IST,
തിരയുക
errorSearch
Page
Official Website of Reserve Bank of India
138168155
പ്രസിദ്ധീകരിച്ചത്
ഡിസംബർ 31, 2025
Contents
| Foreword |
| List of Select Abbreviations |
| Overview |
| Chapter I : Macrofinancial Risks |
| Macroeconomic Outlook |
| Global Outlook |
| Domestic Outlook |
| Financial Markets |
| Global Financial Markets |
| Domestic Financial Markets |
| Corporate and Household Sector |
| Corporate Sector |
| Household Sector |
| Banking System |
| NBFC Sector |
| Special Feature: Financial Stability Implications of Stablecoins |
| Chapter II : Financial Institutions: Soundness and Resilience |
| Scheduled Commercial Banks (SCBs) |
| Deposit and Credit |
| Asset Quality |
| Sectoral Asset Quality |
| Credit Quality of Large Borrowers |
| Earnings and Profitability |
| Capital Adequacy |
| Liquidity |
| Resilience – Macro Stress Test |
| Sensitivity Analysis |
| Sensitivity Analysis of Small Finance Banks – Credit Risk |
| Bottom-up Stress Tests: Derivatives Portfolio |
| Primary (Urban) Cooperative Banks |
| Stress Testing |
| Non-Banking Financial Companies (NBFCs) |
| Stress Test - Credit Risk |
| Stress Test - Concentration Risk |
| Stress Test - Liquidity Risk |
| Stress Testing of Mutual Funds |
| Stress Testing Analysis at Clearing Corporations |
| Financial Network and Contagion Analysis |
| Financial System Network |
| Contagion Analysis |
| Insurance Sector |
| Premium Profile |
| Assets under Management (AUM) |
| Insurance Penetration and Density |
| Market Structure and Concentration |
| Settlement of Claims |
| Expenses |
| Reinsurance |
| Profitability |
| Equity Share Capital |
| Solvency |
| Emerging Areas of Stress |
| Chapter III : Regulatory Initiatives in the Financial Sector |
| Global Regulatory Developments |
| Banking |
| Non-Bank Financial Intermediation |
| Financial Markets |
| Decentralised Finance |
| Climate Finance |
| Artificial Intelligence |
| Initiatives from Domestic Regulators / Authorities |
| Consolidated Master Directions (MDs) |
| Directions on Co-Lending Arrangements |
| Know Your Customer (KYC) Directions - Amendments |
| Non-Fund Based Credit Facilities |
| Investment in Alternative Investment Funds (AIFs) |
| Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) |
| Special Drive and Scheme to Refund Unclaimed Financial Assets to Rightful Owners |
| Measures for Enhancing Trading Convenience and Strengthening Risk Monitoring in Equity Derivatives |
| Framework for Environment, Social and Governance (ESG) Debt Securities (other than green debt securities) |
| Accessibility and Inclusiveness of Digital KYC to Persons with Disabilities |
| Review of the Regulatory Framework for Social Stock Exchange (SSE) |
| Investor Behaviour – Insights from SEBI Investor Survey |
| Measures to Strengthen Investor Protection in the Securities Market |
| Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 |
| GST Reforms in the Insurance Sector |
| Financial Sector Cybersecurity Strategy |
| Other Developments |
| Customer Protection |
| Enforcement |
| Deposit Insurance |
| Corporate Insolvency Resolution Process (CIRP) |
| Developments in International Financial Services Centre (IFSC) |
| Pension Funds |
| Annex 1 : Methodologies |
| Annex 2 : Important Domestic Regulatory Measures |
| Reserve Bank of India (RBI) |
| Securities and Exchange Board of India (SEBI) |
