Mumbai, April 10 The Reserve Bank of India (RBI) on Friday announced its plan to reduce the time taken for auctions, strengthen price transparency in the government securities market, and enhance retail participation under its 'Utkarsh 2029' strategy.
The central bank said it aims to enhance the competitiveness of markets under its purview and strengthen infrastructure by automating processes, increasing central clearing for improved operational efficiency, reducing risk, and enhancing market access.
Utkarsh 2029 is the strategy framework of the RBI for the period between April 2026 and March 2029, to transform institutional purpose into actionable excellence.
Under this framework, the central bank also aims to minimize procedural redundancies, empower regulated entities with greater operational flexibility, and encourage responsible innovation in the present and emerging realms of the financial system.
The RBI has outlined plans to assess customer service in scheduled commercial banks and to cover grievance escalation across all regulated entities to accelerate grievance redressal and empower customers, according to a release.
By scaling up the Unified Lending Interface (ULI), the RBI attempts to enhance access to the financial system, reduce lending costs, and promote inclusive credit delivery, it added.
Highlighting the interconnectedness in the financial system, the central bank intends to review and enhance the system-wide contagion risk assessment. By reviewing the delivery of services under the Citizens' Charter and publishing periodic metrics on the same, RBI affirms its commitment to continuous self-appraisal and public service, according to the release.