RBI Bulletin - Jan 21, 2026

JANUARY 2026 VOLUME LXXX NUMBER 1Editorial Committee Sanjay Kumar Hansda Anujit Mitra Rekha Misra Anupam Prakash Sunil Kumar Rajeev Jain Snehal Herwadkar V. Dhanya Shweta Kumari Anirban Sanyal Sujata Kundu Editor Asish Thomas George The Reserve Bank of India Bulletin is issued monthly by the Department of Economic and Policy Research, Reserve Bank of India, under the direction of the Editorial Committee.

The Central Board of the Bank is not responsible for interpretation and opinions expressed. In the case of signed articles, the responsibility is that of the author. © Reserve Bank of India 2026 All rights reserved.

Reproduction is permitted provided an acknowledgement of the source is made.

For subscription to Bulletin, please refer to

Section ‘Recent Publications’ The Reserve Bank of India Bulletin can be

accessed at https://bulletin.rbi.org.inCONTENTS Speeches Regulation and Supervision – Adapting to the Digital Age 1 Shri Sanjay Malhotra Issues and Challenges in Banking Supervision in the Digital Era 5 Shri Swaminathan J.

Regulation in the Digital Era – Issues, Opportunities and Challenges 9 Shri Shirish Chandra Murmu Articles State of the Economy 15 Financial Stocks and Flow of Funds of the Indian Economy 2023-24 47 Current Statistics 63 Recent Publications 120 Supplements Report on Trend and Progress of Banking in India 2024-25 Financial Stability Report, December 2025SPEECHES Regulation and Supervision – Adapting to the Digital Age Shri Sanjay Malhotra Issues and Challenges in Banking Supervision in the Digital Era Shri Swaminathan J.

Regulation in the Digital Era – Issues, Opportunities and Challenges Shri Shirish Chandra MurmuRegulation and Supervision – Adapting to the Digital Age SPEECH Regulation and Supervision – regulated entities as collaborative and not adversarial.

We measure our success as a regulator not only in Adapting to the Digital Age* terms of stability but also the dynamism and vibrancy in the financial sector. Similarly, for the regulated Shri Sanjay Malhotra entities to succeed in the long term, stability is essential. Essentially, the objectives and purposes of Good morning and Namaskar. It is my privilege the regulator and the regulated are the same viz. to to address the third annual global conference of the ensure the long term growth, advancement, stability, College of Supervisors.

integrity, and credibility of the financial system. The Advancement in technology is impacting all regulators and the regulated are in the same team and spheres of human activity – personal, business and not opposite camps. We are partners in the nation’s public. Financial system is no exception. Technology development. Therefore, we have to work together to has revolutionised banking over the years. Yet, today’s strike the right balance between growth and systemic landscape is distinct - the pace and scale of change stability on the one hand and between responsible are unprecedented. Technology has introduced new innovation and consumer protection on the other products, partners, and processes.

hand.

Digitalisation is widening access, enhancing I may mention that even the function of regulation efficiency, improving convenience, and enabling far and supervision is a collaborative effort. Almost more tailored financial services. At the same time, it every regulation is finalised through a consultative is reshaping the nature and scale of risks. It is also approach. Moreover, regulated entities also self- accelerating the transmission of disruptions and risks regulate through their own internal rules, controls, underscoring the need for agility in regulatory and checks and procedures. Regulated entities have their supervisory response. This makes the theme of the own, if one can say so, in a broad sense, supervision conference very apt.

- through their boards, senior management and I want to focus on five key messages today in my assurance teams – both internal and external. Thus,

address: while the statutory mandate to regulate and supervise i) Systemic resilience as a collaborative effort lies with RBI, the obligation to uphold systemic resilience, to better serve the customers and facilitate ii) Supervisory action and enforcement as the growth of the economy are shared responsibilities.

corrective measures It is a collaborative work with a collective aspiration. iii) Effective use of data iv) Customer-centricity Let us all remember that regulation works best when banks and other regulated entities view v) Capacity building supervisors not as fault-finding inspectors, but as I. Systemic resilience as a collaborative effort partners in resilience.

First, I want to emphasise that we in RBI view For a country like India, where banks play a critical our regulatory and supervisory roles vis-a-vis the role in financial intermediation and inclusive growth, * Keynote Address by Shri Sanjay Malhotra, Governor, Reserve Bank this collaborative approach is not just desirable—it is of India at the Third Annual Global Conference of the College of Supervisors, Mumbai, January 9, 2026. essential.

RBI Bulletin January 2026 1SPEECH Regulation and Supervision – Adapting to the Digital Age II. Supervisory action and enforcement as corrective While we have made good use of this data, there is measures scope for more effective use of this data. For example, Department of Supervision can build stronger analytics I now come to my second point. Supervisory and supervisory dash boards for enhanced off-site action and enforcement are often viewed as the most surveillance, to support more continuous monitoring visible aspect of regulation and supervision. It is and early risk detection. Our endeavour should be to therefore important to clarify that such actions by the make supervision more off-site than on-site and as Reserve Bank must be seen as part of a continuum near real-time and not periodic. Increasingly, this will of supervisory tools, not as a standalone response.

also mean using SupTech and AI-enabled tools more This continuum begins with training and capacity deeply, while retaining judgment and accountability, building and moves through dialogue and guidance, firmly with supervisors. Similarly, Department of off-site and on-site supervision. Enforcement, Regulation can use this for evidence based regulation restrictions and penalties are measures of last resort.

making. It should be our endeavour to make better Our endeavour is to have a robust financial ecosystem and effective use of data. where supervision encourages self-correction and enforcement acts only as backstop. IV. Customer-centricity Moreover, the purpose of enforcement actions I will now turn my attention to the use of undertaken by the Reserve Bank is generally not technology for the benefit of customers. For all of us, protecting customers’ interest is not just a priority – it punitive. The intent is largely to correct. They serve has to become the cornerstone of a sustainable and two purposes - (i) signal to those against whom such resilient financial system. Digital channels facilitate measures have been initiated; and (ii) make others our efforts by improving inclusion and convenience.

aware of our acceptable standards of conduct and But, without guardrails, they can also facilitate expectations. opaque pricing, weak disclosures and inappropriate III. Effective use of data recovery practices. Our aim should be to ensure that My third point is related to reports that the digitalisation and innovations are aligned with fair regulated entities submit and the data that we collect outcomes for consumers.

for various purposes including supervision and A key element of this endeavour should be to regulation. We have undertaken several initiatives protect customers from the menace of rising digital in the past to streamline the reporting mechanisms frauds, which has engaged national attention. While and improve the quality of data. We collect large banks and other regulated entities individually should amounts of data through platforms like CIMS and continue to improve their tools, techniques and DAKSH. While some amount of burden is placed on processes in preventing and tackling digital frauds, all of you in this process, our supervisory capabilities this is an area where we need to collaborate with have been strengthened because of your support. I am each other to build analytics and tools to detect mule happy to note that the quality of data has improved accounts and suspicious transactions timely and pre- recently, following introduction of the Supervisory emptively.

Data Quality Index (SDQI) last year. I am confident V. Capacity building that we will continue to collaborate for improving the system while reducing the burden placed on regulated Before I conclude, let me acknowledge that there entities. are huge expectations from all of us in financial 2 RBI Bulletin January 2026Regulation and Supervision – Adapting to the Digital Age SPEECH system. To deliver on these expectations, and on our learning from case studies and practical scenarios. It broader mandate, we must improve our effectiveness. provides a forum for skill upgradation and bridging This can only be achieved when we have the right the information gap between the Reserve Bank and mix of skills not only within the Reserve Bank across our regulated entities. I urge all of you to collaborate regulatory and supervisory domains but also within and utilise the facilities offered by the CoS, more the financial institutions. often.

Moreover, a strong financial system needs Conclusion supervisors, regulators as also the regulated entities As I conclude my address, I want to emphasise to provide feedback and learn continuously from each that the fundamental architecture of regulation other.

and supervision remains the same even in the Regulated entities need to better understand digital era. They still follow the guiding principle regulatory expectations and requirements, particularly of risk sensitivity. Regulated entities still have their in the areas where models, partners, data, and digital stakeholders’ interest topmost in mind. Nonetheless, delivery create new forms of risk. They need to imbibe digitalisation has altered the landscape in many ways.

the essence of regulation and follow the spirit of it I will leave you with a few key points to ponder and and not merely follow a tick-box based compliance

deliberate upon: culture. Our endeavour, rather, should be to develop • First, regulation and supervision must remain common understanding which can reduce frictions risk-based, proportionate, and technology- and improve outcomes.

neutral;

Supervisors and regulators need to provide timely • Second, technology must embed compliance, inputs and clarifications. Supervision should not only not bypass it; and enforce existing regulations, but also help refine them by flagging regulatory gaps and inconsistencies • Third, accountability must remain observed during supervisory engagements. The human, and automation should not dilute amendments to the co-lending directions and lending accountability —it should sharpen it.

against gold & silver jewellery last year were few recent I am confident that your deliberations during the examples where feedback from all the stakeholders day will yield actionable insights on how regulation helped us refine regulations. This feedback process is and supervision should adapt, and how we can forge not just limited to supervisory engagement but also stronger pathways for cooperation with our key includes regulatory or supervisory reporting of data.

stakeholders and peers.

We need to intensify our engagement and I thank the CoS team for organising this conference capacity building efforts. This is where institutions and giving me the opportunity to share my thoughts. I like the College of Supervisors (CoS) can contribute wish you a very productive and successful conference.

immensely. CoS is not only a training institution. It is a platform for building a shared language of oversight, Thank you. Namaskar.

RBI Bulletin January 2026 3Issues and Challenges in Banking Supervision in the Digital Era SPEECH Issues and Challenges in be one incident away from severe disruption. The reason is that the centre of gravity is shifting from Banking Supervision in the the “branch and product” to the “pipes and code”.

Digital Era* In other words, stability now depends as much on operational resilience, data integrity, and third-party Shri Swaminathan J. dependencies as much it does on capital and liquidity.

Therefore I would like to dwell upon how has the Respected Governor;

risk landscape changed in the digital age:

Deputy Governor, Shri S C Murmu; a. The first is speed. In the digital world, Chairman, Academic Council, College of both growth and stress can travel faster.

Supervisors, Shri Arijit Basu; and members of the Customer acquisition can be exponential, Academic Council of CoS but so can misinformation, panic, and outflows. Risks that used to take weeks to Director, CoS, Shri R. Subramanian;

build can now crystallise in hours. This Distinguished speakers, panellists and Managing means supervisory feedback loops must Directors & CEOs of Regulated Entities; tighten, with early triggers, faster follow-up, My fellow colleagues from RBI, Ladies and and clear escalation.