| Insurance Regulatory and Development Authority of India (IRDAI) |
| Pension Fund Regulatory and Development Authority (PFRDA) |
| Insolvency and Bankruptcy Board of India (IBBI) |
| International Financial Services Centres Authority (IFSCA) |
| LIST OF CHARTS |
| Chapter I |
| 1.1 Disconnect between Uncertainty and Financial Market Volatility |
| 1.2 India – Sound Macroeconomic Fundamentals |
| 1.3 India – Healthy Financial System |
| 1.4 Indian Financial System Stress Remains Low |
| 1.5 2026 Growth Forecast Revised Downwards |
| 1.6 Rising Stock Market Capitalisation and Public Debt |
| 1.7 Fiscal Strains Reflected in Widening Swap Spreads |
| 1.8 Rally in Risk Asset Prices Helping EM Flows |
| 1.9 India – Contribution to Real GDP Growth |
| 1.10 India – Real GDP Projections 2025-26 Revised Upwards |
| 1.11 Elongation of Weighted Average Maturity of Sovereign Bonds and Yield Curve Steepening |
| 1.12 Higher Share of Committed Expenditure in States’ Spending |
| 1.13 Manageable Current Account Balance |
| 1.14 Moderation in Foreign Investments |
| 1.15 Financial Account Turns Positive |
| 1.16 Limited External Vulnerability and Adequate Reserves |
| 1.17 Valuations in a Range of Asset Classes at Historically Stretched Levels |
| 1.18 Stretched Equity Valuations and Increasing Concentration |
| 1.19 Asian Stocks Performance Mirroring US Stocks |
| 1.20 Debt Issuance by AI Companies Rising and Spreads Widening |
| 1.21 Financial Conditions, Fund Flows and Asset Price Movements |
| 1.22 Bank Lending to Private Credit Vehicles Growing |
| 1.23 Rising Hedge Fund Leverage and Short Futures Position |
| 1.24 Increasing Reliance on Short-Term Debt in AEs |
| 1.25 Domestic Financial Conditions Eased |
| 1.26 Pressure on Long-Term Bond Yields |
| 1.27 Rupee Depreciation |
| 1.28 Strong IPO Trend – OFS vs Fresh Issue |
| 1.29 India’s Modest Equity Market Performance |
| 1.30 Equity Market Performance Underpinned by Low Volatility and Strong DII Flows |
| 1.31 FPI Outflows and Equity Market Resilience During Global Stress Episodes |
| 1.32 Equity Valuations Remain at Higher End of Historical Range |
| 1.33 Equity Risk Premium Rising amid Declining Earnings Projections |
| 1.34 Impact of US Tariffs - Sectoral Indices Performance |
| 1.35 Bank Stock Performance Around Liberation Day Announcement |
| 1.36 Corporate Bond Market Trends |
| 1.37 Corporate Bond Spreads and Rating |
| 1.38 AUM of the Domestic Mutual Fund Industry Growing |
| 1.39 Resilient SIP Flows |
| 1.40 Monthly Net Inflows in MF Schemes |
| 1.41 Domestic Passive Fund Flows |
| 1.42 Listed Private Non-Financial Companies – Steady Sales and Profits |
| 1.43 Interest Coverage Ratio of Listed NGNF Companies |
| 1.44 Decreasing Leverage with Sizeable Cash Buffers in Corporate Sector |
| 1.45 India’s Household Debt Relatively Low |
| 1.46 Non-housing Retail Loans Dominate Household Borrowings |
| 1.47 Risk Profile of Household Borrowings Improved |
| 1.48 Consumption Loans Dominate Household Borrowings |
| 1.49 Improving Borrower Risk Profile in Outstanding Household Borrowings |
| 1.50 Household Financial Assets and Liabilities |
| 1.51 Household Financial Wealth |
| 1.52 Robust Domestic Banking System |
| 1.53 SCBs’ Improving Financials |
| 1.54 Banks’ Funding and Asset Structures Show No Major Vulnerabilities |
| 1.55 Credit Growth Reviving |
| 1.56 Outstanding Credit to Commercial Sector from Domestic Sources |
