Annual Report

The Reserve Bank continued with its efforts to strengthen its organisational capacity in line with evolving functional requirements through focused human resource development. Progress under the medium-term strategy framework was reviewed and the next phase, Utkarsh¹ 2029 was formulated alongside initiatives to strengthen business continuity plan. The enterprise-wide risk management (ERM) was further strengthened with the rollout of ERM Framework 2.0, while an internal Working Group was constituted to examine the feasibility of adoption of artificial intelligence (AI) and machine learning (ML) in the internal audit process.

XI.1 This chapter discusses key aspects of the Reserve Bank’s organisational functioning covering activities related to governance, human resource management, risk monitoring, corporate strategy and budgeting, internal audit, Rajbhasha and premises. It reviews the major developments during 2025-26, evaluates outcomes vis-à-vis the goals set at the beginning of the year and sets out priorities for 2026-27.

XI.2 Guided by the evolving functional requirements of the Reserve Bank, the Human Resource Management Department (HRMD) focused on continuous capacity building through structured training and skill upgradation. During the year, the Department pursued a range of initiatives to enhance employee engagement and feedback mechanisms, along with the well-being of employees to foster a supportive work environment.

XI.3 During the year, the Risk Monitoring Department (RMD) continued with its efforts towards widening the coverage of risks, strengthening existing frameworks and propagation of risk culture and risk awareness. The Reserve Bank has rolled out the enterprise-wide risk management (ERM) Framework 2.0, outlining the roadmap for the next decade.

XI.4 The Inspection Department undertook several initiatives to strengthen the internal audit framework, including revision of the concurrent audit process and review of the Audit and Risk Management Sub-committee (ARMS) Charter. Audit processes were fully automated through the Audit Management System (AMS), and preparatory work was initiated to examine the feasibility of adoption of AI/ML in internal audit process.

XI.5 The Corporate Strategy and Budget Department (CSBD) undertook a comprehensive review of regulatory approvals and citizen’s charter services of the Reserve Bank, with rationalisation of timelines for various services. It formulated the next iteration of the medium-term strategy framework, Utkarsh 2029, and also developed a standard operating procedure (SOP) for business continuity during any crisis.

XI.6 The Rajbhasha Department strengthened the implementation of the Official Language Policy of the Government of India (GoI) through capacity building, Hindi/bilingual publications and establishing a robust monitoring mechanism. The Premises Department augmented the Reserve Bank’s physical infrastructure through the construction of new office spaces and residential buildings, with a consistent emphasis on green energy.

XI.7 This chapter is organised into nine sections. The developments relating to the governance structure of the Reserve Bank are set out in section 2. Section 3 outlines the initiatives undertaken by the HRMD and the progress on ERM framework is presented in section 4. The activities of the Inspection Department and the CSBD are discussed in sections 5 and 6, respectively. The activities and accomplishments of the Rajbhasha and Premises departments are presented in sections 7 and 8, respectively, with concluding observations in section 9.

2. GOVERNANCE STRUCTURE

XI.8 The Central Board of Directors is entrusted with the governance of the Reserve Bank in accordance with the Reserve Bank of India (RBI) Act, 1934. It comprises the Governor as the Chairperson, Deputy Governors and Directors nominated by the Central Government.

XI.9 The Central Board is assisted by two² Committees, both headed by the Governor: the Committee of the Central Board (CCB) and the Board for Financial Supervision (BFS). In addition, the Board has five Sub-Committees each headed by a non-official Director: the Audit and Risk Management Sub-Committee (ARMS); the Human Resource Management Sub-Committee (HRM-SC); the Building Sub-Committee (B-SC); the Information Technology Sub-Committee (IT-SC) and the Strategy Sub-Committee (S-SC).

Central Board, CCB and Local Boards

XI.10 During 2025-26, the Central Board held eight meetings. The CCB held 46 meetings, of which 34 were held as e-meetings. The CCB attends to the current business of the Reserve Bank, including approval of its Weekly Statement of Affairs.