Gentlemen. b. Secondly, concentration and A very good morning to all of you. It is a pleasure interdependence. Many institutions may to be with you today at the third edition of the annual rely on the same core service providers, global conference of the College of Supervisors of the cloud platforms, payment rails, data vendors, Reserve Bank of India. and cybersecurity tools. This creates a new form of common exposure. It is not always As we all know, banking is becoming more visible in traditional financial ratios, but digital, more connected, and more complex. So, I will it is very real. For supervision, we need to use this opportunity to take this one step further map dependencies more actively and assess and speak about what “Supervision in the digital concentration risk at the ecosystem level, age” really means on the ground, for us and the not only at the individual institution level.

supervised entities. How our questions change? How our engagement will change, and what we expect c. Third is the growing role of algorithms. AI boards and management to demonstrate—before the and machine learning are entering credit next incident tests the system! underwriting, fraud detection, customer service, treasury, and even internal control What changes on the ground for supervisors? functions. This improves efficiency but Let me start with a simple thought. For decades, also raises new questions of accountability, supervisors were trained to read balance sheets explainability, and fairness. Supervisors and inspect processes. We still do that. But today, a need to be able to ask, and entities need to bank can look perfectly healthy on paper and still be able to answer, a simple question: who * Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of owns the outcome when a model drives a India, on Friday, January 9, 2026, at the Third Annual Global Conference of the College of Supervisors, RBI, Mumbai. decision? RBI Bulletin January 2026 5SPEECH Issues and Challenges in Banking Supervision in the Digital Era d. The fourth is an expanded threat surface and The third is clear accountability. Digital cyber risk. Digital banking increases points systems can diffuse responsibility between bank, of entry, and the adversary is no longer a vendor, fintech partner, and so on and so forth. The random hacker. It is often organised, well- supervisory approach must be clear: the supervised funded, and persistent. Even when a bank’s entity remains accountable for activities conducted in internal controls are strong, a weakness at a its name and on its rails.

vendor, a partner, or a common technology The fourth principle is forward-looking component can spill over. Resilience and supervision. In a fast-changing environment, recovery must be treated as core capabilities.

backwards-looking compliance checks are necessary e. Lastly and perhaps most importantly, there but not sufficient. We have to be able to spot weak signals early, test resilience before incidents occur, are conduct risks in a digital wrapper. Digital and intervene before vulnerabilities become events.

lending, embedded finance, and platform- based distribution have significantly New Supervisory Focus Areas improved access and convenience. But we These principles are not new. What is new is have also seen risks of mis-selling, opaque the supervisory mindset we need around them.

charges, aggressive recovery practices, and Supervision must shift from periodic snapshots data misuse. In a digital environment, to continuous awareness. It also needs to move customer harm can quickly become a beyond a single institution and take a sharper view confidence issue, and that can quickly of its ecosystem. And finally, we need to move from transform into a liquidity issue.

asking only “did you comply?” to also asking “can

How supervision must respond: principles before you withstand stress, recover quickly, and protect tools customers when things go wrong?” Let me now turn to the supervisory response. We Let me translate that mindset into four certainly need better tools, but we must start with supervisory focus areas that are becoming central in

a few fundamental principles that keeps supervision the digital age: grounded even as technology evolves. i. operational resilience and cyber readiness, The first is technology-neutral, risk-based ii. ecosystem and third-party dependencies, supervision. We should regulate and supervise iii. governance of data, models and AI, and activities and risks, not technology brand names.

Innovation will keep changing. Our objectives do not iv. technology-enabled, continuous supervision, including better use of SupTech and analytics. and there is no real replacement to human judgement.

Operational resilience and cyber readiness The second is proportionality. Not every institution has the same complexity, systemic The first shift is in how we view operational footprint, or technology maturity. The supervisory disruptions. In the past, operational risk was often approach must be risk-based, calibrated and treated as a support function issue. In the digital proportional, but without lowering expectations for world, it can become the main event. A few hours of basic controls, such as cybersecurity hygiene, data outage, a serious cyber incident, or a breakdown at a protection, and governance. key service provider can impair critical services.

6 RBI Bulletin January 2026Issues and Challenges in Banking Supervision in the Digital Era SPEECH This calls for deeper engagement with boards on, supervision cannot remain episodic. This and senior management on cyber governance, crisis requires on-site and off-site teams to work more playbooks, recovery capability, and learning from near- closely together, to pick up early signals and for faster misses. It also means simulations that test decision- follow-up.

making under pressure, not just documentation.

SupTech can help supervisors identify patterns Ecosystem and third-party dependencies early, detect anomalies, and focus attention where it matters most. But data quality and data governance The second focus area is the ecosystem around remain critically important. With better data quality the supervised entity. Critical functions may be hosted by cloud providers, technology vendors, payment and right analytics, supervisors can increasingly intermediaries, outsourced service centres, fintech connect dots across silos.

partners, and data service providers. Collectively, the

A sharper customer lens: grievance redress as an system can become exposed to a small number of early warning indicator common points of failure.

Before I conclude, let me add one more point:

The cross-border element adds another layer. customer service and grievance redress.

Many providers operate globally, and incidents do In a digital environment, a weak grievance system not respect jurisdictional lines. The global IT outage is not a minor irritation. It is often an early warning.

in July 2024 is a useful reminder. The lesson is not From a supervisory angle, we need to look not only about any one firm, but about how quickly third-party at whether a bank has a grievance framework, but at incidents can transmit disruption at scale, including how it performs. Are complaints resolved on time? to well-run institutions. This calls for near real-time Do institutions identify root causes and close them, cooperation among supervisors.

or do they only manage closures on paper? Do boards Governance of data, models, and AI see a clear dashboard of complaint trends, repeat The third focus area is the rise of data-driven failures, and customer pain points? And, is there a decision-making, including AI. From a supervisory proactive and swift remediation? standpoint, the question is not whether a bank A mature digital financial system does not have uses AI. The question is whether it can demonstrate zero complaints. Instead, it learns and fixes quickly, governance and accountability around its use.

and customers can get fair outcomes without running Two issues deserve particular attention. One is from pillar to post. reliance on vendor models and embedded tools, in Conclusion which the institution may use the output without fully understanding the underlying engine. The Let me conclude by summing up what the second is fairness and unintended exclusion, where digital age means for supervised entities and their data proxies can produce outcomes that appear supervisors.

efficient but are unacceptable. Governance is what For supervised entities, three messages are allows innovation to scale safely. important.

Technology enabled continuous supervision i. First, compliance cannot be treated as a The fourth focus area is the supervisory quarter-end activity. With faster cycles, banks transformation itself. If banking is becoming always- will need stronger operational discipline and RBI Bulletin January 2026 7SPEECH Issues and Challenges in Banking Supervision in the Digital Era data governance throughout the year. When casework and simulations, and the confidence to ask an anomaly is flagged, the ability to explain the right questions in new areas.

it and fix it quickly becomes a marker of The College also has a broader role as a platform control maturity. for peer learning, particularly with supervisors from ii. Second, third-party management must be the Global South. Many jurisdictions are navigating

similar challenges: rapid digitalisation, first-time treated as risk management. Institutions customers, platform-based delivery, and fast-changing will need better oversight of partners, clearer threat landscapes. Sharing practical experience on accountability for incidents, and contracts what works and what does not is one of the quickest that support audit, access, and resilience.

ways to raise supervisory effectiveness.

The regulated entity cannot outsource responsibility. Finally, capacity building is not a one-time effort.

Technology and business models will continue to iii. Third, as AI and analytics become more evolve. Threat actors will keep adapting. Our training embedded, institutions should be prepared and supervisory methods must continue to grow as for more intensive supervisory questions on well.

model risk, explainability, and fairness.

Let me conclude. In the digital era, supervision For supervisors, the bar is also rising. We need must remain prudent but also become more vigilant, to remain rooted in the basics while also becoming more ecosystem-aware, and more outcome-focused.

more familiar with new risk areas. That means The intent is not to impede innovation. Instead, it is building the right mix of skills, including cyber, IT, to ensure that innovation rests on trust, resilience, data, and model expertise, alongside core prudential and customer fairness.

judgement.

I am confident that the deliberations in this This is where the role of College of Supervisors conference will help us sharpen our thinking on becomes central. The College is not only about these issues. I wish you all a productive conference, training programmes. It is about building a shared and I look forward to the discussions. Thank you. Jai supervisory language, practical comfort through Hind.

8 RBI Bulletin January 2026Regulation in the Digital Era – Issues, Opportunities and Challenges SPEECH Regulation in the Digital Era looking regulatory approaches. I will conclude by outlining a set of guiding principles that, in my view, – Issues, Opportunities and should anchor regulation in the digital age.

Challenges* I. Issues and Challenges for Regulation in the Digital Era Shri Shirish Chandra Murmu A. Regulatory Agility Distinguished guests and my colleagues, Namaste Digitalisation has compressed the time and a very good afternoon! It is a privilege to address dimension in finance. Transactions settle instantly, this illustrious gathering at College of Supervisors’ services operate continuously, and decisions Third Annual Global Conference convened around the across payments, credit, and markets are executed theme of ‘Adapting the Regulation and Supervision to automatically at machine speed. This has narrowed the Digital Age’.

the time available between early warning and realised Digitalisation has brought significant benefits impact; with the risk that operational incidents, such as efficiency and productivity gains, improved fraud, or loss of confidence may scale rapidly, even transparency, enhanced competition and expanded before conventional indicators register meaningful access to financial services. At the same time, it is deterioration. Accordingly, the regulatory processes also creating new categories of risk and reshaping historically designed around reporting cycles and post- familiar risks in unfamiliar ways, altering their facto remediation must also evolve towards proactive transmission, visibility, and controllability. The detection and agile interventions without sacrificing digital transverses beyond products, platforms, or prudence and quality of regulatory judgement.

processes to organizational structures, partnerships, New applications and business models are and information flows, and with enhanced speed emerging with increasing frequency, thus challenging and scale, fundamentally altering the nature of how the regulators on the appropriateness and speed of risks emerge and spread, and how trust is built or regulatory response. Frequent changes to regulations undermined. These shifts compel regulators to can create uncertainty and compliance fatigue, revisit the operating assumptions of their regulatory while delayed adaptation risks leaving material approaches. Trust, a cornerstone of financial stability, developments inadequately addressed. Regulation is increasingly being forged through digital channels, must therefore maintain an optimal balance between presenting regulators with the challenge of balancing durability and responsiveness.

innovation against risk.

