The Reserve Bank’s Medium-Term Strategy Framework, Utkarsh 2.0, for the years 2023–2025, which Governor Shaktikanta Das unveiled on Friday, would include tools driven by artificial intelligence (AI) and machine learning (ML) for data analysis and information production.
In July 2019, the first strategic framework (Utkarsh 2022) spanning the years 2019–2022) was released. It evolved into a medium-term strategy plan that directed the Bank’s advancement toward the achievement of the listed milestones.
Utkarsh 2.0 begins in 2023, when India takes over the G-20 Presidency, against the backdrop of a difficult internal and international climate, according to the RBI.
The memo stated that India’s G-20 leadership during Utkarsh 2.0 “confers a unique opportunity to demonstrate our accomplishments in the field of digital payments and strive for broad-based acceptability of the Indian Rupee in bilateral and international trade.”
The six vision statements, together with the core purpose, values, and mission statement, are all retained in Utkarsh 2.0, the RBI stated, and together they constitute a strategic guiding path “It read.
The Reserve Bank of India will follow the Utkarsh 2.0 vision, which calls for “Excellence in the Performance of Its Functions,” “Strengthened Trust of Citizens and Institutions in the RBI,” and “Enhanced Relevance and Significance in National and Global Roles,” throughout the years 2023–25.
“The Bank serves as both a data collector and an information disseminator in this era of big data. With this obligation comes the duty to ensure that the information produced is accurate and meaningful.
As a result, the use of AI and ML-driven tools for content production and data analysis will be a key component of Utkarsh 2.0, according to the statement. It added that the accomplishment of the Utkarsh 2.0 milestones would improve public confidence in the RBI and boost the regulatory environment for the financial sector’s health.
The statement continued, “The strategic framework will also transform the Bank into a transparent, listening-focused organisation with best-in-class digital and physical infrastructure.”
The goals, activities, and desired outcomes under each of the Bank’s objectives for the period between 2023 and 2025 are laid out in Utkarsh 2.0, the Strategy Framework being implemented for the period 2023–2025.
