Sanjay Malhotra outlines Reserve Bank of India (RBI) Utkarsh 2029 strategy.

Key facts

• Sanjay Malhotra is the Governor of the Reserve Bank of India (RBI).
• Utkarsh 2029 is the RBI’s medium-term strategy for April 2026 to March 2029.
• The strategy rests on six pillars: robust regulation, customer-centric and inclusive finance, competitive markets, effective technology, a future-ready organisation, and a global India focus.
• Project Sa-Mudra aims to modernise currency management under Utkarsh 2029.
• The central bank will expand the central bank digital currency (CBDC) for more efficient cross-border payments.
• The unified lending interface (ULI) will be scaled up to widen access to credit.
• The RBI will develop regulatory frameworks for artificial intelligence and quantum computing in the financial sector.
• The framework builds on Utkarsh 2.0 foundations, including internationalisation of the rupee and global expansion of UPI.