B. Regulatory Perimeter and Fragmentation Building on this, I will first touch upon some issues and challenges that digitalisation presents for Digitalisation is also blurring traditional regulators, and I will then turn to the opportunities regulatory boundaries. Many of the financial activities it offers for developing more effective and forward- are now being unbundled and delivered through non-financial platforms and arrangements involving * Special Address delivered by Shri Shirish Chandra Murmu, Deputy both regulated and un-regulated entities, that do Governor, Reserve Bank of India on January 9, 2026, at the 3rd Annual not fit neatly within the existing regulatory scope of Global Conference of the College of Supervisors, Reserve Bank of India on the theme of ‘Adapting the Regulation and Supervision to the RBI. Oversight of such activities is often fragmented Digital Age’, in Mumbai. Inputs provided by Chandni Trehan Saluja and Bharadwaj Bantu are gratefully acknowledged. among multiple financial and non-financial regulators RBI Bulletin January 2026 9SPEECH Regulation in the Digital Era – Issues, Opportunities and Challenges with no single authority having a comprehensive, management, thereby underscoring the importance end-to-end view of the entire activity chain and risk of effective cross-border co-operation7.

transmission pathways. Hence, regulatory actions C. Nature of Regulation taken within individual mandates may be sound in It is often seen that prescriptive regulations isolation yet collectively may not fully address such become misaligned as technologies and business cross-cutting risks.

models evolve. Conversely, principle-based regulation The challenge lies in the ability of sector-specific introduces scope for interpretation and uneven regulatory frameworks to remain coherent when application, if not supported by strong governance and digital financial activity cuts across them by design.

supervisory engagement.8 The challenge of regulators, Reflecting this, international experience indicates especially with respect to digital technologies, lies in a range of approaches—from legally anchored calibrating regulation to have clarity without rigidity extensions of regulatory reach, such as Digital and flexibility without ambiguity. As international Operational Resilience Act in European Union1, to experience suggests, principle-based regulation, collaborative forums with industry experts, like accompanied by a mature industry with strong Singapore’s Cyber and Technology Resilience Experts governance structures, continuous engagement of

(CTREX) Panel2. RBI has adopted a hybrid approach regulators with the industry, an enhanced supervision that integrates elements of both activity-based such and suitable enforcement, yields more successful as directions on credit and debit cards and entity- results.

based such as prudential norms, to ensure resilience D. Financial Stability of its oversight mechanisms.3 It is complemented by elements such as framework for supervision of Digital innovations like usage of cloud and financial conglomerates4, directions for non- financial decentralised finance introduce new and potentially holding companies5 and inter-regulatory platforms systemic risks, owing to increased interconnectedness under the aegis of Financial Stability and Development with unregulated entities like technology providers, Council6, which help in combined assessment of risks single points of failure, opacity of underlying from the financial stability perspective. arrangements and diluted accountability. As systemic fragility can emerge without any single entity Fragmentation across jurisdictions further appearing vulnerable, regulators are required to look complicates the oversight of digital financial activity.

beyond entity-level soundness to systemic effects Difference in legal frameworks, institutional of concentration, limited substitutability, and the mandates, and domestic policy priorities can lead to potential for disruption when widely relied-upon divergent regulatory approaches which may create services are impaired.

scope for regulatory arbitrage and uneven risk The increasing use of models, algorithms, and 1 https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_ code across financial industry is reshaping how en 2 https://www.mas.gov.sg/who-we-are/mas-advisory-panels-and- outcomes are generated. However, their limitations committees/cyber-and-technology-resilience-experts-panel such as explainability, embedded bias, and model drift 3 https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1519 4 https://rbi.org.in/Upload/AnnualReport/Docs/56244.doc 7 International Regulatory Co-operation – Policy Brief by OECD April 5 https://www.rbi.org.in/Scripts/NotificationUser.

2020. aspx?Id=13213&Mode=0 8 https://www.fsb.org/uploads/P160724-2.pdf and https://www.bis.org/ 6 https://dea.gov.in/files/inline-documents/FSCS.pdf fsi/fsipapers19.pdf 10 RBI Bulletin January 2026Regulation in the Digital Era – Issues, Opportunities and Challenges SPEECH may not be immediately apparent, and may emerge requires understanding technology-enabled only as these technologies gain scale. The overarching business models, data-driven decision systems, framework such as in the report of Committee on digital operational processes, and fast-evolving Framework for Responsible and Ethical Enablement risk transmission channels, which place sustained of Artificial Intelligence (FREE-AI)9 may be helpful but demands on regulatory capacity. Regulators should needs to be translated into appropriate regulation with proactively attract, retain, and effectively deploy the underlying principle that the accountability from talent ensuring that expertise is well embedded across usage of such technologies, lies with the regulated regulatory teams.

entity.

II. Opportunities for Regulation in the Digital Era E. Operational Resilience The same forces that generate challenges for In today’s financial system, data has become a regulation in the digital era also create opportunities core asset. As financial institutions collect and process for the regulator by enabling them to continually vast amounts of sensitive personal and transactional assess and adaptively calibrate their approaches – not information, they have become increasingly attractive by expanding their reach but by improving how risks targets for cyberattacks. The use of technologies for are observed, assessed and addressed.

fraudulent activities like impersonation, fabricated A. Proactive Regulation identities, and synthetic content is reducing the reliability of traditional checks dependent on stable Digital financial activity generates granular, identity and familiar patterns. The challenge is to high-frequency information across transactions, come out with regulations promoting innovation operations, and channels, creating the opportunity for while enhancing safeguards for operational resilience early and deeper regulatory assessments of emerging and the Guidance Note on Operational Risk and issues, such as incipient stress, anomalous behaviour, Resilience10 issued by RBI is a good example of this. or deterioration in controls, helping them time and calibrate their regulatory interventions. RBI’s machine Another emerging challenge for regulators is the learning tool- MuleHunter.ai is an example of its veracity of information, as digital platforms enable digital intervention to tackle the problem of mule information, whether accurate or distorted, complete bank accounts plaguing the digital ecosystem.11 or incomplete, to circulate rapidly. The distorted information can influence consumer behaviour and B. System Wide Visibility market sentiment potentially amplifying stress and As alluded to earlier, many digital-era risks arise contagion. In such environment, a clear, targeted and through shared dependencies, common technology timely regulatory communication assumes greater choices, and interconnected infrastructure. Advances significance for anchoring stakeholders’ confidence.

in data availability and analytical tools can be used by F. Capacity regulators to look through these complex chains of Digitalisation has materially expanded the dependencies and interconnections to identify critical scope and sophistication of issues that fall under the nodes and assess concentration and other intersecting regulatory domain. Regulatory judgement increasingly risks. This helps in not only having a more coherent view of risk but also anticipating system wide 9 https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/FREEAIR13082 0250A24FF2D4578453F824C72ED9F5D5851.PDF disruptions even though individual entities appear 10 https://rbidocs.rbi.org.in/rdocs/Content/PDFs/OPERATIONAL2811202 5BA9ABE54217D47C89EAEAEA9A649ED11.PDF 11 https://rbihub.in/projects/mulehunter RBI Bulletin January 2026 11SPEECH Regulation in the Digital Era – Issues, Opportunities and Challenges resilient; as also assessing of the second-order effects E. Regulatory Capabilities of such disruptions - like a cyber incident triggering The use of technology by both regulators liquidity stress.

(SupTech) and regulated entities (RegTech) supports C. Regulatory Calibration more efficient supervisory processes andcompliances, including automated reporting, targeted analysis, Digitalisation creates scope for regulator to become and shift away from static documentation, enabling more adaptive. A granular understanding of activities, effective risk management and outcomes. RBI’s exposures, and risk drivers, facilitated through digital Advanced Supervisory Analytics Group is increasingly tools provides an opportunity to operationalise using digital techniques for microdata analytics, proportionality with greater precision. At the same governance assessment, social media monitoring, time, digital tools help regulators incorporate feedback assessing borrowers’ fraud vulnerability model, etc.14 from incidents, near-misses, market developments and supervisory experience more systematically into From a conduct perspective, digital tools can regulations supporting a mature and stable regulatory help improve the ability to assess information- both posture. structured and unstructured on consumer grievances, their resolution, service disruptions, mis-selling, etc.

D. Reducing Regulatory Burden This helps in earlier supervisory engagement and more The availability of richer data and more advanced evidence-based intervention supporting consumer modelling tools enables regulators to undertake protection and financial inclusion outcomes. The regulatory impact assessments and cost–benefit Complaint Management System of RBI is progressively analysis in a more structured and forward-looking making use of such tools.15 manner supporting reasoned regulatory choices. RBI through the Framework for Formulation of Regulations F. Regulatory Cooperation has institutionalised such structured decision-making As pointed out earlier, digital infrastructures and which inter-alia includes impact assessments, periodic service providers operate across institutional and review of regulations and broadened stakeholder jurisdictional boundaries by design. Digital tools can engagement through ‘Connect 2 Regulate’.

support faster information sharing and joint analysis Reduction in compliance burden is another for consistent regulatory outcomes in cross-border use case for regulators, which RBI has been actively and cross-sectoral contexts, particularly for common working on by embedding digital processes within its critical third parties. RBI has been continuously regulatory and supervisory functions. All regulatory engaging with domestic and international regulators services are now delivered through an end-to-end and standard setting bodies to further such centralized digital portal PRAVAAH12. DAKSH13, also an collaborative efforts.

end-to-end supervisory workflow application, enables III. Principles for Regulation in the Digital Era focused monitoring of compliance, supervisory processes and communication, as also cyber incident I would like to end by laying down some guiding reporting. principles about how a regulator should think, decide, and act in the digital era.

12 Paragraph I.20 of Report on Trend and Progress of Banking in India 2024-25.

13 https://www.rbi.org.in/scripts/BS_PressReleaseDisplay. 14 Para VI.60 of RBI Annual Report 2024-25. aspx?prid=54503 15 Para VI.93 of RBI Annual Report 2024-25.

12 RBI Bulletin January 2026Regulation in the Digital Era – Issues, Opportunities and Challenges SPEECH a. Primacy of Public Interest: Regulation must and systems to absorb shocks, maintain remain anchored in its core objective of continuity of critical functions, and recover financial stability and customer protection. in an orderly manner.

b. Risk-based Focus: Regulatory focus should i. Effective Communication: Regulatory be directed at the risks beyond institutional communication should be clear that supports form, legal structure, or delivery channels.

confidence and stability without prejudging c. Enforce Accountability: Technological outcomes or constraining future regulatory intermediation, or processes must not dilute action. accountability of regulated entities, even Conclusion though responsibilities are shared.

Let me conclude with a reflection that extends d. Proportionate Calibration: Regulatory beyond regulation. The digital era is steadily intensity should be calibrated to the materiality, complexity, and systemic compressing the distance between action and relevance of activities. consequence. Actions now travel faster, interact more widely, and compound more quickly than before. In e. Data, Experience, and Foresight: Regulatory such a setting, the central challenge is not uncertainty decision-making should draw on data, itself, but the quality of judgement exercised while supervisory experience, and forward-looking outcomes are still unfolding.

judgement. f. Adaptive Refinement: Regulation should In this environment, the value of regulation lies continually evolve. in its ability to serve as a stable reference point while everything else is in motion. When it is grounded g. Outcome Orientation: Regulatory in evidence, experience and is forward-looking, expectations should focus on desired regulation can shape the trajectory of change rather outcomes and risk controls, allowing than merely respond to it. That is how innovation flexibility in implementation, while avoiding the prescription of specific technologies, moves forward with confidence, and how trust in the architectures, or models into regulation. financial system is endured.

h. Resilience by Design: Regulatory frameworks Thank you and wishing constructive deliberations should focus on the ability of entities and exchange of views.