XI.11 During 2025-26, a Standing Committee of the Central Board, consisting of three non-official Directors, functioned in lieu of the Northern, Western, Eastern and Southern Area Local Boards. The Standing Committee held two meetings each for the Eastern, Western, Northern and Southern Areas (Annex Tables XI.1-4).

XI.12 Shri M. Rajeshwar Rao relinquished charge as Deputy Governor, Reserve Bank of India on completion of his tenure on October 8, 2025.

XI.13 The Central Government appointed Shri Shirish Chandra Murmu as Deputy Governor, Reserve Bank of India, for a period of three years from the date of joining the post or until further orders, whichever is earlier. Shri Shirish Chandra Murmu assumed office on October 9, 2025.

XI.14 Shri T. Rabi Sankar relinquished charge as Deputy Governor, Reserve Bank of India on completion of his tenure on May 2, 2026.

XI.15 The Central Government appointed Shri Rohit Jain as Deputy Governor, Reserve Bank of India, for a period of three years from the date of joining the post or until further orders, whichever is earlier. Shri Rohit Jain assumed office on May 4, 2026.

XI.16 The Central Government nominated Ms. Anuradha Thakur, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India as Director on the Central Board of Reserve Bank of India, vice Shri Ajay Seth, under Section 8(1)(d) of the Reserve Bank of India Act, 1934 with effect from July 24, 2025 and until further orders.

Executive Directors

XI.17 Executive Director Shri Jayant Kumar Dash superannuated on June 30, 2025 and Shri Aviral Jain on November 28, 2025. Executive Director Dr. Rajiv Ranjan voluntarily retired on September 4, 2025. Shri Shirish Chandra Murmu sought voluntary retirement from the Reserve Bank’s service w.e.f. October 8, 2025 to take up the position of Deputy Governor. Shri Rohit Jain sought voluntary retirement from the Reserve Bank’s service w.e.f. May 4, 2026 to take up the position of Deputy Governor. Shri Sanjay Kumar Hansda was promoted as Executive Director, w.e.f. March 3, 2025; Shri Kesavan Ramachandran from July 1, 2025; Smt. Sonali Sen Gupta from October 9, 2025; Smt. Usha Janakiraman from December 1, 2025 and Shri Gunveer Singh from May 18, 2026.

3. HUMAN RESOURCE DEVELOPMENT INITIATIVES

XI.18 The Human Resource Management Department (HRMD) endeavours to create an enabling environment to nurture an innovative and skilled workforce within the Reserve Bank. Major initiatives undertaken during the year are highlighted below, along with a status of implementation of the agenda set for 2025-26 and the agenda for 2026-27.

Agenda for 2025-26

XI.19 The Department had set out the following goals for 2025-26:

• Identification and analysis of skill gaps in the Reserve Bank (Paragraph XI.20); and

• Integrating massive open online courses (MOOCs) framework in the Reserve Bank’s Training and Development ecosystem (Utkarsh 2.0) [Paragraph XI.21].

Implementation Status

XI.20 A Committee was constituted by the Reserve Bank for identification of skill gaps. The Committee has submitted its report, and its recommendations are under consideration for implementation.

XI.21 The pilot phases of implementation of MOOCs have been successfully completed. Full scale implementation of MOOCs is underway.

Major Developments

In-house Training

XI.22 The Reserve Bank has training establishments, namely, Reserve Bank Staff College (RBSC) at Chennai, College of Agricultural Banking (CAB) at Pune, College of Supervisors (CoS) at Mumbai, Enterprise Computing and Cybersecurity Training Institute (ECCTI) at Bhubaneswar and four Zonal Training Centres (ZTCs) at Mumbai (Belapur), New Delhi, Kolkata, and Chennai, with the objective to enhance employee competencies and build robust human resource (HR) capabilities. The programmes offered by the institutions are in the nature of training, workshops, seminars, and conferences (Table X1.1). The Reserve Bank also conducted other training programmes like leadership development programme, emotional intelligence programme, and curated programmes in economics/finance.

