Strengthening cooperation amongst the BRICS (Brazil, Russia, India, China and South Africa) nations through the BRICS Bond Fund (BBF), the Contingent Reserve Arrangement (CRA) and other initiatives are important areas which RBI plans to focus on this year.
India has taken over the BRICS chairmanship for 2021 and is set to hold this year’s summit.
The country also needs to intensify engagements with the G20 in the run-up to taking over the presidency in 2023.
This is one of the key focus areas for the central bank’s this year. RBI may review and reframe the organisational structure to effectively implement all such strategies.
The thrust would also be on an increase in the number of research studies and forward-looking agricultural commodity price sentiment analysis, RBI said in its annual report.