RBI Bulletin January 2026 13ARTICLES State of the Economy Financial Stocks and Flow of Funds of the Indian Economy 2023-24State of the Economy ARTICLE State of the Economy* orders reverted to contraction, driven by a broad- based decline in both manufacturing and services Global growth remained resilient in 2025 despite export orders.

heightened uncertainties. Though elevated, global Major equity markets recorded modest gains uncertainty witnessed further moderation in December. in December. Non-US markets, however, showed The first advance estimates of GDP for 2025-26 reflected better returns as investors diversified their portfolios the resilience of the Indian economy, driven by domestic amidst concerns about concentration risks in the factors amidst a challenging external environment. High- US. In January 2026 so far, equity markets rallied till frequency indicators for December suggest continued mid-month, led by Japan, but retreated later amidst buoyancy in growth impulses with demand conditions increased geopolitical uncertainties. Global bond remaining upbeat. Headline CPI inflation edged up in yields rose across most of the advanced economies December but remained below the lower tolerance level.

(AEs) as a result of the repricing of worldwide interest The flow of financial resources to the commercial sector has increased over the past year, with both non-bank and rate expectations, the Bank of Japan’s rate hike, and bank sources contributing to the credit pick-up. an improved economic outlook in the US. Portfolio flows to emerging markets rebounded, reversing the Introduction outflows in the previous month, led by inflows into Global growth remained resilient in 2025 the debt segment.

despite heightened uncertainties. The IMF’s World Global commodity prices recorded divergent Economic Outlook update of January 2026 revised movements. Prices of industrial and precious metals upward its global growth projections for 2026, on firmed up. Crude oil prices held steady on a favourable strong technology-led investment, alongside fiscal demand-supply balance in December. Prices edged and monetary support and broadly accommodative higher in early January amidst rising geopolitical financial conditions. The balance of risks to the growth tensions but partly corrected later. Inflation eased outlook, however, remained tilted to the downside.

but remained at elevated levels in the AEs amidst Global uncertainty, though elevated, moderated persistent services inflation. Monetary policy actions further in December. Volatility in global financial marked a divergence in policy stances among systemic markets, after moderating through much of the central banks in December.

month, edged up in January due to rising geopolitical The first advance estimates of gross domestic tensions. product (GDP) for 2025-26 reflected the resilience Global economic activity moderated to its lowest of the Indian economy, driven by domestic factors – level in six months in December as growth across private final consumption expenditure (PFCE) and manufacturing and services softened. New export fixed investment – amidst a challenging external environment. A strong rebound in the manufacturing * This article has been prepared by Rekha Misra, Asish Thomas George, Shashi Kant, Rajni Dahiya, Biswajeet Mohanty, Oorja Yadav, Yamini sector and continued buoyancy in services are Jhamb, Vikas Anand, Sanjana Sejwal, Arjit Shivhare, Nilava Das, Akash Raj, Amrita Basu, Satyendra Kumar, Love Kumar Shandilya, Radhika expected to boost growth in gross value added (GVA).

Singh, Suganthi D, Hari Prasad E, Shiv Shankar, Shweta Kumari, Rakesh High-frequency indicators for December suggest Kumar, Abhinandan Borad, Amit Pawar, Apeksha Sharma, Samridhi, Yuvraj Kashyap, Nishant Singh and Saurabh Sharma. The guidance continued buoyancy in growth impulses. Demand and comments provided by Dr. Poonam Gupta, Deputy Governor, are conditions remained upbeat, underpinned by a gratefully acknowledged. Peer review by Binod Bihari Bhoi, Radheshyam Verma, and Vidya Kamate is also acknowledged. Views expressed in this resurgence in rural demand and a gradual recovery in article are those of the authors and do not represent the views of the Reserve Bank of India. urban demand.

RBI Bulletin January 2026 15ARTICLE State of the Economy Headline consumer price index (CPI) inflation international investment position as at end-September edged up in December but continued to remain below 2025. Comfortable foreign exchange reserves and the lower tolerance level for the fourth consecutive a sustainable current account deficit continue to month. The uptick in inflation in December was underpin India’s external sector stability.

driven by a lower rate of deflation in food and a pick- Set against this backdrop, the remainder of the up in core (CPI excluding food and fuel) inflation. article is structured into four sections. Section II Core inflation continued to be disproportionately covers the rapidly evolving developments in the influenced by prices of precious metals, with the core global economy. Section III provides an assessment inflation excluding gold and silver remaining steady of domestic macroeconomic conditions. Section IV at its all-time low. The December print is the last encapsulates financial conditions in India, while inflation reading in the current base year (2012=100)

Section V presents the concluding observations. series.

II. Global Setting In the money market, the weighted average The IMF’s World Economic Outlook update call rate – the operating target of monetary policy – of January 2026 revised upward its global growth traded above the policy repo rate but largely within projections for 2026, even as the balance of risks the corridor. Average yields on treasury bills declined, remained tilted to the downside. Global growth while those on commercial papers increased. Interest estimate for 2025 was revised up by 10 basis points rates on certificate of deposits also edged up amidst

(bps) to 3.3 per cent and projections for 2026 by 20 bps an expected increase in supply following the pick-up to 3.3 per cent relative to the October release, reflecting in credit growth. In the fixed income segment, the strong technology-led investment, alongside fiscal yield curve shifted upwards across tenors in January.

and monetary support and broadly accommodative Growth in bank deposits and credit registered a marked financial conditions (Table II.1). Growth projections increase in December. During 2025-26 so far (up to for major AEs, including the US, the UK and the Euro December 31), the total flow of financial resources area, were revised upward. Among emerging market to the commercial sector increased compared to the and developing economies (EMDEs), growth remained same period a year ago, with non-bank sources along robust, led by India and China. The World Bank’s with bank sources contributing to the credit pick-up.

Global Economic Prospects Report (January 2026) also Indian equity markets exhibited bidirectional revised global growth estimates for 2025 upward by 40 movements in December. Strong buying by domestic bps to 2.7 per cent, reflecting stronger-than-expected institutional investors (DIIs) provided support to growth in major AEs, led by the US and the Euro area equity markets, amidst persistent selling by foreign (Table II.1). Global growth projections for 2026 was portfolio investors (FPIs). In January 2026, downward also revised up by 20 bps to 2.6 per cent. However, it pressures on the equity markets resurfaced in the is still expected to moderate from 2025 levels due to a wake of fresh tariff warnings by the US. likely deceleration in trade growth.

Net FPI registered outflows from both the equity Global uncertainty declined for the third and debt segments in December, amidst uncertainty consecutive month in December, though continuing to surrounding the stalled India-US trade deal and the be elevated. World policy uncertainty index moderated depreciation of the rupee. India’s external sector at a lower pace, while the world trade uncertainty remains resilient, as evidenced by the improved index saw a significant fall in December. Financial 16 RBI Bulletin January 2026State of the Economy ARTICLE Table II.1: Global GDP Growth Projections – Select AEs and EMDEs (Y-o-y, per cent) Organisation IMF* World Bank^ Estimate/Projection 2025 2026 2027 2025 2026 2027 Month of Projection Oct Jan Oct Jan Jan June Jan June Jan June Jan 2025 2026& 2025 2026 2026 2025 2026& 2025 2026 2025 2026

1. World 3.2 3.3 3.1 3.3 3.2 2.3 2.7 2.4 2.6 2.6 2.7

2. Advanced Economies 1.6 1.7 1.6 1.8 1.7 1.2 1.7 1.4 1.6 1.5 1.6 US 2.0 2.1 2.1 2.4 2.0 1.4 2.1 1.6 2.2 1.9 1.9 UK 1.3 1.4 1.3 1.3 1.5 - - - - - - Euro Area 1.2 1.4 1.1 1.3 1.4 0.7 1.4 0.8 0.9 1.0 1.2 Japan 1.1 1.1 0.6 0.7 0.6 0.7 1.3 0.8 0.8 0.8 0.8

3. E merging Market and Developing 4.2 4.4 4.0 4.2 4.1 3.8 4.2 3.8 4.0 3.9 4.1 Economies Emerging and Developing Europe 1.8 2.0 2.2 2.3 2.4 - - - - - - Russia 0.6 0.6 1.0 0.8 1.0 1.4 0.9 1.2 0.8 1.2 1.0 Emerging and Developing Asia 5.2 5.4 4.7 5.0 4.8 - - - - - - India# 6.6 7.3 6.2 6.4 6.4 6.3 7.2 6.5 6.5 6.7 6.6 China 4.8 5.0 4.2 4.5 4.0 4.5 4.9 4.0 4.4 3.9 4.2 Latin America and the Caribbean 2.4 2.4 2.3 2.2 2.7 2.3 2.2 2.4 2.3 2.6 2.6 Mexico 1.0 0.6 1.5 1.5 2.1 0.2 0.2 1.1 1.3 1.8 1.8 Brazil 2.4 2.5 1.9 1.6 2.3 2.4 2.3 2.2 2.0 2.3 2.3 Sub-Saharan Africa 4.1 4.4 4.4 4.6 4.6 3.7 4.0 4.1 4.3 4.3 4.5 South Africa 1.1 1.3 1.2 1.4 1.5 0.7 1.3 1.1 1.4 1.5 1.5

Notes: 1. #: India’s data is on a fiscal year basis (April-March).

2. &: Estimates.

3. * World growth rates are measured at purchasing-power-parity weights.

4. ^ Growth rates are calculated using GDP weights at average 2010-19 prices and market exchange rates.

Sources: IMF, World Economic Outlook, January 2026; and World Bank Global Economic Prospects, January 2026. market volatility edged lower for most of December, economies. Volatility in global financial markets edged led by reduced uncertainty and compressed risk up in January due to renewed geopolitical tensions premia across major advanced and emerging market (Charts II.1a and II.1b).

Chart II.1: Global Uncertainty and Market Volatility a. Uncertainty Indices b. Volatility Indices Index (Jan 2024 = 100) Index (Jan 2025=100) 800 12000 700 10000 600 8000 500 400 6000 300 4000 200 2000 100 0 0 World Uncertainty Index World Policy Uncertainty Index US VIX Emerging Markets VIX World Trade Uncertainty Index (RHS) EURO STOXX VIX

Sources: Chicago Board Options Exchange; Bloomberg; www.PolicyUncertainty.com; and World Uncertainty Index (WUI) database.

RBI Bulletin January 2026 17 42-beF 42-rpA 42-nuJ 42-guA 42-tcO 42-ceD 52-beF 52-rpA 52-nuJ 52-guA 52-tcO 52-ceD 340 310 280 250 220 190 160 130 100 70 52-naJ-40 52-beF-11 52-raM-12 52-rpA-82 52-nuJ-50 52-luJ-31 52-guA-02 52-peS-72 52-voN-40 52-ceD-21 62-naJ-91ARTICLE State of the Economy Table II.2: Global Composite PMI Eased, Export Orders Contracted in December Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 PMI Composite 52.6 51.8 51.5 52.1 50.8 51.2 51.7 52.5 52.9 52.5 53.0 52.7 52.0 PMI Manufacturing 49.6 50.1 50.6 50.3 49.8 49.5 50.4 49.7 50.9 50.7 50.9 50.5 50.4 PMI Services 53.8 52.2 51.5 52.7 50.8 52 51.8 53.5 53.3 52.9 53.5 53.2 52.4 PMI Export Orders 48.7 49.6 49.7 50.1 47.5 48.0 49.1 48.5 48.9 49.7 48.6 50.0 49.2

PMI Export Orders: 48.2 49.4 49.6 50.1 47.3 48.0 49.2 48.2 48.7 49.5 48.3 49.9 49.1 Manufacturing

PMI Export Orders: 50.3 50.2 50.2 50.1 48.2 47.9 48.7 49.4 49.3 50.2 49.4 50.2 49.6 Services 50 <<<<<<Contraction----------------------------------------------------Expansion>>>>>>

Notes: 1. The Purchasing Managers’ Index (PMI), a diffusion index, captures the change in each variable compared to the prior month, noting whether each has risen/improved, fallen/deteriorated or remained unchanged. A PMI value >50 denote expansion; <50 denote contraction; and =50 denote ‘no change’.

