence non-banking financial sector faced in aftermath.