Patna: The Reserve Bank of India’s Central Board of Directors met in Patna on Friday for the first time in eight years, approving a new strategic roadmap while reviewing the country’s economic outlook.
The meeting, chaired by RBI governor Sanjay Malhotra, focused on both domestic and global economic conditions, including the impact of geopolitical developments on financial markets and emerging challenges.
‘Utkarsh 3.0’ strategy approved
The board approved ‘Utkarsh 3.0’, the RBI’s medium-term strategy for 2026–29, aimed at strengthening the financial system and adapting to a rapidly evolving economic environment.
The framework places emphasis on maintaining financial stability, strengthening inflation control, and enhancing supervision of banks and non-banking financial companies. It also prioritises the use of data analytics and real-time monitoring in policymaking.
Digital innovation forms a key pillar of the strategy, with a focus on expanding the digital payments ecosystem, promoting the central bank digital currency (CBDC), or digital rupee, and supporting the growth of the fintech sector.
The board also approved the RBI’s budget for the 2026–27 financial year.
Governor meets Deputy CM
During his visit, Malhotra met Bihar’s deputy chief minister Samrat Choudhary at his official residence. Officials said discussions centred on Bihar’s economic development and growth prospects.
The meeting comes at a time of heightened political interest in the state following chief minister Nitish Kumar’s election to the Rajya Sabha, with Choudhary’s name among those being discussed as a potential successor.
Focus on institutional reforms
The RBI said the new strategy also includes internal reforms to improve transparency, efficiency and human resource capacity within the institution.
Senior officials, including deputy governors and members of the central board, attended the meeting.