2. Heat map is applied on data from April 2023 onwards. The map is colour coded–red denotes the lowest value, yellow denotes 50 (or the no change value), and green denotes the highest value in each of the PMI series.

Source: S&P Global.

The global composite PMI moderated in December major EMDEs, business activity expanded in India to its lowest level in six months as growth in output and China, while it remained broadly unchanged in across manufacturing and services eased. New export Russia. New export orders continued to remain in orders reverted to contraction in December, driven contraction in most AEs, barring the UK and Australia.

by a broad-based decline in both manufacturing and Among major EMDEs, export orders continued to services export orders (Table II.2). expand in India at a robust pace. However, China’s Business activity, as reflected in PMI indices, new export orders moved into contraction amidst expanded across major AEs, except Canada. Among subdued external demand (Charts II.2a and II.2b).

Chart II.2: Purchasing Managers’ Index: Comparison across Jurisdictions a. S&P Global Composite PMI b. PMI Export Orders

(Index) (Index) 62 58 54 50 46 42 Nov-25 Dec-25 Nov-25 Dec-25

Note: A level of 50 indicates no change in activity, while a reading above 50 signals expansion and below 50 suggests contraction.

Source: S&P Global.

18 RBI Bulletin January 2026 aidnI niapS eropagniS SU lizarB labolG enozoruE KU anihC ynamreG napaJ ailartsuA ylatI aissuR ecnarF adanaC 54 50 46 42 aidnI KU ailartsuA anihC aissuR SU ecnarF dlroW ylatI niapS enozoruE napaJ ynamreG adanaCState of the Economy ARTICLE Global commodity prices exhibited divergent constraints and tariff uncertainties. Copper prices movements in December. The World Bank Commodity accelerated in recent months on tight demand- Price Index declined marginally due to lower energy supply balance and on uncertainties surrounding prices, while non-energy items, such as metals and US import tariffs. Acute supply constraints resulted in a sharp pick-up in tin prices in recent months.

precious metals, registered a notable uptick. Food Aluminium prices strengthened on persistent and Agriculture Organization’s Food Price Index supply pressures stemming from China’s smelting declined for the fourth consecutive month, dragged capacity cap and production constraints in Europe.

by dairy products, meat and vegetable oils (Chart Silver prices surged on rising demand, for industrial II.3a). The Bloomberg Commodity Index registered use and as a safe-haven asset, amidst tight supplies an increase in January so far, driven by higher metal (Chart II.4).

and gold prices. Gold prices which maintained an Inflation eased but remained at elevated levels upward trajectory up to end-December, corrected in most AEs due to persistent services inflation. thereafter due to year-end portfolio rebalancing and In the Euro area, headline inflation eased further profit booking by investors. In January so far, prices in December, driven by a decline in energy costs, edged up amidst renewed geopolitical tensions.

while inflation in the US remained steady. Inflation Brent crude oil prices traded in a narrow range in in the UK fell to a six-month low led by food and December. Prices picked-up in early January amidst beverages. Japan’s inflation also edged lower on low rising geopolitical tensions but partly corrected later food inflation (Chart II.5a). Among major EMDEs, (Charts II.3b).

inflation edged up in China, driven by food prices, Industrial metal prices have seen a substantial even as core inflation remained steady. In contrast, upsurge in the recent period, amidst supply lower food and beverage prices led to easing of Chart II.3: Global Commodity Prices Exhibited Divergent Movements a. Commodity and Food Indices b. High-Frequency Indicators - Bloomberg Commodity Index Index (Jan 2024=100) Index (Jan 2025=100) 115 110 105 100 95 90 85 80 Food and Agriculture Organization Food Price Index Gold Bloomberg Commodity Index (RHS) World Bank Commodity Price Index Brent Crude

Sources: Food and Agriculture Organization; Bloomberg; and World Bank Pink Sheet.

1 As per the Food and Agriculture Organization’s Food Price Index for the month of December 2025.

RBI Bulletin January 2026 19 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 165 115 150 110 135 120 105 105 100 90 75 95 52-naJ-40 52-beF-11 52-raM-12 52-rpA-82 52-nuJ-50 52-luJ-31 52-guA-02 52-peS-72 52-voN-40 52-ceD-21 62-naJ-91ARTICLE State of the Economy amidst rising geopolitical uncertainties. Equity markets in the US experienced intermittent volatility in December and January. Markets saw a mid-month correction in December, led by sell- offs in the technology sector, before rebounding on softer-than-expected inflation data. Thereafter, markets remained range-bound till mid-January before registering a downturn due to geopolitical tensions. European equity markets remained broadly steady in December, but rising geopolitical tensions led to a decline from mid-January. Equity markets in Japan, though witnessing occasional pullbacks, saw a modest gain in December. Markets registered gains till mid-January before retreating on geopolitical considerations. Chinese equity markets inflationary pressures in Brazil and in Russia, strengthened since mid-December on positive where headline inflation moderated to its lowest domestic data. However, it eased around mid-January level since September 2023. Inflation in South due to increased regulatory scrutiny on trading Africa eased due to moderation in transport costs (Chart II.6a).

(Chart II.5b).

The US Treasury yields hardened in early Equity markets in major economies rallied in December, following hawkish signals from the Bank December and early January but retreated later of Japan, but eased subsequently after the Federal Chart II.5: Headline Inflation a. Select AEs b. Select EMDEs (Per cent) (Per cent)

4.0

3.5

3.2

3.0

2.9

2.5 2.7

2.0

2.0

1.5 Brazil Russia China US (CPI) UK Euro area Japan South Africa India

Note: US CPI data is not available for October 2025 due to the US Government shutdown.

Sources: Bloomberg; and OECD.

20 RBI Bulletin January 2026 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 11 9 7 5

4.3

3.5 3

1.3 1 0.8 -1 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD Chart II.4: Industrial Metal Prices Surged in Recent Months Index (Jan 2025=100) 280 240 200 160 120 80 LME Copper LME Tin LME Aluminium Silver

Note: LME stands for London Metal Exchange.

Source: Bloomberg.

5.6 52-naJ-40 52-beF-11 52-raM-12 52-rpA-82 52-nuJ-50 52-luJ-31 52-guA-02 52-peS-72 52-voN-40 52-ceD-21 62-naJ-91State of the Economy ARTICLE Chart II.6: Global Financial Markets a. Equity Indices: Select Economies b. Government Bond Yields Index (April 07, 2025=100) (Per cent, left scale; Index, right scale) S&P 500 SSE Composite Index Nikkei 225 STOXX 600

Note: Equity markets are represented by S&P 500 for US, SSE Composite Index for US Govt Bonds J.P. Morgan EMBI Global Spread (RHS) China, Nikkei 225 for Japan, and STOXX 600 for Europe.

Source: Bloomberg. Source: Bloomberg. c. Currency Indices d. Portfolio Flows to EMEs

(Index) (US$ billion) 70 50 36.7 30 7.3

29.4 10 -10 -30 -50 MSCI EME currency index Dollar index (RHS) Debt Equity Total

Source: Bloomberg. Source: Institute of International Finance.

Reserve’s rate cut and a softer US inflation print. high, supported by a weaker US dollar, an improved Yields, however, rose again towards the year-end outlook for Asia, and investor diversification away on strong economic data and the release of FOMC from the US assets (Chart II.6d).

minutes indicating a likely slower pace of future In December 2025, monetary policy actions monetary easing. In January so far, yields eased of systemic central banks exhibited divergence. on weaker labour data before rising again on global Among the AEs, the US and the UK lowered policy bond sell-off triggered by heavy selling in Japanese rates in response to weak labour market conditions, government debt. The JP Morgan emerging market bond yield spread narrowed in December and while Japan raised its policy rate to a three-decade January, supported by positive investor demand high as inflation remained above target. In the (Chart II.6b). case of EMDEs, China, Indonesia, and Brazil kept their policy rates unchanged, whereas Russia, The US dollar depreciated through most of Philippines, Thailand and Mexico undertook December following the Federal Reserve’s rate cut but rebounded thereafter on a stronger-than- rate cuts. In January so far, China, South Korea expected Q3 GDP growth print (Chart II.6c). Portfolio and Indonesia kept their policy rates unchanged flows to emerging markets rose to a four-month (Chart II.7).

RBI Bulletin January 2026 21 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 175 155 135 115 95 52-rpA-10 52-rpA-22 52-yaM-31 52-nuJ-30 52-nuJ-42 52-luJ-51 52-guA-50 52-guA-62 52-peS-61 52-tcO-70 52-tcO-82 52-voN-81 52-ceD-90 52-ceD-03 62-naJ-02

4.9 370

4.7 340

4.5 4.3 310

4.3 228.5 280

4.1 250

3.9 220 52-naJ-50 52-beF-21 52-raM-22 52-rpA-92 52-nuJ-60 52-luJ-41 52-guA-12 52-peS-82 52-voN-50 52-ceD-31 62-naJ-02 1,860 110 1,840 108 1,820 1849.8 106 1,800 104 1,780 102 1,760 98.6 1,740 100 1,720 98 1,700 96 52-naJ-50 52-beF-21 52-raM-22 52-rpA-92 52-nuJ-60 52-luJ-41 52-guA-12 52-peS-82 52-voN-50 52-ceD-31 62-naJ-02ARTICLE State of the Economy Chart II.7: Central Banks Pursued Divergent Policy Rate Paths in December Type Countries III. Domestic Developments growth estimated at 7.4 per cent in 2025-26, up from

6.5 per cent a year ago.2 The first advance estimates of GDP for 2025-26 underscore the resilience of the Indian economy, In 2025-26, growth in PFCE − the mainstay of aggregate demand − remained broadly steady, with the real GDP recording a robust growth despite while growth in fixed investment improved over persistent global headwinds. On the demand side, the previous year. Government final consumption PFCE and fixed investment were the key growth expenditure also accelerated, further supporting drivers. On the supply side, a strong rebound in overall growth momentum. PFCE growth was the manufacturing sector and continued buoyancy underpinned by sustained rural demand and a in services boosted GVA growth. High-frequency gradual recovery in urban demand, part of which may indicators for December suggest a continued buoyancy be attributed to the rationalisation of the goods and in growth impulses. Demand conditions remained services tax (GST).3 upbeat, underpinned by a resurgence in rural demand On the external front, net exports acted as a and a gradual recovery in urban demand.