Training at External Institutions

XI.23 The Reserve Bank nominated its officers for training programmes, seminars and conferences conducted in India and abroad, through both online and offline modes, during 2025-26 (Table XI.2). Class III and IV employees were also deputed for training in external institutions in India.

Study Leave Schemes

XI.24 A total of 17 officers availed study leave for pursing higher studies, of which, nine officers are pursuing higher studies overseas.

Other Initiatives

Grants and Endowments

XI.25 The Reserve Bank provided financial support amounting to ₹33.7 crore to the Indira Gandhi Institute of Development Research (IGIDR), Mumbai; ₹18.6 crore to the Centre for Advanced Financial Research and Learning (CAFRAL), Mumbai; ₹1.01 crore to the Indian Institute of Bank Management (IIBM), Guwahati; ₹4.2 crore to National Institute of Bank Management (NIBM), Pune; and ₹0.95 crore to the London School of Economics (LSE) India Observatory and the IG Patel Chair.

Industrial Relations

XI.26 Industrial relations in the Reserve Bank remained cordial during the year. The Reserve Bank held 14 meetings with central units of the recognised Associations/Federations, representing officers and workmen employees. Regional Offices (ROs) conducted quarterly/ half yearly meetings with local units of these Associations/Federations. In line with the wage settlement in the banking industry, the pay revision of all employees was successfully completed. The revised pay was disbursed to the employees with effect from November 1, 2022. Further, the pension/family pension of employees retired from the Reserve Bank’s service prior to November 1, 2022, was revised with effect from November 1, 2022.

Interface with Employees

XI.27 The Reserve Bank continued with its efforts towards harnessing employees’ ideas and feedback to achieve the organisation’s purposes and goals. The VOICE (Voicing Opinion to Inspire, Contribute and Excel) initiative provides a platform for employees to interact in a free-flowing format with HR officials. During 2025-26, the Reserve Bank conducted nine VOICE sessions, covering 181 participants from various ROs and central office departments (CODs).

XI.28 A town hall initiative, ‘Vartalap’ was instituted in 2023-24 to foster sustained employee engagement and reinforce core organisational values. In 2025-26, 217 townhall meetings were conducted across the Reserve Bank, engaging 11,035 employees.

Recruitment and Staff Strength

XI.29 During 2025 (January-December), the Reserve Bank recruited a total of 247 employees in various cadres (Table XI.3).

XI.30 As on December 31, 2025, the total staff strength of the Reserve Bank stood at 13,220, a decrease of 2.2 per cent over end-December 2024 (Table XI.4).

XI.31 As on December 31, 2025, the total strength of ex-servicemen in the Reserve Bank stood at 1,073 and the total number of differently abled employees stood at 324 (Table XI.5). During January-December, 2025, five ex-servicemen and six persons with benchmark disabilities (PwBD) were recruited.

XI.32 During 2025 (January-December), four meetings were held between the management and representatives of the All-India Reserve Bank Scheduled Castes (SCs)/Scheduled Tribes (STs), the Buddhist Employees’ Federation and All-India Reserve Bank Other Backward Classes Employees’ Welfare Association separately, to discuss issues pertaining to implementation of the reservation policy in the Reserve Bank based on Government of India’s guidelines.

Prevention of Sexual Harassment of Women at the Workplace

XI.33 The Reserve Bank had issued guidelines in 2014-15 in accordance with ‘The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013’. During 2025-26, seven fresh complaints were received, and total eight cases were disposed of. Awareness programmes were organised at the Central Office and ROs to sensitise the Reserve Bank’s staff.

Wellness Initiatives

XI.34 The Reserve Bank has put in place medical schemes for both serving employees and retirees. Further, under the wellness initiative ‘Sehat Sampada’, a nation-wide fitness contest, viz., ‘My Fitness Mantra’ was organised to promote preventive healthcare among employees.

