Why is it in the news?
- The Reserve Bank of India (RBI) board finalised a three- year roadmap to improve regulation and supervision, among other functions of the central bank.
More in the news.
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Utkarsh 2022 is a medium term strategy which is in line with the global central banks’ plan to strengthen the regulatory and supervisory mechanism.
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Worldwide, all central banks strengthen the regulatory and supervisory mechanism, everybody is formulating a long-term plan and a medium-term plan.
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An internal committee was formed, which was anchored to identify issues that needed to be addressed over the next three years.
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The idea is that the central bank plays a proactive role and takes preemptive action to avoid any crisis.
Source
The Hindu.