The Central Board of Directors of the Reserve Bank of India (RBI) has approved the Bank’s budget for the financial year 2026–27, along with its Medium-Term Strategy Framework, Utkarsh 3.0, which will guide policy priorities from 2026 to 2029.
The decision was taken at the 622nd meeting of the Central Board held in Patna under the chairmanship of RBI Governor Sanjay Malhotra.
Utkarsh 3.0 Framework: The Utkarsh 3.0 framework aims to build on RBI’s earlier strategic initiatives and will focus on:
- Strengthening regulatory and supervisory mechanisms
- Enhancing financial stability
- Improving institutional efficiency
The three-year roadmap is expected to shape the central bank’s policy direction through 2029.
State Borrowings via SGS: In a related development, the RBI reported that state governments collectively raised ₹45,960 crore through the auction of State Government Securities (SGS), indicating sustained momentum in sub-national borrowing.
- Karnataka emerged as the largest borrower, raising ₹10,000 crore
- Tamil Nadu followed with ₹8,000 crore
- Madhya Pradesh mobilised ₹5,800 crore
The borrowings were carried out through a mix of fresh issuances and re-issues.
Source: PIB
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