At the onset of its 81st year, the Reserve Bank of India (RBI) has rearticulated its core purpose, values and vision statement. The statement would inform and guide all its actions and activities in pursuit of its commitment to the public interest and common good.
A need was felt to rearticulate the core purpose of the Reserve Bank so as to delineate its strategic objectives in contemporary terms, to provide a framework and backdrop within and against which its policies would be formulated.
The functions of the Reserve Bank since 1935 have been guided by the Preamble of the Reserve Bank of India Act under which it was set up in 1934. The Preamble reads thus:
“… to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.”
The statement rearticulating the Preamble to the Reserve Bank of India Act, 1934 in contemporary terms have been deliberated widely and approved for adoption by the Central Board of the Reserve Bank of India.
Principal Chief General Manager
Press Release : 2014-2015/2133
RBI's Statement on Core Purpose, Values and Vision
To foster monetary and financial stability conducive to sustainable economic growth and to ensure the development of an efficient and inclusive financial system.
The Core Purpose reflects the Reserve Bank’s commitment to the Nation:
To foster confidence in the internal and external value of the rupee, and contribute to macro-economic stability;
To regulate markets and institutions under its ambit to ensure financial system stability and consumer protection;
To promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payments system;
To ensure efficient management of currency as well as banking services to the Government and banks; and
To support the balanced, equitable and sustainable economic development of the country.
The Reserve Bank of India commits itself to the following shared values that guide organisational decisions and employee actions in pursuit of the Bank’s core purpose:
• Public interest
The Reserve Bank of India, in its actions and policies, seeks to promote the public interest and the common good.
• Integrity and Independence of Views
The Reserve Bank of India seeks to maintain the highest standards of integrity and independence of views through openness, trust and accountability.
• Responsiveness and Innovation
The Reserve Bank of India seeks to be a dynamic organisation responsive to public needs and encourages innovation and a spirit of enquiry.
• Diversity and Inclusiveness
The Reserve Bank of India cherishes and supports diversity and inclusiveness.
• Introspection and Pursuit of Excellence
The Reserve Bank of India is committed to self-appraisal, introspection and professional excellence.
The Reserve Bank of India is committed to pursue the public interest and common good as a leading central bank that is recognised for its credible, transparent and proactive policies.