RBI unveils 14 goals for its centenary celebrations in April 2035

The Fourteen Centenary Goals

1. Monetary policy and liquidity management

(Positioning the Reserve Bank as the leader of the Global South; review of monetary policy framework to address balancing price stability and economic growth from an emerging market economy perspective, refining monetary policy communication, prevenitng spillovers to EMEs from private and public debt overhang in systemically important economies)

2. Globalisation of our financial sector

(which includes financial sector reforms related to expanding banking domestically in consonance with national growth; positioning 3-5 domestic banks among top 100 global banks in terms of size and operations; deepening and modernizing financial markets infrastructure; and supporting International Financial Services Centres Authority to make Gift City a leading global financial centre)

3. Making Reserve Bank’s Supervision a Global Model

(which includes risk-focused supervision, supervisory culture for effective risk discovery; and ensuring an appropriate compliance culture at supervised entities; building ‘through the cycle’ risk assessment framework by continuous horizon scanning and holistic risk assessment; customer-centric supervision to improve the conduct of financial institutions to protect and promote customer interests through appropriate supervisory focus; effective corrective actions to focus on prudent supervisory judgement and assessing supervisory effectiveness; and creating a data analytics universe)

4. Deepening and Universalisation of Digital Payment Systems– Domestically and Globally

(which will involve internationalisation of UPI/RTGS/NEFT; participation in payment systems linkage projects bilaterally and multilaterally; increasing the domestic usage of digital payments; and phased implementation of e-Rupee)

5. Deepening Financial Inclusion

(by focusing on accessibility, availability and quality of financial services to all sections of the society)

6. Expanding Credit Availability

(By strengthen data collection; comprehensive credit information repository to support credit needs and monitoring; unified loan interface; and reviewing priority sector guidelines to proactively address emerging needs)

7. Capital Account Liberalisation and Internationalisation of the Rupee

(to enable availability of the rupee to non-residents for facilitating cross-border transactions in the rupee; enhancing accessibility of the rupee accounts to persons resident outside India (PROIs); adopting a calibrated approach towards interest-bearing non resident deposits; and promoting domestic multinational corporations to become global brands through overseas investments)

8. Dealing with Climate Change

(Regulatory/supervisory framework for addressing challenges arising from climate change; finalising guidance for regulated entities to stress test their asset portfolio to assess impact of climate change; macro stress-testing the impact of climate change on regulated entities from a financial stability perspective; strengthening payment systems’ resilience to climate risks; developing climate risk disclosure norms for regulated entities; providing inputs to government for finalising taxonomy on climate risks; and publishing a risk management framework for managing climate-related financial risks.

9. Adoption of AI/ML in the Reserve Bank

(articulation of an AI policy for the Bank, increased use of AI/ML for effective supervision; management of cyber risks; and forecasting, mowcasting and surveys)