drag on growth. India’s total exports recorded a Aggregate Demand The Indian economy has demonstrated marked resilience amidst global uncertainties, with real GDP 22 RBI Bulletin January 2026 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD

6202.10.12 Australia 0 0 0 0 0 0 0 0 Canada 0 0 0 0 0 0 0 0 0 Euro area 0 0 0 0 0 0 0 0 0 Japan 0 0 0 0 0 0 0 Advanced New Zealand 0 -1 0 0 0 0 0 0 -1 0 0 0 Economies South Korea 0 0 0 0 0 0 Sweden 0 0 0 0 0 0 0 0 Switzerland 0 0 0 0 0 0 0 0 0 0 0 United Kingdom 0 0 0 0 0 0 0 0 0 United States 0 0 0 0 0 0 0 0 Brazil 1 0 1 0 1 0 0 0 0 China 0 India 0 0 0 0 0 -1 0 0 0 0 0 Indonesia 0 0 0 0 0 Emerging Malaysia 0 0 0 0 0 0 0 0 Market Mexico 0 -1 -1 0 -1 -1 0 0 0 0 0 0 0 Economies Philippines 0 0 0 0 0 0 0 0 0 0 0 0 Russia 0 0 -1 -2 0 -1 -1 0 -1 0 Saudi Arabia 0 0 0 0 0 0 0 0 South Africa 0 0 0 0 0 0 0 0 0 0 0 Thailand 0 0 0 0 0 0 0 0 0 0 0 Rate change < -0.75 -0.75 to -0.50 -0.50 to -0.25 -0.25 to <0 0 (No change) >0 to 0.25 0.25 to 0.50 0.50 to 0.75 > 0.75 Colour

Note: White-coloured blocks indicate an off-policy month.

Source: Bloomberg.

2 First advance estimates of GDP for 2025-26, National Statistics Office

(NSO).

3 GST rationalisation was announced on August 15, 2025 and implemented from September 22, 2025.State of the Economy ARTICLE modest growth, supported by a steady performance Chart III.2: Moderation in GDP Deflator Inflation in services, despite merchandise exports weakening (Y-o-y growth, per cent) 7 following the imposition of steep tariffs by the US.4 Growth in imports, on the other hand, outpaced that 6 in exports, aided in part by base effects (Chart III.1 5 and Annex Table A1).

4 Notwithstanding the robust real GDP growth in

3.1 2025-26, the nominal GDP growth registered a five- 3 year low of 8.0 per cent. The narrowing of the gap 2 between nominal and real GDP growth was reflected in the fall in GDP deflator inflation, which dipped to 1 0.5 its lowest level in 2025-26 (Chart III.2).

0 Economic activity continued to register a strong 2022-23 2023-24 2024-25 2025-26

Sources: NSO; and RBI staff calculations. growth in December. E-way bill generation continued to record healthy growth, supported by GST rate import-related GST receipts.5 Petroleum consumption rationalisation, alongside stock clearance and firms’ registered a pick-up in growth owing to the elevated efforts to meet year-end sales targets. Growth in GST travel and logistics activity during the month.6 revenue collections was primarily driven by higher Electricity demand recovered, with the winter-related demand gaining traction. Digital payments sustained Chart III.1: Weighted Contribution to GDP Growth strong robust growth in both value and volume terms (Percentage points) 12 (Table III.1).

7.4 Overall demand conditions remained upbeat 9 in December. Indicators of rural demand regained 6 momentum with retail automobile sales recording broad-based growth across categories. An increase in 3 automobile sales was driven by enhanced affordability 0 following GST rate cuts, year-end promotional offers, and increased demand ahead of expected price -3 2022-23 2023-24 2024-25 2025-26 revisions in January. Retail sales of two-wheelers Private final consumption expenditure Net exports Government final consumption expenditure Others and tractors posted strong growth supported by Gross fixed capital formation GDP (Y-o-y growth, per cent) increase in minimum support prices for rabi crops

Note: Others include change in stocks, valuables, and statistical discrepancies.

Source: NSO; and RBI staff calculations. and GST rationalisation. Retail passenger vehicle 4 The US imposed a 50 per cent tariff on Indian goods exports beginning from August 27, 2025. This combined the baseline tariff of 10 per cent effective from April 2, 2025, a reciprocal tariff of 25 per cent effective from August 1, 2025, and an additional 25 per cent tariff effective from August 27, 2025.

5 Import-related GST receipts recorded an annual growth of 19.7 per cent in December.

6 India’s petroleum consumption rose to 21.75 million metric tonnes in December, marking the highest monthly level on record.

RBI Bulletin January 2026 23ARTICLE State of the Economy Table III.1: High Frequency Indicators of Overall Economic Activity Indicator Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 GST E-way bills 17.6 23.1 14.7 20.2 23.4 18.9 19.3 25.8 22.4 21.0 8.2 27.6 23.5 GST revenue -0.2 12.3 9.1 9.9 12.6 16.4 6.2 7.5 6.5 9.1 4.6 3.6 6.1 Toll collection 9.8 14.8 18.7 11.9 16.6 16.4 15.5 14.8 16.1 13.8 4.6 2.9 0.4 Electricity demand 5.1 1.3 2.4 5.7 2.8 -4.8 -2.3 2.6 3.8 3.5 -5.8 -0.6 6.5 Petroleum consumption 2.0 3.0 -5.2 -3.1 0.2 1.1 0.5 -4.4 4.8 7.0 -1.5 2.8 5.3 Of which

11.1 6.7 5.0 5.7 5.0 9.2 6.8 5.9 5.5 8.0 7.4 2.6 7.1 Petrol Diesel 5.9 4.2 -1.3 0.9 4.2 2.1 1.5 2.4 1.2 6.5 -0.3 4.7 5.0 Aviation Turbine Fuel 8.7 9.4 4.2 5.7 3.9 4.4 3.3 -2.3 -2.9 -0.8 2.1 5.4 0.3 Digital payments - Volume 33.1 33.0 26.7 30.8 30.0 29.2 28.3 30.9 31.1 28.1 21.5 30.2 23.7 Digital payments - Value 19.6 18.6 9.5 17.3 18.4 12.6 17.4 16.6 5.3 13.4 8.8 14.7 15.4 <<Contraction ----------------------------------------------------------------------------------- Expansion>>

Notes: 1. The y-o-y growth (in per cent) has been calculated for all indicators.

2. The heatmap is applied on data from April 2023 to the latest month for which data is available. Digital Payments data for December 2025 are provisional.

3. The heatmap translates the data range for each indicator into a colour gradient scheme with red denoting the lowest values and green corre- sponding to the highest values of the respective data series.

4. The data on toll collections for December 2025 growth rate is calculated by aggregating daily data.

Sources: Goods and Services Tax Network (GSTN); RBI; Central Electricity Authority (CEA); National Payments Corporation of India (NPCI); and Ministry of Petroleum and Natural Gas, GoI. sales stood out, marking the strongest growth in 14 on January 16, 2026), the all-India unemployment months. Domestic air passenger traffic, however, rate showed a slight uptick in December, with rural rate being steady and the urban rate edging up.

recorded a decline, partly due to dense winter fog Labour force participation rate continued with its and disruption in flight schedules in early December upward trend seen since June. PMI employment for (Table III.2).

manufacturing moderated in December but remained As per the Periodic Labour Force Survey (released in the expansionary zone, while PMI employment in Table III.2: High Frequency Indicators - Buoyant Demand Conditions Indicator Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Urban Domestic air passenger traffic 10.8 14.1 12.1 9.9 9.7 2.6 3.7 -2.5 -0.5 -2.5 3.5 7.0 -3.6 demand Retail passenger vehicle sales 0.1 15.5 -10.3 6.3 1.6 -3.1 2.5 -0.8 0.9 5.8 10.7 19.7 26.6 Retail automobile Sales -12.5 6.6 -7.2 -0.7 2.9 5.4 4.8 -4.3 2.8 5.2 40.5 2.1 14.6 Rural Retail tractor sales 25.8 5.2 -14.5 -5.7 7.6 2.8 8.7 11.0 30.1 3.6 14.2 56.5 15.8 demand Retail two-wheeler sales -17.6 4.2 -6.3 -1.8 2.3 7.3 4.7 -6.5 2.2 6.5 51.8 -3.1 9.5 <<Contraction ----------------------------------------------------------------------------------- Expansion>>

Notes: 1. The y-o-y growth (in per cent) has been calculated for all indicators.

2. The heatmap is applied on data from April 2023 to the latest month for which data is available.

3. The heatmap translates the data range for each indicator into a colour gradient scheme with red denoting the lowest values and green corresponding to the highest values of the respective data series.

4. The data on domestic air passenger traffic for December 2025 growth rate is calculated by aggregating daily data.

5. Data for retail automobile sales consists of sales of two wheelers, three wheelers, passenger vehicles, tractors and commercial vehicles.

Sources: Airports Authority of India; Federation of Automobile Dealers Associations (FADA); and Ministry of Rural Development, GoI.

24 RBI Bulletin January 2026State of the Economy ARTICLE services witnessed a contraction for the first time unskilled manual wage-employment per rural in three-and-a-half years.7 The Naukri JobSpeak household annually, while strengthening livelihood Index registered a healthy growth in December security through outcome-linked creation of rural led by fresh hiring especially in non-IT sectors assets.

like insurance, hospitality, and business process During April-November 2025, the key deficit outsourcing. Demand for work under the Mahatma indicators of the Centre, as per cent of budget Gandhi National Rural Employment Guarantee estimates (BE), were higher than the same period Scheme (MGNREGS) remained in contraction for last year (Chart III.3a).8 The higher fiscal deficit was the sixth consecutive month in December, pointing on account of a deceleration in revenue receipts to sustained improvement in rural labour market alongside robust growth in capital expenditure. 9 conditions (Table III.3).

Gross tax revenue growth moderated, driven by a In December, the government introduced the slowdown in direct tax collections and a marginal Viksit Bharat–Guarantee for Rozgar and Ajeevika contraction in indirect tax collections.10 Mission Gramin (VB-G RAM G) Act, replacing the MGNREG Act, 2005. The Act provides an The deficit indicators of states during April- enhanced statutory guarantee of 125 days of November 2025, as a proportion of BE for the Table III.3: High Frequency Indicators for Employment Indicator Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Unemployment rate (PLFS: All-India) 5.1 5.6 5.6 5.2 5.1 5.2 5.2 4.7 4.8 Unemployment rate (PLFS: Rural) 4.5 5.1 4.9 4.4 4.3 4.6 4.4 3.9 3.9 Unemployment rate (PLFS: Urban) 6.5 6.9 7.1 7.2 6.7 6.8 7.0 6.5 6.7 Naukri JobSpeak Index 8.7 3.9 4.0 -1.5 8.9 0.3 10.5 6.8 3.4 10.1 -9.3 23.5 13.2

PMI Employment: Manufacturing 53.4 54.8 54.5 53.4 54.2 54.9 55.1 53.3 53.1 52.1 52.4 50.9 50.5

PMI Employment: Services 55.5 56.3 56.2 52.5 53.9 57.1 55.1 51.4 52.2 51.9 51.4 51.6 49.8

MGNREGS: Work demand 8.2 14.4 2.8 2.2 -6.5 4.4 4.4 -12.3 -26.2 -27.1 -35.1 -32.0 -28.9 <<Contraction ----------------------------------------------------------------------------------- Expansion>>

Notes: 1. All PLFS indicators are in the current weekly status and for people aged 15 years and above.

