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Official Website of Reserve Bank of India
129639725
Published on
December 30, 2024
Contents
| Foreword |
| List of Select Abbreviations |
| Overview |
| Chapter I : Macrofinancial Risks |
| Global Backdrop |
| Macrofinancial Development and Outlook |
| Global Macrofinancial Risks |
| High and Rising Levels of Public Debt |
| Asset Valuations and Volatility |
| Impact of Artificial Intelligence |
| Domestic Macrofinancial Risks |
| Domestic Growth and Inflation |
| External Sector |
| Corporate Sector |
| Government Finance |
| Household Finance |
| Financial Markets |
| Banking Stability Indicator |
| Banking System |
| Emerging Technology Risks |
| Non-Banking Financial Companies |
| Non-Banking Stability Indicator |
| Microfinance |
| Consumer Credit |
| Mutual Funds |
| Financial System Stress Indicator |
| Systemic Risk Survey |
| Chapter II : Financial Institutions: Soundness and Resilience |
| Scheduled Commercial Banks (SCBs) |
| Asset Quality |
| Sectoral Asset Quality |
| Credit Quality of Large Borrowers |
| Capital Adequacy |
| Earnings and Profitability |
| Liquidity |
| Resilience – Macro Stress Tests |
| Sensitivity Analysis |
| Bottom-up Stress Tests: Derivatives Portfolio |
| Primary (Urban) Cooperative Banks |
| Stress Testing |
| Non-Banking Financial Companies (NBFCs) |
| Stress Test - Credit Risk |
| Stress Test - Liquidity Risk |
| Stress Testing of Mutual Funds |
| Stress Testing Analysis at Clearing Corporations |
| Insurance Sector |
| Interconnectedness |
| Financial System Network |
| Contagion Analysis |
| Chapter III : Regulatory Initiatives in the Financial Sector |
| Global Regulatory Developments |
| Markets and Financial Stability |
| Technology and Financial Stability |
| Banking and Financial Stability |
| Non-Banking Financial Intermediation and Financial Stability |
| Cross-Border Payments and Financial Stability |
| Climate Finance and Financial Stability |
| Domestic Regulatory Developments |
| Initiatives from Regulators / Authorities |
| Directions on Fraud Risk Management to Regulated Entities |
| Prompt Corrective Action Framework for Primary (Urban) Co-operative Banks |
| Treatment of Wilful Defaulters and Large Defaulters |
| Cyber Resilience and Digital Payment Security Controls for Non-Bank Payment System Operators |
| Scheme for Trading and Settlement of Sovereign Green Bonds in the International Financial Services Centre in India |
| Irregular Practices in Gold loans |
| Recognition of Central Counterparties by Foreign Regulators |
| Strengthening of Foreign Portfolio Investors Norms |
| Association of Persons Regulated by SEBI and their Agents with Certain Persons (‘Finfluencers’) |
| Valuation of Additional Tier 1 Bonds (‘AT-1 Bonds’) |
| Measures to Strengthen Equity Index Derivatives Framework |
| Review of Eligibility Criteria for Entry/Exit of Stocks in Derivative Segment |
| Review of Stress Testing Framework for Equity Derivatives Segment |
| Monitoring of Position Limits for Equity Derivatives Segment |
| Review of Small and Medium Enterprises framework |
| Cybersecurity and Cyber Resilience Framework for SEBI regulated entities |
| Framework of Financial Disincentives for Surveillance Related Lapses at Market Infrastructure Institutions |
| Upstreaming of Clients’ Funds by Stock Brokers/ Clearing Members to Clearing Corporations |
| Specific Due Diligence of Investors and Investments of Alternative Investment Funds |
| Institutional Mechanism by Asset Management Companies for Deterrence of Potential Market Abuse |
| Use of Artificial Intelligence in the Financial Sector |
| Other Developments |
| Customer Protection |
| Enforcement |
| Deposit Insurance |
| Corporate Insolvency Resolution Process |
| Developments in International Financial Services Centre |
| Pension Funds |
| Insurance |
| Annex 1: Systemic Risk Survey |
| Annex 2: Methodologies |
| Annex 3: 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 BOXES |
| Chapter I |
| 1.1 Transmission of Global Spillovers to Domestic Financial Conditions |
| 1.2 Emerging Technologies in Indian Banks |
| 1.3 Non-Banking Stability Indicator |
| Chapter II |
| 2.1 Revised Macro-Stress Testing Framework |
