Road map of RBI for 100th year

From positioning itself as a model central bank for Global South to deepening financial inclusion and internationalisation of the rupee, the Reserve Bank of India (RBI) has unveiled a roadmap for its centenary year, outlining key goals aimed at enhancing the country’s footprint across the world.

The RBI@100 document outlines 14 key aspirational goals. These range from reviewing the Monetary Policy Framework to address the balance between price stability and economic growth from an emerging market economy (EME) perspective, to safeguarding users against payment frauds.

There is an aim to refine monetary policy communication and address spill-overs to EMEs from private and public debt overhang in systemically important economies.

As part of the globalisation of the Indian financial sector, financial sector reforms will be undertaken to expand domestic banking in line with national growth, and position 3-5 Indian banks among the top 100 global banks in terms of size and operations.

To safeguard users against payment frauds, the banking regulator plans to widen and deepen consumer awareness, and make payment systems safer and more secure. It also plans to identify and implement solutions for proactive prevention and quick redress of frauds.

Furthermore, the central bank intends to deepen and universalise digital payment system by phased implementation of Central Bank Digital Currency (e-Rupee), and interbationalise India’s payment systems – UPI/RTGS/NEFT.

The RBI also plans to make its supervision of regulated entities a global model, deepen financial inclusion, expand credit availability, liberalise the capital account, and intenationalise the Indian rupee.