2. The y-o-y growth (in per cent) has been calculated for the Naukri JobSpeak Index and MGNREGS Work Demand.

3. The heatmap is applied on data from April 2023 to the latest month for which data is available.

4. The heatmap translates the data range for each indicator into a colour gradient scheme with red denoting the lowest values and green corresponding to the highest values of the respective data series.

5. All PMI values are reported in index form. A PMI value >50 denotes expansion, <50 denotes contraction and =50 denotes ‘no change’. In the PMI heatmaps, red denotes the lowest value, yellow denotes 50 (or the no change value), and green denotes the highest value in each of the PMI series.

Sources: Ministry of Statistics and Program Implementation (MoSPI), GoI; Info Edge; and S&P Global.

7 In PMI employment, about 2 per cent of firms reported job shedding, while the vast majority indicated no change.

8 As per the latest data released by the Controller General of Accounts (CGA).

9 During April-November 2025-26, the y-o-y growth in revenue receipts and capital expenditure were 2.1 per cent and 28.2 per cent, respectively. The moderation in the growth of the Centre’s revenue receipts was due to contraction of 3.4 per cent in net tax revenue.

10 The direct and indirect tax growth decelerated from 13.4 per cent and 7.6 per cent in April-November 2024-25 to 7.0 per cent and (-) 1.1 per cent, respectively, in April-November 2025-26. Within major direct and indirect tax categories, corporation tax and union excise duties registered an acceleration in growth as compared to the previous year.

RBI Bulletin January 2026 25ARTICLE State of the Economy financial year, remained lower than the same period electronic goods and gold.11 India’s merchandise last year (Chart III.3b). This improvement was a result exports and imports during this period witnessed a of moderation in revenue expenditure relative to broad-based expansion.12 their budget estimates. In contrast, growth in capital In December, the merchandise trade deficit expenditure recorded a turnaround from last year’s widened on account of a higher growth of imports contraction, leading to an improvement in the quality than exports (Chart III.4).13 While gold imports of expenditure. Within revenue receipts, States’ goods declined in December, silver imports recorded a and service tax collections grew at a slower pace than double-digit growth. Exports to China continued to last year, while grants from the Centre declined.

be in double digits, supported by exports of marine Trade products and iron ore in December.14 During the year so far (April-December), the The US has announced an additional 25 per cent merchandise trade deficit was higher than that of tariff on countries continuing to trade with Iran. Iran last year, primarily driven by petroleum products, has less than 0.5 per cent share in India’s exports as Chart III.3: Government Deficit Indicators (April-November) a. Centre b. States (Actuals as per cent of budget estimates) (Actuals as per cent of budget estimates) 90 80 73.8

78.9 80 70 65.6

68.2 70

61.5 62.3 60 60

52.5 50 45.5

42.8 50

41.8 40 40 33.1

28.8 30 30 20 20 10 10 0 0 Revenue Gross fiscal Primary Revenue Gross fiscal Primary deficit deficit deficit deficit deficit deficit 2024-25 2025-26 2024-25 2025-26

Note: Data pertains to 25 States/UTs.

Sources: Controller General of Accounts; Comptroller and Auditor General of India; and Union Budget Documents.

11 The merchandise trade deficit during April-December 2025 was at US$ 248.3 billion as against US$ 223.9 billion during April-December 2024.

12 18 out of 30 major commodities (accounting for 56.4 per cent of exports basket) and 18 out of 30 major commodities (accounting for 35.4 per cent of imports basket) registered expansion in 2025-26 (April-December).

13 The merchandise trade deficit widened to US$ 25.0 billion in December 2025 from US$ 20.6 billion in December 2024. Merchandise exports stood at US$ 38.5 billion in December 2025 [increase of 1.9 per cent (y-o-y)]. Key segments such as electronic goods, meat, dairy and poultry; drugs and pharmaceuticals; engineering goods; and marine products drove the exports, while rice, petroleum products, plastic and linoleum, oil meals and gems and jewellery dragged the exports down. Exports to 8 out of the top 20 major destinations expanded, with exports to destinations such as China, UAE and Germany growing, while contracting to the US, Netherlands, and the UK. Merchandise imports stood at US$ 63.6 billion in December 2025 [expansion of

8.8 per cent (y-o-y)]. Electronic goods, machinery, electrical and non-electrical, petroleum crude and products, non-ferrous metals, and metalliferous ores and other minerals contributed positively to the imports, while Gold, transport equipment, iron and steel, chemical material and products, and wood and wood products dragged imports during the month. Imports from 13 out of 20 major destinations expanded, with imports from destinations such as China, the UAE and the US growing, while contracting from Russia, Switzerland, and Indonesia.

14 Export to China increased by 67.4 per cent (y-o-y) in December 2025.

26 RBI Bulletin January 2026State of the Economy ARTICLE Chart III.4: India’s Merchandise Trade a. Higher Growth in Imports than in Exports b. Merchandise Trade Deficit Widened (Y-o-y, per cent) (US$ billion) 25 20 15 10 8.8 5

1.9 0 -5 -10 -15 -20 Exports Imports Exports Imports Trade balance

Sources: PIB; DGCI&S. well as in imports in 2024-25.15 After the imposition activity in the industrial sector despite some of a 50 per cent tariff by the US in end-August, India’s moderation in the agricultural sector (Chart III.6 and exports to the US declined in the subsequent months, Annex Table A2). Industrial sector picked up pace, supported by a strong performance in manufacturing.

except for November 2025.

Momentum in the services sector was sustained, Net services exports grew in November with financial, real estate, and professional services with exports accelerating and imports declining driving the overall growth. Agriculture and allied (Chart III.5).16 Services exports growth increased activities witnessed a moderation in growth.

in November, primarily due to rise in business, computer, and transport services exports. Services imports contracted, mainly due to a fall in imports of business and transportation services.

Aggregate Supply On the supply side, growth in real GVA at basic prices is estimated to firm up to 7.3 per cent in 2025- 26 from 6.4 per cent in 2024-25. This acceleration was propelled by a buoyant services sector and improved 15 Iran accounted for 0.3 per cent of India’s total exports and 0.06 per cent of India’s total imports in 2024-25. The major export commodity to Iran is rice, while the major import commodities are petroleum products and electronic goods.

16 Net services exports grew by 17.0 per cent (y-o-y) to US$ 17.4 billion in November 2025 from US$ 14.9 billion in November 2024. During April- November 2025, net services exports increased to US$ 133.6 billion from US$ 116.4 billion during April-November 2024.

RBI Bulletin January 2026 27 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 100 80

63.6 60

38.5 40 20 0 -20 -20.6 -25.0 -40 -60 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD Chart III.5: Services Exports Grew while Imports Declined (Y-o-y, per cent) 35 30 25 20 15 10

6.7 5 0 -5 -2.1 -10 Exports Imports

Source: RBI.

42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voNARTICLE State of the Economy Chart III.6: Weighted Contribution to Real Chart III.7: Robust Rabi Sowing so far GVA Growth (Lakh hectares, left scale; per cent, right scale) (Percentage points) 700 652 120 631 9 600 100 8 7.3 500 7 80 400 6 328334 60 300 5 40 200 4 133137 100 59 9397 20 3 26 56 21 2 0 0 1 0 2022-23 2023-24 2024-25 2025-26 2024-25 2025-26 Per cent of full season normal area (RHS) Agriculture and allied activities Industry Services

Notes: 1. Data is as on January 16, 2026.

GVA at basic prices (Y-o-y growth, per cent)

2. Horizontal line denotes the full season normal area for crops.

Sources: NSO; and RBI staff calculations. Source: Ministry of Agriculture and Farmers’ Welfare.

Agriculture wheat with the government remains adequate to meet any contingency going forward.21 The rabi sowing season is nearing completion, and higher acreage is reported across all major Monthly Indicators of Industrial Activity crops so far.17 Strong progress in rabi sowing has In November, growth in industrial activity, been supported by favourable rainfall in the post- as measured by the year-on-year (y-o-y) change in monsoon season.18 In the top five rabi-producing the Index of Industrial Production (IIP), jumped states − Uttar Pradesh, Madhya Pradesh, Punjab, to a 25-month high, primarily driven by a robust manufacturing growth. Mining sector also rebounded Haryana, and Rajasthan − a combination of lower after two consecutive months of contraction. The temperature and adequate soil moisture has index of eight core industries posted a four month created a conducive environment for crop growth high growth in December, led by strong growth (Chart III.7).19 in steel and cement and turnaround in electricity For kharif marketing season 2025-26 so far, the generation.

procurement of rice is higher than the last year.20 High-frequency indicators of industrial activity Consequently, the combined public stock of rice and remained strong in December. Automobile production experienced accelerated growth across segments 17 As on January 16, 2026, the area sown under rabi crops has covered in December, underpinned by a healthy booking

102.3 per cent of the full season normal acreage, which is 3.3 per cent higher than the corresponding period of last year. pipeline driven by policy support, including income 18 Aided by above-normal post-monsoon rainfall, reservoir levels remain tax relief, GST rationalisation, and easier financing higher than that in the corresponding period last year and the decadal average. As of January 15, 2026, average storage in 166 major reservoirs conditions. Tractor production also surged in view across the country stood at 74 per cent of full capacity—6.8 per cent higher than a year ago and 23.9 per cent above the decadal average.

19 Based on remote sensing data upto December 2025. 21 As on January 01, 2026, the rice and wheat stock stood at 679.3 lakh 20 As on January 19, 2026, rice procurement stood at 410.1 lakh tonnes, tonnes (8.9 times the buffer norm) and 274.6 lakh tonnes (2.0 times the

5.1 per cent higher than last year. buffer norm), respectively.

28 RBI Bulletin January 2026 taehW eciR sesluP esraoC slaereC sdeesliO latoTState of the Economy ARTICLE of buoyant sales propelled by improved cash flows Chart III.8: Increase in Installed Energy Capacity from strong kharif output. Electricity generation, (Gigawatt) which had contracted for two consecutive months, 50 48.6 recovered in December. The manufacturing PMI 45 remained in expansion despite some deceleration 40 due to slower expansion in new orders and output 35 (Table III.4). 30 28.6 25 India has been making rapid progress towards 20 clean energy transition. Installed power capacity has 16.4

14.4 15 13.0 increased by nearly 36 per cent over the past five 10 years, largely driven by the expansion of renewable 5.6 5 energy. In 2025, India recorded its highest-ever 0 annual addition to renewable energy capacity, 2020 2021 2022 2023 2024 2025 primarily led by a surge in solar installations Fossil Nuclear Renewable (Chart III.8). Additionally, the introduction of the Source: Central Electricity Authority.