Right to Information (RTI)

XI.35 During 2025-26, the Reserve Bank received 31,995 applications and 2,567 appeals under the RTI Act. Further, six training programmes and 129 sessions on RTI Act were also conducted.

Vigilance-related Activities in the Reserve Bank

XI.36 The Reserve Bank’s vigilance unit is under the overall charge of the Chief Vigilance Officer (CVO) and is organised on a two-tier basis with the Central Vigilance Cell (CV Cell) functioning at the Central Office and fifty-two branch vigilance units. The overall responsibility in respect of the vigilance work in the Reserve Bank vests with the CV Cell, which has in place various preventive and deterrent measures towards enhancing integrity, transparency and accountability.

Agenda for 2026-27

XI.37 The roadmap for the year would include the following milestones for the Department:

• Full scale implementation of massive open online courses (MOOCs); and

• Introducing short private online courses in coordination with the Reserve Bank’s training establishments (Utkarsh 2029).

4. ENTERPRISE-WIDE RISK MANAGEMENT

XI.38 The Risk Monitoring Department (RMD) forms the second line of defence³ in the three-tier internal risk management framework adopted by the Reserve Bank and is responsible for the formulation and operationalisation of the enterprise-wide risk management (ERM) framework.

Agenda for 2025-26

XI.39 The Department had set out the following goals for 2025-26:

• The Integrated Risk Monitoring and Incident Reporting System (IRIS) application, launched in January 2020 for reporting of incidents and formulation of risk registers, will be revamped to include a comprehensive risk repository and other advanced risk management tools so as to enhance user experience and efficiency (Paragraph XI.40); and

• The operating procedures for implementation of the revised Information Security (IS) Policy 2024 will be issued in line with the best information technology (IT) practices (Paragraph XI.40).

Implementation Status

XI.40 The development of the revamped IRIS application has been completed and the new application, i.e., Next Gen – IRIS, has been made live on April 1, 2026. Revision in operating procedures for implementation of the revised IS Policy 2024, to align it with emerging threats and best practices, was completed by end-December 2025.

Other Initiatives

Enterprise-wide Risk Management 2.0 Framework

XI.41 The Reserve Bank has introduced ERM Framework 2.0 as a roadmap for the next decade to strengthen organisational resilience by shifting internal risk management from a compliance-driven approach to a value-creating and anticipatory one. The framework emphasises the use of advanced data analytics, improved preparedness for emerging risks affecting the Reserve Bank’s broader mandate, continuous enhancement of risk management approaches in line with the growing sophistication of risk environment and fostering of a strong risk culture and enterprise-wide awareness; supported by necessary structural and policy refinements.

Agenda for 2026-27

XI.42 For 2026-27, the following goals have been proposed for the Department:

• In order to facilitate business areas in effectively managing risks, risk profiling of the respective business area will be undertaken; and

• To conduct a thematic review on the ‘Effectiveness of Patch and Configuration Management in the Reserve Bank’.

5. INTERNAL AUDIT / INSPECTION

XI.43 The Inspection Department undertakes examination and evaluation of the Reserve Bank’s internal control and governance systems and provides risk assurance to the top management and the Central Board under the Risk-Based Internal Audit (RBIA) framework. As the third line of defence within the ERM structure, the Department reports to the Audit and Risk Management Sub-Committee (ARMS) of the Central Board. The Department also administers the concurrent audit (CA) and control self-assessment audit (CSAA) mechanisms across the Reserve Bank.

XI.44 The Department functions as the Secretariat to ARMS as well as to the Executive Directors’ Committee in relation to oversight of the internal audit function. The Zonal Inspectorates, located in five zones, support Auditee Offices in strengthening internal controls by monitoring the quality of audit compliance, and assisting the Department in providing independent and objective risk assurance on the functioning of various business areas of the Reserve Bank.

