RBI Unveiled Utkarsh 2029 targets digital currency, UPI global expansion drive

Current Context: The Reserve Bank of India (RBI) launched its third medium-term strategy framework, Utkarsh 2029, on April 10, 2026.

• Building on Utkarsh 2.0, this roadmap aims to transform RBI into a world-class, full-service central bank, with a strong focus on digital integration, global influence, and regulatory modernization.

Highlights

• Duration: FY 2026–27 to FY 2028–29 (3 years).
• Aim: Modernize India’s financial ecosystem, internationalize payment systems, and leverage AI for regulatory oversight.

Six Strategic Pillars:

• Robust Regulations – Simplify rules, ensure stability.
• Customer Centricity & Inclusive Finance – Faster grievance redressal, expand Unified Lending Interface (ULI).
• Competitive Markets – Deepen G-Sec markets, improve transparency.
• Effective Technology – Adopt AI, quantum computing, asset tokenization.
• Future-Ready Organisation – 100% paperless workflows, staff upskilling.
• Global India – Expand UPI and Rupee footprint worldwide.

Question:

Q.1 What is the primary objective of “Utkarsh 2029” of the Reserve Bank of India?
a) Privatization of banks
b) Transform RBI into a world-class, full-service central bank
c) Introduce a new currency
d) Merge public sector banks

Answer: b) Building on Utkarsh 2.0, this roadmap aims to transform RBI into a world-class, full-service central bank, with a strong focus on digital integration, global influence, and regulatory modernization.