2024-06-09 12:15:02
Aspirational Goals for RBI@100 in a Multi-Year Time Frame:
1. Monetary Policy and Liquidity Management
Positioning the Reserve Bank as Leader of the Global South
Review of Monetary Policy Framework to address:
Balancing price stability and economic growth from an Emerging Market Economy (EME) perspective;
Refinements in monetary policy communication; and
Spillovers to EMEs from private and public debt overhang in systemically important economies.
2. Globalisation of India’s Financial Sector
Financial Sector Reforms related to:
Expanding banking domestically in consonance with national
growth;
Positioning 3-5 Indian banks among top 100 global banks in terms
of size and operations;
Deepening and modernisation of financial
markets/institutions/infrastructure; and
Supporting International Financial Services Centres Authority
(IFSCA) to make GIFT City a leading international financial centre.
3. Making Reserve Bank’s Supervision a Global Model
Risk Focused Supervision:
Supervisory culture for effective risk discovery; and
Ensuring an appropriate compliance culture at Supervised
Entities (SEs).
Building ‘Through the Cycle’ Risk Assessment Framework by
continuous Horizon Scanning and Holistic Risk Assessment;
Customer-centric supervision: Improving the conduct of SEs to protect
and promote customers’ interests through appropriate supervisory
focus;
Effective Corrective Actions: Focus on prudent supervisory judgement
and assessing supervisory effectiveness; and
Creating a Data Analytics Universe.
4. Deepening and Universalisation of Digital Payment Systems
Domestically and Globally
Internationalisation of India’s Payment Systems – UPI/RTGS/NEFT;
Participation in Payment Systems Linkage Projects across countries – bilateral & multilateral;
Increasing the domestic usage of digital payments – Har Payment Digital; and
Phased implementation of Central Bank Digital Currency (e – Rupee).
