The Reserve Bank of India (RBI) has unveiled its ambitious roadmap for its 100th year, aiming to enhance India’s global footprint and solidify its position as a model central bank of the Global South. As the central bank entered its 90th year of operations on April 1, 2024, RBI Governor Shaktikanta Das outlined the key goals and strategies for the next decade.
The RBI@100 document outlines 14 key aspirational goals, including refining monetary policy frameworks, deepening financial inclusion, and internationalizing the Indian rupee. One of the top agenda items is the review of the Monetary Policy Framework to balance price stability and economic growth from an emerging market economy perspective.
The central bank also plans to expand banking domestically, position Indian banks among the top 100 global banks, and support the International Financial Services Centres Authority (IFSCA) to make GIFT City a leading international financial center. Additionally, measures will be taken to safeguard users against payment frauds, deepen digital payment systems, and implement Central Bank Digital Currency (e-Rupee).
Furthermore, the RBI aims to make its supervision a global model, expand credit availability, liberalize the capital account, and internationalize the Indian rupee. The central bank also plans to set up financial sector cloud infrastructure and develop a secure global financial messaging hub.
With these ambitious goals and strategies in place, the RBI is gearing up to remain future-ready for India’s fast-growing economy and enhance its global presence as it approaches its centenary year. Stay tuned for updates on the central bank’s progress towards achieving these milestones.