The Central Board of Directors of the Reserve Bank of India has approved the Bank’s budget for financial year 2026–27 and its Medium-Term Strategy Framework, Utkarsh 3.0. The framework will guide the central bank’s policy priorities from 2026 to 2029. The decision was taken at the 622nd meeting of the Central Board in Patna under the chairmanship of RBI Governor Sanjay Malhotra.
Board Meeting and Review
The Board reviewed the evolving global and domestic economic situation before finalising the budget and strategy. It examined geopolitical developments, their impact on financial markets, and related risks for the economy. The meeting also included discussion on institutional priorities for the coming years.
Key Participants
The meeting was attended by the Deputy Governors T. Rabi Sankar, Swaminathan J., Poonam Gupta, and Shirish Chandra Murmu. Government nominees and directors present included Department of Economic Affairs Secretary Anuradha Thakur, Revathy Iyer, Sachin Chaturvedi, and Ravindra H. Dholakia. Their participation reflected coordination between the RBI and the government on economic and financial policy matters.
Utkarsh 3.0 Framework
Utkarsh 3.0 is expected to build on earlier strategic initiatives of the RBI. Its focus areas include:
- Strengthening regulatory mechanisms.
- Improving financial stability.
- Enhancing institutional efficiency.
- Supporting policy resilience over the next three years.
State Government Borrowings
Earlier this month, state governments collectively raised ₹45,960 crore through auctions of State Government Securities. Karnataka was the largest borrower at ₹10,000 crore, followed by Tamil Nadu at ₹8,000 crore and Madhya Pradesh at ₹5,800 crore. Uttar Pradesh and West Bengal raised ₹3,500 crore each, while Haryana mobilised ₹3,000 crore. Smaller states such as Mizoram and Sikkim also participated. The auctions included tenors of up to 23 years, indicating continued investor interest in long-term state debt instruments.
Last Modified: April 29, 2026