| 2.2 Revamped Liquidity Stress Test of SCBs based on LCR framework |
| 2.3 Identification of Impactful and Vulnerable Banks |
| LIST OF CHARTS |
| Chapter I |
| 1.1 Global Growth Projections |
| 1.2 Policy Rate and Inflation |
| 1.3 Banking Sector Soundness Indicators |
| 1.4 Downside Risks to Global Growth Outlook |
| 1.5 Financial Conditions |
| 1.6 Uncertainty and Volatility |
| 1.7 Public Debt-to-GDP Ratio and Forecast Errors |
| 1.8 Public Debt and Interest Burden |
| 1.9 Debt Vulnerabilities in EMDEs |
| 1.10 Equity Market Performance and Valuation |
| 1.11 Credit Spreads and Government Bond Yields |
| 1.12 Carry Trade and Volatility |
| 1.13 Movement of Major Currencies against the US Dollar during August 1-5, 2024 |
| 1.14 Crypto-assets and Stablecoins |
| 1.15 Global Spending on Artificial Intelligence |
| 1.16 Market Concentration and Cyber Attacks |
| 1.17 GDP Growth and Weighted Contribution of Components |
| 1.18 Inflation |
| 1.19 Uncertainties in Global Trade |
| 1.20 Trade Deficit, Service Exports and Private Transfers |
| 1.21 Balance of Payments |
| 1.22 External Vulnerability Indicators |
| 1.23 Sales Growth of Listed Private NFCs |
| 1.24 Profitability Trend (Growth and Margins) - Listed Private NFCs |
| 1.25 Financing of Listed Private Non-Financial Companies |
| 1.26 Debt Serviceability of NFCs |
| 1.27 NFCs – Debt-to-Equity and Debt-to-GDP Ratios |
| 1.28 Quality of Expenditure – Central Government |
| 1.29 Debt Sustainability – Central Government |
| 1.30 Debt and Interest Burden – State Government |
| 1.31 India, AEs and EMDEs – Debt and Fiscal Deficit |
| 1.32 Household Debt and Decomposition |
| 1.33 Household (Individual) Borrowings from Financial Institutions (by Amount) |
| 1.34 Distribution of Debt by Borrower Category |
| 1.35 Per Capita Debt of Household (Individual) Borrower |
| 1.36 Financial Conditions Index – India |
| 1.37 Money Market Rates, Bond Yields and System Liquidity |
| 1.38 CD Issuances and Money Market Spreads |
| 1.39 Sovereign Yield Curve and Term Spread |
| 1.40 Listed Corporate Bond Issuance and Subscription |
| 1.41 Corporate Bond Spreads |
| 1.42 Equity Market Performance |
| 1.43 Equity Return Decomposition |
| 1.44 Broader Equity Market Valuations |
| 1.45 Midcap, Smallcap and Microcap Valuation |
| 1.46 Earnings and Valuations |
| 1.47 Trends in Net Investments |
| 1.48 Demand for and Supply of Equities |
| 1.49 Intraday Trading by Individuals in Equity Cash Segment |
| 1.50 Exchange Rate Movements |
| 1.51 Exchange Rate Stability Indicators |
| 1.52 Banking Stability Map |
| 1.53 Capital and Profitability |
| 1.54 Asset Quality |
| 1.55 Banks Signalling Vulnerabilities in Three or More Areas of Risk |
| 1.56 Loan-Deposit Divergence – Long Term Dynamics |
| 1.57 Banking System – Balance Sheet Dynamics |
| 1.58 Banks’ Funding Gap |
| 1.59 Credit and GDP Growth and Credit-GDP Gap |
| 1.60 Deposit Profile and Profitability |
| 1.61 Incremental Credit and Growth Rate in Select Sectors |
| 1.62 Write-offs and Movement in GNPA |
| 1.63 Liquidity Coverage Ratio |
| 1.64 NBFCs’ Loan Growth |
| 1.65 Bank Lending to NBFCs and Bank Borrowings in NBFCs’ Liabilities |
| 1.66 Foreign Currency Borrowings by Outlier NBFCs |
| 1.67 NBFCs – Financial Indicators |
| 1.68 Microfinance Sector – Credit and Borrowers |
| 1.69 Stress in the Microfinance Sector |
| 1.70 Indebtedness in the Microfinance Sector |
| 1.71 Cost of Funds and Yield on Loans for NBFC-MFIs |
| 1.72 Consumer Credit Growth |
| 1.73 Inquiry Volumes and Approval Rates |
| 1.74 Asset Quality of Retail Loans |
| 1.75 Retail Loans at Risk |
| 1.76 Category-wise Loan Originated with an Overdue Personal Loan |
| 1.77 Consumer Loan Distribution by Risk Tier |
| 1.78 Profile of Personal Loans by Income Group |
| 1.79 Trend in Unsecured Personal Loans and Housing Loans by Income Group |
| 1.80 Monthly SIP Contributions and Outstanding SIP Accounts |
| 1.81 Net Inflows into Different Equity Schemes of Mutual Funds |
| 1.82 Net Inflows in Open-Ended Equity-Oriented Schemes |
| 1.83 Net Inflows in Open-Ended Debt-Oriented Schemes |
| 1.84 FSSI and its Broad Components |
| 1.85 Components of FSSI |
| 1.86 Potential Risks to Financial Stability |
| 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 Capital Adequacy |