Agenda for 2025-26

XI.45 The Department had set out the following goals for 2025-26:

• Measures for strengthening the Concurrent Audit Process in the Reserve Bank (Paragraph XI.46);

• Formulation of Charter of Inspection Department (Paragraph XI.46);

• Feasibility study of adoption of AI and ML in the internal audit process (Paragraph XI.47); and

• Conduct thematic studies on: (i) analysis of risks associated with status of implementation of annual maintenance contracts (AMCs)/Agreements; (ii) adherence to internal procedures pertaining to disaster recovery and business continuity plan (BCP); and (iii) status of implementation of archival and record management policy (Paragraph XI.47).

Implementation Status

XI.46 The procedure for selection of concurrent auditors was reviewed and a revised circular was issued during the year. The charter of the Inspection Department has been finalised.

XI.47 An internal Working Group, constituted to examine the feasibility of adoption of AI and ML in the internal audit process, has submitted its report in February 2026. Thematic studies outlined in the agenda for 2025-26 have been completed.

Major Developments

XI.48 The Department undertook a review of the ARMS Charter during the year, covering its oversight functions relating to financial reporting, internal controls, risk monitoring, audits, and compliance.

XI.49 Complete automation of the Inspection Department’s audit processes in the audit management system has been accomplished during the year.

Agenda for 2026-27

XI.50 During the year, the Department will focus on the following goals:

• Conduct integrated thematic reviews;

• Review and refine auditee offices’ categorisation and strengthen assurance coordination; and

• Augment the inspection capacity.

6. CORPORATE STRATEGY AND BUDGET MANAGEMENT

XI.51 The Corporate Strategy and Budget Department (CSBD) coordinates and formulates the Reserve Bank’s medium-term strategy framework (Utkarsh), prepares its annual budget, monitors expenditure with a view to ensuring budgetary discipline and maintains various superannuation and staff welfare funds. The Department also formulates and executes the Reserve Bank’s business continuity plan (BCP) for its critical operations and acts as the nodal Department for four institutes funded by the Reserve Bank. It also handles work related to opening of new offices and is the nodal Department for monitoring the performance under citizen’s charter services of the Reserve Bank.

Agenda for 2025-26

XI.52 For 2025-26, the Department had set out the following goals:

• Development of a dashboard for business continuity management (BCM) [Paragraph XI.53];

• Review of Utkarsh 2.0 (Paragraph XI.54);

• Formulation of Utkarsh 2029 (Paragraph XI.54); and

• Enhancing the effectiveness of the deliverables across all four institutes funded by the Reserve Bank (Paragraph XI.55).

Implementation Status

XI.53 An application for BCM, which includes an interactive dashboard, has been put in place, which will also act as a crisis response tool at times of disruption to business continuity.

XI.54 Review of Utkarsh 2.0 for the period 2023-2025 has been completed during the year. The next medium-term strategy framework (Utkarsh 2029) was formulated for the period April 2026 to March 2029 (Box XI.1).

XI.55 The Department continued to reinforce governance of all four institutes funded by the Reserve Bank, viz., CAFRAL, IGIDR, NIBM and IIBM through meetings of their governing boards and sub-committees. A formal mechanism was put in place to encourage active collaboration among the institutes and leverage their research capabilities by various Reserve Bank’s departments in their respective policy areas.

Box XI.1 Utkarsh 2029 – Reserve Bank’s Medium-Term Strategy Framework for 2026-29 The medium-term strategy framework of the Reserve Bank – Utkarsh 2029, comes into effect from April 2026 and covers a three-year time horizon 2026-29. Utkarsh 2029 communicates the medium-term strategic priorities of the Reserve Bank and consists of a three-layered structure (Chart 1), supported by six strategy pillars, which are further strengthened by the vision and values of the Reserve Bank. The overarching and impactful deliverables have been brought under the ambit of Utkarsh 2029, while the regular functions of the Reserve Bank will continue under the annual action plans of the respective departments. The deliverables under the strategy pillars aim to, inter-alia, review and strengthen the regulations, continue customer-centric approach to promote greater inclusivity, enhance competitiveness and depth of markets, adapt to new technologies with agility, and expand internationalisation initiatives, thereby making it a future-ready organisation.

