RBI Approves 'Utkarsh 3.0' Strategy and Imposes Penalty on HSBC

The RBI's Central Board has approved 'Utkarsh 3.0', a medium-term strategy framework for the period 2026–2029 to guide reform priorities.
A monetary penalty of ₹31.80 lakh was imposed on HSBC for non-compliance regarding 'Inoperative Accounts' and 'Unclaimed Deposits' instructions.
RBI also cleared the merger of Gujarat-based Lalbag Co-operative Bank with Akhand Anand Co-operative Bank, effective March 23, 2026.
The annual budget for the RBI for the financial year 2026-27 was also formally approved during the 622nd board meeting in Patna.
Aspirants should track Utkarsh frameworks as they define the central bank's institutional goals and policy roadmap.

Key Facts / Static GK

Governor of RBI: Shaktikanta Das
RBI Established: April 1, 1935
Utkarsh 1.0 Launch Year: 2019

Q Practice Quiz — 21 March 2026

1. Which agency is responsible for implementing the MSP support for cotton as per the recent CCEA approval?

A NAFED

B Cotton Corporation of India Ltd

C Food Corporation of India

D TRIFED

E Small Farmers' Agri-Business Consortium

Explanation: The Cotton Corporation of India Ltd (CCI) is the implementing agency for the ₹1,718.56 crore MSP support approved for the 2023-24 cotton season.

2. What are the two primary rock layers identified at the Kalinjar Fort National Geo-Heritage Site?

A Deccan Trap and Basalt

B Bundelkhand Granite and Kaimur Sandstone

C Gondwana Coal and Shale

D Quartzite and Schist

E Limestone and Dolomite

Explanation: The site features Bundelkhand Granite (ancient basement rock) and Kaimur Sandstone (sedimentary layer), aged 2.5 billion and 1.2 billion years respectively.

3. Regarding the 'Fare Se Fursat' scheme, which of the following statements is true?

A It applies to all international and domestic routes.

B It is implemented by Indigo Airlines.

C The scheme ensures airfares do not change based on booking time.

D It was first launched between Delhi and Mumbai.

E It focuses primarily on luxury air travel.

Explanation: The core feature of the scheme is 'One Route One Fare,' meaning the price is uniform and does not fluctuate with booking time or surge demand.

4. Where has Bharat Petroleum Corporation Limited (BPCL) launched India's first LPG ATM?

A Noida, Uttar Pradesh

B Gurugram, Haryana

C Bengaluru, Karnataka

D Pune, Maharashtra

E Hyderabad, Telangana

Explanation: India's first LPG ATM was launched by BPCL in Gurugram, Haryana, specifically at Central Park Flower Valley, Sohna.

5. The 'Krishi Sakhi' initiative by AIC is globally aligned with which international observance?

A UN International Year of Millets

B UN International Year of the Woman Farmer – 2026

C World Soil Day 2026

D International Year of Sustainable Tourism

E UN Year of Cooperatives

Explanation: Krishi Sakhi is linked with the UN's International Year of the Woman Farmer – 2026 to empower women in the agricultural sector.

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