| 2.6 Select Performance Indicators of SCBs |
| 2.7 Liquidity Ratios |
| 2.8 Macro Scenario Assumptions |
| 2.9 CRAR Projections |
| 2.10 Projection of CET-1 Capital Ratio |
| 2.11 Projection of SCBs’ GNPA Ratios |
| 2.12 Impact of Liquidity Risk on Solvency |
| 2.13 Credit Risk - Shocks and Outcomes |
| 2.14 Credit Concentration Risk: Individual Borrowers – Exposure |
| 2.15 Credit Concentration Risk: Group Borrowers – Exposure |
| 2.16 Credit Concentration Risk: Individual Borrowers – Stressed Advances |
| 2.17 AFS and FVTPL (including HFT) Portfolios: Bank – Group wise |
| 2.18 Yield Curves and Shift in Yields across Tenors |
| 2.19 HTM Portfolio – Composition |
| 2.20 HTM Portfolio – Unrealised Gain/ Loss |
| 2.21 Equity Price Risk |
| 2.22 MTM Position of Total Derivatives Portfolio of Select Banks |
| 2.23 Impact of Shocks on Derivatives Portfolio of Select Banks |
| 2.24 Income from the Derivatives Portfolio |
| 2.25 Credit Profile and Asset Quality Indicators of UCBs |
| 2.26 Stress Test of UCBs |
| 2.27 Credit Profile of NBFCs |
| 2.28 Growth and Delinquency of Components of Retail Loans |
| 2.29 GNPA Ratio |
| 2.30 Provision Coverage Ratio |
| 2.31 Capital Adequacy and Profitability |
| 2.32 Liquidity Stock Measures |
| 2.33 Credit Risk in NBFCs - System Level |
| 2.34 Range (Surplus (+)/ Deficit (-)) of LR-RaR Maintained by AMCs over AMFI Prescribed Limits |
| 2.35 Range (Surplus (+)/ Deficit (-)) of LR-CRaR Maintained by AMCs over AMFI Prescribed Limits |
| 2.36 Bilateral Exposures between Entities in the Financial System |
| 2.37 Instrument-wise Exposure among Entities in the Financial System |
| 2.38 Network Plot of the Financial System |
| 2.39 Net Receivables (+ve)/ Payables (-ve) by Institutions |
| 2.40 Inter-Bank Market |
| 2.41 Share of Different Bank Groups in the Inter-Bank Market |
| 2.42 Composition of Fund based Inter-Bank Market |
| 2.43 Network Structure of the Indian Banking System (SCBs + SFBs + SUCBs) |
| 2.44 Connectivity Statistics of the Banking System (SCBs) |
| 2.45 Gross Receivables of AMC-MFs from the Financial System |
| 2.46 Gross Receivables of Insurance Companies from the Financial System |
| 2.47 Gross Payables of NBFCs to the Financial System |
| 2.48 Gross Payables of HFCs to the Financial System |
| 2.49 Gross Payables of AIFIs to the Financial System |
| 2.50 Contagion Impact of Macroeconomic Shocks (Solvency Contagion) |
| Chapter III |
| 3.1 Summary of Outcomes - Resolution to Liquidation ratio |
| 3.2 NPS and APY – Subscribers and AUM Trend |
| 3.3 NPS and APY AUM: Asset Class-wise Bifurcation (per cent of Total AUM) |
| LIST OF TABLES |
| Chapter I |
| 1.1 Sovereign Rating of G20 Economies |
| 1.2 Capital Flows |
| 1.3 Hedging Status of ECB Loans |
| 1.4 Central Government Finances - Key Deficit Indicators |
| 1.5 State Governments - Key Deficit Indicators |
| 1.6 Returns of Nifty Benchmark Indices |
| 1.7 Assets under Management of the Domestic Mutual Fund Industry |
| 1.8 Summary of Stress Tests and Liquidity Analysis of Midcap and Smallcap MF Schemes |
| Chapter II |
| 2.1 Decline in System Level CRAR |
| 2.2 PV01 of AFS and FVTPL (including HFT) Portfolios |
| 2.3 Interest Rate Risk – Bank-groups - Shocks and Impacts |
| 2.4 Other Operating Income - Profit/ (Loss) on Securities Trading – All Banks |
| 2.5 Earnings at Risk - Traditional Gap Analysis |
| 2.6 Market Value of Equity - Duration Gap Analysis |
| 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 |
| 2.10 Minimum Required Corpus of Core SGF Based on Stress Testing Analysis at Clearing Corporations |
| 2.11 Solvency Ratio of Life Insurance Sector |
| 2.12 Solvency Ratio of Non-Life Insurance Sector |
| 2.13 Contagion Losses due to Bank Failure |
| 2.14 Contagion Losses due to NBFC Failure |
| 2.15 Contagion Losses due to HFC Failure |
| Chapter III |
| 3.1 Category of Complaints Received under the RB-IOS, 2021 |
| 3.2 Coverage of Deposits |
| 3.3 Bank Group-wise Deposit Protection Coverage |
| 3.4 Deposit Insurance Premium |
| 3.5 Deposit Insurance Fund and Reserve Ratio |
| 3.6 Corporate Insolvency Resolution Process |
| 3.7 Sectoral Distribution of CIRPs |
| 3.8 Outcome of CIRPs, Initiated Stakeholder-wise |
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