What changed

The Reserve Bank of India (RBI) announced that its Central Board of Directors held its 622nd meeting on March 20, 2026. During this meeting, the Board approved the bank's budget for the upcoming accounting year 2026-27 and adopted the Medium Term Strategy Framework, named Utkarsh 3.0, which will guide the bank's operations from 2026 to 2029. The Board also reviewed the current global and domestic economic conditions, considering geopolitical developments and their potential impact on financial markets.

This notice is primarily informational for internal RBI operations and strategic planning. For external regulated entities, it signifies the finalization of the RBI's strategic direction and budget for the specified period. While no direct compliance actions are mandated for external parties by this announcement, it provides insight into the central bank's future priorities and operational framework, which may indirectly influence future regulatory guidance or policy changes.

Source document (simplified)

Press Releases

| () | |
| Date : Mar 20, 2026 | |
| 622 nd Meeting of Central Board of the Reserve Bank of India | |
| | The 622 nd meeting of the Central Board of Directors of Reserve Bank of India was held today in Patna under the Chairmanship of Shri Sanjay Malhotra, Governor.

The Board assessed the emerging global and domestic economic scenario, including the evolving geopolitical developments and their impact on financial markets, along with associated challenges. The Board approved the Bank’s budget for the accounting year 2026-27 and also the Bank’s Medium Term Strategy Framework (Utkarsh 3.0) for the period 2026-29.

Deputy Governors Shri T. Rabi Sankar, Shri Swaminathan J., Dr. Poonam Gupta, Shri Shirish Chandra Murmu and other Directors of the Central Board - Ms. Anuradha Thakur, Secretary, Department of Economic Affairs; Smt. Revathy Iyer, Prof. Sachin Chaturvedi and Dr. Ravindra H. Dholakia - attended the meeting.

(Brij Raj)
Chief General Manager

Press Release: 2025-2026/2292 | | The 622 nd meeting of the Central Board of Directors of Reserve Bank of India was held today in Patna under the Chairmanship of Shri Sanjay Malhotra, Governor.

The Board assessed the emerging global and domestic economic scenario, including the evolving geopolitical developments and their impact on financial markets, along with associated challenges. The Board approved the Bank’s budget for the accounting year 2026-27 and also the Bank’s Medium Term Strategy Framework (Utkarsh 3.0) for the period 2026-29.

Deputy Governors Shri T. Rabi Sankar, Shri Swaminathan J., Dr. Poonam Gupta, Shri Shirish Chandra Murmu and other Directors of the Central Board - Ms. Anuradha Thakur, Secretary, Department of Economic Affairs; Smt. Revathy Iyer, Prof. Sachin Chaturvedi and Dr. Ravindra H. Dholakia - attended the meeting.

(Brij Raj)
Chief General Manager

Press Release: 2025-2026/2292 |
| The 622 nd meeting of the Central Board of Directors of Reserve Bank of India was held today in Patna under the Chairmanship of Shri Sanjay Malhotra, Governor.

The Board assessed the emerging global and domestic economic scenario, including the evolving geopolitical developments and their impact on financial markets, along with associated challenges. The Board approved the Bank’s budget for the accounting year 2026-27 and also the Bank’s Medium Term Strategy Framework (Utkarsh 3.0) for the period 2026-29.

Deputy Governors Shri T. Rabi Sankar, Shri Swaminathan J., Dr. Poonam Gupta, Shri Shirish Chandra Murmu and other Directors of the Central Board - Ms. Anuradha Thakur, Secretary, Department of Economic Affairs; Smt. Revathy Iyer, Prof. Sachin Chaturvedi and Dr. Ravindra H. Dholakia - attended the meeting.

(Brij Raj)
Chief General Manager

Press Release: 2025-2026/2292 | |