RBI Board Approves New Budget and Strategy Amid Global Challenges

The RBI Central Board held its 622nd meeting in Patna, chaired by Governor Sanjay Malhotra, to evaluate global and domestic economic scenarios. The board approved the budget for 2026-27 and the Medium Term Strategy Framework (Utkarsh 3.0) for 2026-29, amid evolving geopolitical issues impacting financial markets.

The Reserve Bank of India's Central Board convened on Friday in Patna, with its 622nd meeting focused on assessing the current global and domestic economic climate. Evolving geopolitical developments and their implications on financial markets were central to the discussions.

Governor Sanjay Malhotra chaired the meeting, where the board sanctioned the Bank's budget for the upcoming accounting year 2026-27 and approved the Medium Term Strategy Framework, dubbed Utkarsh 3.0, for 2026-29.

Key participants included Deputy Governors T Rabi Sankar, Swaminathan J, Poonam Gupta, and Shirish Chandra Murmu. Several other directors, including Anuradha Thakur, Revathy Iyer, Sachin Chaturvedi, and Ravindra H Dholakia, were also present.

(With inputs from agencies.)