Major Developments

XI.56 A comprehensive review of regulatory approvals and citizen’s charter services of the Reserve Bank were undertaken during the year, with rationalisation of timelines for various services. A revised list of 204 services under citizen’s charter was released on July 1, 2025, which was further reviewed and revised to 200 services as on March 2, 2026. Performance under citizen’s charter is being published on the Reserve Bank’s website on the first working day of every month.

XI.57 Standard operating procedure (SOP) for business continuity during crisis situations was put in place to guide business units on the measures to be taken before, during and after a crisis.

XI.58 Budget rating framework was fine-tuned to enhance budget management efficiency.

External Institutions Funded by the Reserve Bank

XI.59 During the year, the teaching capacity was augmented at IGIDR. In addition, collaboration among the institutes and project engagement with the Reserve Bank was also strengthened. Across CAFRAL, NIBM and IIBM, a total of 357 training programmes were conducted covering about 9,986 participants catering to executives at various management levels in the banking and financial sector. Further, 87 students of IGIDR were awarded degrees in Economics (three Ph.D., seven M.Phil. and 77 M.Sc.) and 131 students of NIBM were awarded PGDM (Banking and Financial Services) in their convocation ceremonies held during the year.

Agenda for 2026-27

XI.60 The Department’s agenda for the year includes the following:

• Synergising the activities of institutes funded by the Reserve Bank; and

• Conversion of eligible sub-offices into independent accounting units.

7. RAJBHASHA

XI.61 Aligning with the Rajbhasha Policy of the GoI, Rajbhasha Department, the nodal Department for implementing the Official Language Policy within the Reserve Bank, has ensured incremental adoption of Hindi by devising a comprehensive action plan and establishing a robust monitoring mechanism.

Agenda for 2025-26

XI.62 The Department had set out the following goals for the year 2025-26:

• To organise training programmes on Rajbhasha inspection for Rajbhasha officers (Paragraph XI.63);

• To organise faculty development programme for Rajbhasha officers (Paragraph XI.63);

• To organise a Hindi workshop for private secretaries in the Reserve Bank (Paragraph XI.63);

• To organise a special programme for the Regional Directors/CGMs/ Officers-in-Charge on the inspection questionnaire of Hon’ble Committee of Parliament on Official Language (Paragraph XI.64); and

• To publish a new consolidated magazine showcasing quality contributions made in Hindi in the various magazines of the Reserve Bank (Paragraph XI.65).

Implementation Status

XI.63 Training programmes on Rajbhasha inspection and faculty development for Rajbhasha officers were organised in August and September 2025, respectively. Hindi workshop for private secretaries was organised on January 3, 2026.

XI.64 A special programme for the executives on inspection questionnaire of Hon’ble Committee of Parliament on Official Language was organised in August 2025.

XI.65 A new magazine named ‘Sanchayika’ was released on August 14, 2025.

Major Developments

Visits by Hon’ble Committee of Parliament on Official Language to the Reserve Bank

XI.66 During 2025-26, the third sub-committee of the Hon’ble Committee of Parliament on Official Language inspected Guwahati, Shillong, Dehradun, Belapur offices and College of Agricultural Banking, Pune. The Draft and Evidence Sub-Committee had an inspection/ discussion programme with the Kolkata office and RBSC, Chennai.

Training/Conference

XI.67 The Reserve Bank’s offices in Chandigarh, Shillong, Ranchi, Hyderabad, Dehradun, Kochi and Thiruvananthapuram received the Chair of Town Official Language Implementation Committee (TOLIC) in their respective cities. Training programme on the functioning of TOLIC was organised on June 20, 2025. Rajbhasha Conference was held on February 28, 2026.

XI.68 During 2025-26, 278 and 136 staff-members cleared the ‘Parangat’ and ‘Pragya’ examination, respectively, conducted under the Hindi Teaching Scheme, GoI. Workshops for senior officers were organised in various CODs and ROs.

