diff --git a/Makefile b/Makefile
index 9ed6c74574..f3b119ade8 100644
--- a/Makefile
+++ b/Makefile
@@ -17,8 +17,8 @@ GIT_TREE_STATE=$(shell if [[ -z "`git status --porcelain`" ]]; then echo "clean"
 DOCKER_PUSH?=false
 DOCKER_BUILD_ARGS?=
 IMAGE_NAMESPACE?=quay.io/numaproj
-VERSION?=v1.2.0-rc1
-BASE_VERSION:=v1.2.0-rc1
+VERSION?=v1.2.0-rc2
+BASE_VERSION:=v1.2.0-rc2
 
 override LDFLAGS += \
   -X ${PACKAGE}.version=${VERSION} \
diff --git a/api/openapi-spec/swagger.json b/api/openapi-spec/swagger.json
index 09f6629172..ccdaaa2ed0 100644
--- a/api/openapi-spec/swagger.json
+++ b/api/openapi-spec/swagger.json
@@ -2,7 +2,7 @@
   "swagger": "2.0",
   "info": {
     "title": "Numaflow",
-    "version": "v1.2.0-rc1"
+    "version": "v1.2.0-rc2"
   },
   "paths": {},
   "definitions": {
diff --git a/config/advanced-install/namespaced-controller-wo-crds.yaml b/config/advanced-install/namespaced-controller-wo-crds.yaml
index 28276d9875..f1d8cb52f8 100644
--- a/config/advanced-install/namespaced-controller-wo-crds.yaml
+++ b/config/advanced-install/namespaced-controller-wo-crds.yaml
@@ -307,7 +307,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.2.0-rc1
+          value: quay.io/numaproj/numaflow:v1.2.0-rc2
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -330,7 +330,7 @@ spec:
               key: controller.disable.leader.election
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
diff --git a/config/advanced-install/namespaced-controller/kustomization.yaml b/config/advanced-install/namespaced-controller/kustomization.yaml
index 278b5851e0..0581019a94 100644
--- a/config/advanced-install/namespaced-controller/kustomization.yaml
+++ b/config/advanced-install/namespaced-controller/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0-rc1
+    newTag: v1.2.0-rc2
 
 patchesStrategicMerge:
   # For release scripts
@@ -28,7 +28,7 @@ patchesStrategicMerge:
             - name: controller-manager
               env:
                 - name: NUMAFLOW_IMAGE
-                  value: quay.io/numaproj/numaflow:v1.2.0-rc1
+                  value: quay.io/numaproj/numaflow:v1.2.0-rc2
   - |
     apiVersion: v1
     kind: ConfigMap
diff --git a/config/advanced-install/namespaced-numaflow-server.yaml b/config/advanced-install/namespaced-numaflow-server.yaml
index f4fb3e945b..772992395c 100644
--- a/config/advanced-install/namespaced-numaflow-server.yaml
+++ b/config/advanced-install/namespaced-numaflow-server.yaml
@@ -254,7 +254,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -290,7 +290,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -303,7 +303,7 @@ spec:
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
index 3e54b1eefc..a3ed81e279 100644
--- a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
+++ b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0-rc1
+    newTag: v1.2.0-rc2
 
 patchesStrategicMerge:
   - |
diff --git a/config/advanced-install/numaflow-server.yaml b/config/advanced-install/numaflow-server.yaml
index ab735bec9a..b0bfbeb686 100644
--- a/config/advanced-install/numaflow-server.yaml
+++ b/config/advanced-install/numaflow-server.yaml
@@ -265,7 +265,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -301,7 +301,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -314,7 +314,7 @@ spec:
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/advanced-install/numaflow-server/kustomization.yaml b/config/advanced-install/numaflow-server/kustomization.yaml
index ef2e6ea993..1b82a737e4 100644
--- a/config/advanced-install/numaflow-server/kustomization.yaml
+++ b/config/advanced-install/numaflow-server/kustomization.yaml
@@ -14,5 +14,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0-rc1
+    newTag: v1.2.0-rc2
 
diff --git a/config/base/kustomization.yaml b/config/base/kustomization.yaml
index 7bd9b1d7f5..d7538e039a 100644
--- a/config/base/kustomization.yaml
+++ b/config/base/kustomization.yaml
@@ -10,7 +10,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0-rc1
+    newTag: v1.2.0-rc2
 
 patchesStrategicMerge:
   - |-
@@ -25,4 +25,4 @@ patchesStrategicMerge:
             - name: controller-manager
               env:
                 - name: NUMAFLOW_IMAGE
-                  value: quay.io/numaproj/numaflow:v1.2.0-rc1
+                  value: quay.io/numaproj/numaflow:v1.2.0-rc2
diff --git a/config/extensions/webhook/kustomization.yaml b/config/extensions/webhook/kustomization.yaml
index 1127b1854d..060e2d48a8 100644
--- a/config/extensions/webhook/kustomization.yaml
+++ b/config/extensions/webhook/kustomization.yaml
@@ -11,5 +11,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0-rc1
+    newTag: v1.2.0-rc2
 
diff --git a/config/install.yaml b/config/install.yaml
index 96e6c6716c..03fe9c265c 100644
--- a/config/install.yaml
+++ b/config/install.yaml
@@ -17363,7 +17363,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.2.0-rc1
+          value: quay.io/numaproj/numaflow:v1.2.0-rc2
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -17386,7 +17386,7 @@ spec:
               key: controller.disable.leader.election
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -17485,7 +17485,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: dex-init
         volumeMounts:
@@ -17589,7 +17589,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -17625,7 +17625,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -17638,7 +17638,7 @@ spec:
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/namespace-install.yaml b/config/namespace-install.yaml
index 3d7ad00592..111fac8f31 100644
--- a/config/namespace-install.yaml
+++ b/config/namespace-install.yaml
@@ -17257,7 +17257,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.2.0-rc1
+          value: quay.io/numaproj/numaflow:v1.2.0-rc2
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -17280,7 +17280,7 @@ spec:
               key: controller.disable.leader.election
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -17378,7 +17378,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: dex-init
         volumeMounts:
@@ -17481,7 +17481,7 @@ spec:
               key: server.address
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -17517,7 +17517,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -17530,7 +17530,7 @@ spec:
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/validating-webhook-install.yaml b/config/validating-webhook-install.yaml
index 8577858016..d11c1b47a7 100644
--- a/config/validating-webhook-install.yaml
+++ b/config/validating-webhook-install.yaml
@@ -135,7 +135,7 @@ spec:
           value: numaflow-webhook
         - name: CLUSTER_ROLE_NAME
           value: numaflow-webhook
-        image: quay.io/numaproj/numaflow:v1.2.0-rc1
+        image: quay.io/numaproj/numaflow:v1.2.0-rc2
         imagePullPolicy: Always
         name: webhook
       serviceAccountName: numaflow-webhook-sa