The Central Board of Directors of the Reserve Bank of India (RBI) has approved the Bank’s budget for the financial year 2026–27, along with its Medium-Term Strategy Framework, Utkarsh 3.0, which will guide policy priorities from 2026 to 2029.
The decision was taken at the 622nd meeting of the Central Board held in Patna under the chairmanship of RBI Governor Sanjay Malhotra.
According to an official statement, the Board reviewed the evolving global and domestic economic situation, including geopolitical developments and their impact on financial markets. It also assessed associated challenges facing the economy before finalising the budget and strategic framework.
The meeting was attended by Deputy Governors T. Rabi Sankar, Swaminathan J., Poonam Gupta, and Shirish Chandra Murmu, along with key government nominees and directors, including Department of Economic Affairs Secretary Anuradha Thakur, Revathy Iyer, Sachin Chaturvedi, and Ravindra H. Dholakia.
The Utkarsh 3.0 framework is expected to build on the RBI’s earlier strategic initiatives, focusing on strengthening regulatory mechanisms, improving financial stability, and enhancing institutional efficiency over the next three years.
Earlier this month, the RBI had also reported that state governments collectively raised ₹45,960 crore through the auction of State Government Securities (SGS), reflecting continued momentum in sub-national borrowing.
Among the states, Karnataka emerged as the largest borrower, raising ₹10,000 crore through a mix of fresh issuances and re-issues. Tamil Nadu followed with ₹8,000 crore, while Madhya Pradesh mobilised ₹5,800 crore.
Other major participants included Uttar Pradesh and West Bengal, each raising ₹3,500 crore, and Haryana with ₹3,000 crore. Several smaller states, including Mizoram and Sikkim, also participated in the borrowing programme with comparatively lower issuances.
The SGS auctions saw a range of tenors, extending up to 23 years in some cases, indicating sustained investor interest in long-term state debt instruments.