Publications

XI.69 The Department published its half-yearly magazine, ‘Kriti-Anukriti ’, showcasing various events organised by the ROs and CODs, and ‘Sanchayika’, compilation of the best articles contained in the various magazines of the Reserve Bank. Two editions of the Hindi journal ‘Banking Chintan-Anuchintan’ were also published during the year.

Agenda for 2026-27

XI.70 During the year, the Department plans to focus on the following:

• To organise a programme for executives on the visits of Committee of Parliament on Official Language;

• To organise training programme on Rajbhasha inspection and translation for Rajbhasha officers;

• To organise a Hindi workshop for private secretaries and security officers of the Reserve Bank; and

• To organise information technology (IT) seminar for the Rajbhasha officers of the Reserve Bank.

8. PREMISES DEPARTMENT

XI.71 The vision of the Premises Department is to provide ‘best in class’ and environment-friendly physical infrastructure by integrating architectural excellence and aesthetic appeal with green ratings in the Reserve Bank’s premises while ensuring the highest level of cleanliness.

Agenda for 2025-26

XI.72 For 2025-26, the Department had set out the following goals:

• Achieve the targets set under Utkarsh 2.0 for December 2025 (Paragraph XI.73);

• Strive to ensure sufficient office/residential space as per the Reserve Bank’s requirement (Paragraph XI.74); and

• Take forward various construction projects currently in planning stage at various ROs (Paragraph XI.74).

Implementation Status

XI.73 All Utkarsh 2.0 targets exceeded the set benchmarks. Green ratings were received for 11 office and 19 residential buildings against set targets of nine office and 16 residential buildings, renewable energy usage reached 9.1 per cent (target 7.5 per cent) and the Reserve Bank achieved energy savings of 14.5 per cent (target 7.5 per cent).

XI.74 Provision of sufficient office space has been ensured with acquisition of land parcels for construction of office buildings at certain locations. Construction has commenced for one residential project, which was previously in the planning phase.

Major Developments

XI.75 During 2025-26, construction of one new office building and one learning institute was completed. In addition, various construction projects were undertaken and are under different modes of construction. The Reserve Bank continued to expand renewable energy generation through solar power plants, with 29 office and 63 residential premises equipped with installations having a combined capacity of 4,725 kWp (Kilowatt-peak) as at end-March 2026.

Agenda for 2026-27

XI.76 For the year 2026-27, the Department has set the following goals:

• Ensure sufficient residential space as per the Reserve Bank’s requirement; and

• Take forward various construction projects currently in planning stage at various ROs.

9. CONCLUSION

XI.77 During the year, human resources were strengthened through sustained capacity building, enhanced employee engagement and several well-being initiatives. Risk management and internal audit frameworks were further reinforced through the rollout of ERM Framework 2.0, greater automation, and preparatory steps for adoption of advanced technologies. Strategic planning and business continuity arrangements were enhanced through the formulation of Utkarsh 2029 and refinement of related processes. Rajbhasha Department ensured compliance with the Official Language Policy of the GoI and the Premises Department continued with its efforts to augment environment-friendly physical infrastructure for the Reserve Bank.

Annex

¹ Utkarsh is the Reserve Bank’s medium-term strategy framework to achieve excellence in the performance of RBI’s mandates and strengthening the trust of citizens and other institutions. Utkarsh 2029 covers the period April 2026 to March 2029. Utkarsh 2.0 covered the period January 2023 to December 2025.

² The erstwhile Committee, viz., Board for Regulation and Supervision of Payment and Settlement Systems was active till May 8, 2025 and has been replaced by the Payments Regulatory Board with effect from May 9, 2025, with the issuance of gazette notification dated May 6, 2025, by the Department of Financial Services, Government of India.

³ Individual business areas form the first line of defence and are primarily responsible for the identification and management of risks emanating from their respective areas of functioning, while the second line of defence is the RMD, which performs the centralised risk monitoring function, and the third line of defence is the Inspection Department, which through the inspection and audit process, performs the role of risk assurance.

Index