| 1.57 Banks’ Increasing Reliance on Other Operating Income |
| 1.58 Unsecured Retail Lending - Elevated Slippages and Write-offs in PVBs |
| 1.59 Credit to the MSME Sector Growing |
| 1.60 Asset Quality of MSMEs Improving |
| 1.61 MSME Credit in Sectors Exposed to US Tariffs |
| 1.62 Asset Quality of MSME Credit in Sectors Exposed to US Tariffs |
| 1.63 SFBs - Asset Quality, Deposit Profile and Profitability |
| 1.64 Credit to the Microfinance Sector Declining |
| 1.65 Microfinance Sector Stress and Indebtedness Easing |
| 1.66 Consumer Segment Loan Growth Shows Signs of Recovery |
| 1.67 Consumer Segment Credit Demand Strengthens |
| 1.68 Consumer Segment Credit Growth |
| 1.69 Borrower Risk Profile of Outstanding Loans |
| 1.70 Asset Quality of Consumer Segment Loans Improving |
| 1.71 Banking Stability Indicator and Map |
| 1.72 Banks’ Asset Exporsure to NBFIs |
| 1.73 NBFC Sector Remains Robust |
| 1.74 NBFCs’ Steady Credit Growth and Declining Credit Cost |
| 1.75 NBFCs’ Borrowing and Funding Profile |
| 1.76 NBFCs - Slippage Ratio and Write-Offs to Gross NPA |
| 1.77 NBFC-MFIs’ Credit Cost Rising |
| 1.78 Share of Fintech Firms in Total NBFC Unsecured Loans Growing |
| 1.79 Impairment in Unsecured Loans Declining |
| 1.80 Channels of Bank-NBFC Interlinkages Evolving |
| 1.81 Transfer of Loan and Securitisation Exposure of Banks - Asset Quality and Concentration |
| 1.82 Non-Banking Stability Indicator and Map |
| Special Feature |
| 1 Stablecoin Market Capitalisation and Volatility |
| 2 Stablecoin Cross-Border Flows |
| 3 Stablecoin Cross-Border Flows - Country-Level Drivers |
| 4 Peg Stability of Stablecoins during Stress Episodes |
| 5 Stablecoin Issuers among Top Buyers of US T-bills in 2024 |
| Chapter II |
| 2.1 Deposit and Credit Profile of SCBs |
| 2.2 Select Asset Quality Indicators |
| 2.3 Sectoral Asset Quality Indicators |
| 2.4 Select Asset Quality Indicators of Large Borrowers |
| 2.5 Select Performance Indicators of SCBs |
| 2.6 Capital Adequacy |
| 2.7 Liquidity Ratios |
| 2.8 Macro Scenario Assumptions |
| 2.9 CRAR Projections |
| 2.10 Projection of CET1 Capital Ratio |
| 2.11 Projection of GNPA Ratio |
| 2.12 Credit Risk – Shocks and Outcomes |
| 2.13 Credit Concentration Risk – Borrowers Exposure |
| 2.14 Credit Concentration Risk posed by Top 100 Borrowers |
| 2.15 AFS and FVTPL (including HFT) Portfolios and share of Bank-groups |
| 2.16 HTM Portfolio – Composition |
| 2.17 HTM Portfolio – Unrealised Gain/ Loss as on September 30, 2025 |
| 2.18 Equity Price Risk – Fall in System Level CRAR |
| 2.19 LCR-based Liquidity Stress Test |
| 2.20 Credit Risk for SFBs - Shocks and Outcomes |
| 2.21 MTM Impact of Shocks on Derivatives Portfolio of Select Banks |
| 2.22 Income from the Derivatives Portfolio |
| 2.23 UCBs - Performance and Health Indicators |
| 2.24 Stress Test of UCBs |
| 2.25 NBFC – Key Financial Parameters |
| 2.26 NBFC – Upper Layer – Key Financial Parameters |
| 2.27 NBFC – Middle Layer – Key Financial Parameters |
| 2.28 NBFCs – Credit Profile of Large Borrowers |
| 2.29 Credit Risk in NBFCs - System Level |
| 2.30 Credit Concentration Risk - Exposures |
| 2.31 Range (Surplus (+)/ Deficit (-)) of LR-RaR and LR-CRaR Maintained by AMCs over AMFI Prescribed Limits |
| 2.32 Bilateral Exposures between Entities in the Financial System |
| 2.33 Instrument-wise Exposure among Entities in the Financial System |
