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RBI Approves Its Budget & Launches Utkarsh 3.0

  • 21 Mar 2026

On 20th March 2026, the Reserve Bank of India (RBI) approved its budget for the accounting year 2026-27. The decision was taken at the 622nd Central Board meeting in Patna.

Key Points

  • The meeting was chaired by RBI Governor Sanjay Malhotra.
  • RBI also launched its Medium-Term Strategy Framework, Utkarsh 3.0.
  • The framework will guide policy priorities from 2026 to 2029.
  • It focuses on strengthening regulation and financial stability.
  • It aims to improve institutional efficiency of RBI.
  • The Board reviewed global and domestic economic conditions.
  • It assessed geopolitical developments and financial market impacts.
  • Utkarsh 3.0 builds on earlier RBI strategic frameworks.
  • It supports a robust and resilient financial system.
  • RBI highlighted strong State Government Securities (SGS) borrowing.
  • States raised ₹45,960 crore through SGS auctions.
  • Karnataka was the largest borrower with ₹10,000 crore.
  • Long-tenor bonds indicate strong investor confidence in state debt.