Utkarsh 2029: RBI CBDC Expansion and UPI Globalisation

planned

The Reserve Bank of India (RBI) has outlined its medium-term strategy from April 2026 to March 2029 under the Utkarsh 2029 framework. The plan focuses on modernising currency management through Project Sa-Mudra, expanding central bank digital currency (CBDC) for efficient cross-border payments, scaling up the unified lending interface (ULI) to widen credit access, and developing regulatory frameworks for emerging technologies like AI and quantum computing in the financial sector. It also aims to globalise the reach of payment systems including UPI, deepen financial markets, digitise internal processes, and build a future-ready organisation with workforce upskilling and sustainability integration.