| 2.34 Network Plot of the Financial System – September 2025 |
| 2.35 Net Receivables (+ve)/ Payables (-ve) by Categories of Institutions |
| 2.36 Inter-Bank Market |
| 2.37 Composition of Fund based Inter-Bank Market |
| 2.38 Network Structure of the Indian Banking System (SCBs + SUCBs) – September 2025 |
| 2.39 Connectivity Statistics of the Banking System (SCBs) |
| 2.40 Gross Receivables of AMC-MFs from the Financial System |
| 2.41 Gross Receivables of Insurance Companies from the Financial System |
| 2.42 Gross Payables of NBFCs to the Financial System |
| 2.43 Gross Payables of HFCs to the Financial System |
| 2.44 Gross Payables and Receivables of AIFIs to the Financial System |
| 2.45 Solvency Contagion Impact of Macroeconomic Shocks |
| 2.46 Life and Non-life sectors – Total Premium and Sector-wise Premium Share |
| 2.47 Insurance Sector – AUM |
| 2.48 Insurance Sector – Market Share of Top 5 Insurers |
| 2.49 Benefits paid by Life Insurers |
| 2.50 Net Incurred Claims by Non-life Insurers |
| 2.51 Expenses – Life Insurers |
| 2.52 Expenses – Non-life Insurers |
| 2.53 Reinsurance |
| 2.54 Profitability Measures – Life Insurance Sector |
| 2.55 Profitability Measures – Non-life Insurance Sector |
| 2.56 Insurance Sector - Equity Share Capital |
| 2.57 Insurance Sector – Solvency |
| Chapter III |
| 3.1 NPS and APY – Subscribers and AUM Trend |
| 3.2 NPS and APY AUM: Asset Class-wise Bifurcation |
| LIST OF TABLES |
| Chapter I |
| 1.1 AUM of Pension Funds |
| 1.2 AUM of Insurance Companies |
| 1.3 Resource Mobilisation through the Indian Securities Market |
| 1.4 Personal Loans - Score Migration for Risk Categories |
| Chapter II |
| 2.1 Health Tracker Heat Map - Scheduled Commercial Banks (SCBs) |
| 2.2 Sensitivity Analysis – Industry sub-sector level |
| 2.3 PV01 of AFS and FVTPL (including HFT) Portfolios |
| 2.4 Interest Rate Risk – Impact of Stress Test on Bank-groups |
| 2.5 Earnings at Risk (EAR) - Traditional Gap Analysis (TGA) |
| 2.6 Market Value of Equity (MVE)- Duration Gap Analysis (DGA) |
| 2.7 NBFCs’ Sources of Funds |
| 2.8 Liquidity Risk in NBFCs |
| 2.9 Stress Testing of Open-Ended Debt Schemes of Mutual Funds – Summary Findings – November 2025 |
| 2.10 Summary of Stress Tests and Liquidity Analysis of MF Midcap and Smallcap Schemes |
| 2.11 Minimum Required Corpus of Core SGF Based on Stress Testing Analysis at Clearing Corporations |
| 2.12 Contagion Losses due to Bank Failure – September 2025 |
| 2.13 Contagion Losses due to NBFC Failure – September 2025 |
| 2.14 Contagion Losses due to HFC Failure – September 2025 |
| 2.15 Insurance Penetration and Density |
| Chapter III |
| 2.1 Category of Complaints Received under the RB-IOS, 2021 |
| 2.2 Type/Category of Complaints |
| 2.3 Status of Disputes on SmartODR.in |
| 2.4 Coverage of Deposits |
| 2.5 Bank Group-wise Deposit Protection Coverage |
| 2.6 Deposit Insurance Premium |
| 2.7 Deposit Insurance Fund and Reserve Ratio |
| 2.8 Status of Corporate Insolvency Resolution Process |
| 2.9 Sectoral Distribution of CIRPs |
| 2.10 Outcome of CIRPs, Initiated Stakeholder-wise |
प्ले हो रहा है
കേൾക്കുക
റിസർവ് ബാങ്ക് ഓഫ് ഇന്ത്യ മൊബൈൽ ആപ്ലിക്കേഷൻ ഇൻസ്റ്റാൾ ചെയ്ത് ഏറ്റവും പുതിയ വാർത്തകളിലേക്ക് വേഗത്തിലുള്ള ആക്സസ് നേടുക!
ഞങ്ങളുടെ ആപ്പ് ഇൻസ്റ്റാൾ ചെയ്യാൻ QR കോഡ് സ്കാൻ ചെയ്യുക
പേജ് അവസാനം അപ്ഡേറ്റ് ചെയ്തത്:
ഈ പേജ് സഹായകരമായിരുന്നോ?
