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The Reserve Bank of India (RBI) plans to promote internationalisation of rupee and ensure that best-in-class and environment-friendly digital and physical infrastructure is created as part of its medium-term strategy framework, Ütkarsh 2.0 (2023-25).
The RBI emphasised that with India’s G-20 presidency during the period of Utkarsh 2.0, it confers a unique opportunity to showcase the country’s accomplishments in the realm of digital payments and strive towards broad basing of acceptance of the rupee in bilateral and multilateral trade
The central bank said the mission of Utkarsh is to promote: the economic and financial well-being of the people of India in terms of price and financial stability; fair and universal access to financial services; and a robust, dynamic, and responsive financial intermediation infrastructure.
The RBI intends to align “Know Your Customer” instructions with Financial Action Task Force.
The central bank said it undertake review of the regulatory architecture under Foreign Exchange Management Act (FEMA), 1999 to simplify regulatory compliance and improve ease of doing business. It will also promote internationalisation of Rupee (INR) through review of regulations under FEMA and enhance internationalisation of INR through Asian Clearing Union mechanism.
“India’s success story in digital payments is acknowledged globally. Steps towards creating a world class digital infrastructure and enabling global spread of the Bank’s payments stack is part of the vision to establish India as a leader in this domain,” said the RBI.
The RBI plans to strengthen the monetary policy framework and operating procedure and broaden and widen the Government Securities market in India.
The Reserve Bank proposes to ensure its presence in all the states; ensure that complaints against its regulated entities are heard and redressed in a time-bound manner; and the compliance culture among the regulated entities is improved through expeditious discharge of the enforcement function.
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