Table III.4: High Frequency Indicators- Industry- Growth Rate Indicator Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 IIP-Headline 3.7 5.2 2.7 3.9 2.6 1.9 1.5 4.3 4.1 4.6 0.5 6.7 IIP Manufacturing 3.7 5.8 2.8 4.0 3.1 3.2 3.7 6.0 3.8 5.6 2.0 8.0 IIP capital goods 10.5 10.2 8.2 3.6 14.0 13.3 3.0 6.8 4.5 5.4 2.1 10.4 PMI Manufacturing 56.4 57.7 56.3 58.1 58.2 57.6 58.4 59.1 59.3 57.7 59.2 56.6 55.0 PMI Export Order 54.7 58.6 56.3 54.9 57.6 56.9 60.6 57.3 56.1 56.5 54.7 54.1 54.0

PMI Manufacturing: Future Output 62.5 65.1 64.9 64.4 64.6 63.1 62.2 57.6 60.5 64.8 62.3 57.1 56.9 Eight Core Index 5.1 5.1 3.4 4.5 1.0 1.2 2.2 3.7 6.5 3.3 -0.1 2.1 3.7

Electricity generation: Conventional 4.4 -1.3 2.4 4.8 -1.8 -8.2 -6.1 -0.8 1.0 0.8 -10.6 -5.0 4.3

Electricity generation: Renewable 17.9 31.9 12.2 25.2 28.0 18.2 28.7 26.4 22.7 16.4 21.4 22.9 Automobile Production 1.3 9.4 2.3 6.5 -1.7 5.2 1.2 10.7 8.1 10.8 -2.8 22.3 37.1 Passenger vehicle production 9.2 3.7 4.5 11.2 10.8 5.4 -1.8 0.1 -4.1 16.1 9.8 22.8 23.1 Tractor production 20.9 23.7 -7.8 18.5 20.5 9.1 9.8 11.5 9.4 23.0 13.0 37.5 57.9 Two-wheelers production -0.6 10.3 1.6 5.6 -4.1 4.7 1.4 12.3 10.0 9.8 -5.6 20.9 39.9 Three-wheelers production 7.6 16.2 6.5 6.0 4.1 16.9 8.6 24.0 15.8 15.9 15.9 55.4 39.6 Crude steel production 8.3 7.4 6.0 8.5 9.3 11.0 12.6 13.8 12.8 13.7 8.9 10.8 5.3 Finished steel production 5.3 6.7 6.7 10.0 6.6 7.0 10.9 13.8 13.8 14.0 7.2 11.8 2.0 Import of capital goods 6.0 15.5 -0.5 8.6 24.5 15.7 3.4 13.3 0.2 12.7 8.6 12.8 13.2 <<Contraction ----------------------------------------------------------------------------------- Expansion>>

Notes: 1. The y-o-y growth (in per cent) has been calculated for all indicators (except for PMI).

2. The heatmap translates the data range for each indicator into a colour gradient scheme with red denoting the lowest values and green corresponding to the highest values of the respective data series.

3. The heatmap is applied on data from April 2023 to the latest month for which data is available.

4. All PMI values are reported in index form. A PMI value >50 denotes expansion, <50 denotes contraction and =50 denotes ‘no change’. In the PMI heatmaps, red denotes the lowest value, yellow denotes 50 (or the no change value), and green denotes the highest value in each of the PMI series.

Sources: Ministry of Statistics and Programme Implementation (MoSPI); S&P Global; Central Electricity Authority (CEA), Ministry of Power; Society of Indian Automobile Manufacturers (SIAM); Office of Economic Adviser, GoI; Joint Plant Committee; Directorate General of Commercial Intelligence & Statistics; and Tractor and Mechanisation Association.

RBI Bulletin January 2026 29ARTICLE State of the Economy Table III.5: High Frequency Indicators- Services- Growth Rate Indicator Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 PMI Services 59.3 56.5 59.0 58.5 58.7 58.8 60.4 60.5 62.9 60.9 58.9 59.8 58.0 International Air Passenger Traffic 9.0 11.1 7.7 6.8 13.0 5.0 3.4 5.5 7.7 7.3 9.7 7.5 6.4 Domestic Air Cargo 4.3 6.9 -2.5 4.9 16.6 2.3 2.6 4.8 7.1 2.8 -2.3 20.5 International Air Cargo 10.5 7.1 -6.3 3.3 8.6 6.8 -1.2 4.2 4.5 2.3 -2.3 12.7 Port Cargo Traffic 3.5 7.6 3.6 13.3 7.0 4.3 5.6 4.0 2.5 11.5 11.9 14.5 12.8 Retail Commercial vehicle sales -11.7 8.2 -8.6 2.7 -1.0 -3.7 6.6 0.2 8.6 2.7 21.1 17.0 24.6 Hotel Occupancy -0.2 1.2 0.6 1.9 7.2 -2.8 -0.3 -2.4 -3.2 -0.6 0.0 3.8 Steel Consumption 7.7 9.0 10.9 13.6 6.0 8.1 9.3 7.3 10.0 8.9 2.4 6.0 3.4 Cement Production 10.3 14.3 10.7 12.2 6.3 9.7 8.2 11.6 5.4 5.0 5.2 14.6 13.5 <<Contraction ----------------------------------------------------------------------------------- Expansion>>

Notes: 1. The y-o-y growth (in per cent) has been calculated for all indicators (except for PMI).

2. The heatmap translates the data range for each indicator into a colour gradient scheme with red denoting the lowest values and green corresponding to the highest values of the respective data series.

3. The heatmap is applied to data from April 2023 to the latest month for which data is available.

4. The data on international air passenger traffic for December 2025 growth rate is calculated by aggregating daily data.

5. All PMI values are reported in index form. A PMI value >50 denotes expansion, <50 denotes contraction and =50 denotes ‘no change’. In the PMI heatmaps, red denotes the lowest value, yellow denotes 50 (or the no change value), and green denotes the highest value in each of the PMI series.

Sources: Federation of Automobile Dealers Associations (FADA); Indian Ports Association; Airports Authority of India; Joint Plant Committee; Office of Economic Adviser; and S&P Global.

Sustainable Harnessing and Advancement of Nuclear lowest level in the current CPI series (2012=100) in Energy for Transforming India (SHANTI) Bill22, 2025 October. It rose to 1.3 per cent in December, driven along with the Nuclear Energy Mission is expected by a lower rate of deflation in food group along with to boost nuclear power capacity to 100 GW by 2047 an increase in core (i.e., CPI excluding food and fuel) while enabling limited private participation in the inflation [Chart III.9].24 nuclear energy sector under regulatory oversight. Food prices remained in deflation for the fourth consecutive month, though the rate of deflation Monthly Indicators of Services Activity eased.25 Within food group, prices declined for India’s services sector continued to exhibit cereals, pulses, spices, and vegetables on a y-o-y healthy expansion in December. Retail commercial basis. Inflation in sub-groups such as fruits, non- vehicles sales sustained strong growth due to alcoholic beverages, prepared meals and oils and fats improved goods movement and underlying economic moderated, while that in egg, meat and fish, milk and activity. Port cargo traffic also maintained the growth products, and sugar edged up (Chart III.10).

momentum [Table III.5].

Fuel and light inflation moderated to 2.0 per cent Inflation in December from 2.3 per cent in November, mainly Headline inflation23 rose for the second due to favourable base effects. This was driven by a consecutive month in December after reaching the decrease in inflation of kerosene-PDS and LPG.

22 https://www.pib.gov.in/PressNoteDetails.aspx?id=156593&NoteId=156593&ModuleId=3&reg=3&lang=2 23 As per the provisional data released by the National Statistics Office (NSO) on January 12, 2026.

24 The increase in inflation by 60 bps was on account of unfavourable base effect of 55 bps along with a positive price momentum of 5 bps.

25 Food deflation moderated to 1.8 per cent in December from 2.8 per cent in the previous month.

30 RBI Bulletin January 2026State of the Economy ARTICLE Chart III.9: Lower Food Deflation and Hardening Core Inflation Drove the Headline Inflation a. CPI Inflation (Y-o-y, per cent) 12 10 8 6 4 4.6 2 2.0 0 1.3 -2 -1.8 -4 -6 Food and beverages Fuel and light CPI excluding food and fuel CPI Headline

Sources: National Statistics Office (NSO); and RBI staff calculations.

Core inflation increased to 4.6 per cent in and education while it picked up in personal care December from 4.3 per cent in the previous month. and effects, driven by rising gold prices. Excluding Inflation eased in clothing and footwear, health, precious metals, core inflation was at 2.3 per cent in household goods and services, transport and December, the same as in November.

communication, housing, recreation and amusement, RBI Bulletin January 2026 31 32-ceD 42-beF 42-rpA 42-nuJ 42-guA 42-tcO 42-ceD 52-beF 52-rpA 52-nuJ 52-guA 52-tcO 52-ceD b. Contributions (Percentage points) 7 6 5 4 3 2 1 1.3 0 -1 -2 Food and beverages Fuel and light CPI excluding food and fuel CPI Headline (y-o-y, per cent) 32-ceD 42-beF 42-rpA 42-nuJ 42-guA 42-tcO 42-ceD 52-beF 52-rpA 52-nuJ 52-guA 52-tcO 52-ceD Chart III.10: Key Drivers of Increase in Inflation: Personal Care and Effects, Vegetables, Meat and Fish Inflation (y-o-y, per cent)

Sources: NSO; and RBI staff calculations.ARTICLE State of the Economy In terms of spatial distribution, inflation in both Chart III.11: Spatial Distribution of Inflation: urban and rural areas firmed up in December.26 Across December 2025 states/UTs, inflation varied from (-) 4.2 per cent to 9.5 (Y-o-y, per cent) per cent, with the majority of states continuing to record inflation below 2 per cent. Overall, a broad- Inflation Number of Range States/UTs based rise in inflation was observed, with 26 states/ <2 24 2-4 11 UTs recording an uptick in inflation (Chart III.11).

4-6 0 6-8 1 High-frequency food price data for January so 8-10 1 far (up to 19th) point towards a softening in cereal Inflation Number of prices. Among pulses, a broad-based moderation in Trend States/UTs Decline or 11 prices is observed across gram, moong and tur/arhar Stable Increase 26 dal. Within edible oils, sunflower oil and groundnut <2 2-4 6-8 8-10 oil prices increased. Within vegetables, onion

Notes: 1. Map is for illustrative purposes only. prices picked up while potato prices eased further

2. Lakshadweep experienced inflation at 7.0 per cent and Kerala at 9.5 per cent.

Sources: NSO; and RBI Staff estimates. (Chart III.12).

Chart III.12: Food Prices Eased Marginally in January a. Cereals b. Pulses (M-o-m, per cent) (M-o-m, per cent) 2 1 0 -0.4 -1 -0.7 -2 -3 -4 Rice Wheat Gram Dal Tur/ Arhar Dal Moong Dal c. Vegetables d. Edible Oils (M-o-m, per cent) (M-o-m, per cent) Potato Onion Tomato Groundnut oil Mustard oil Sunflower oil

Sources: Department of Consumer Affairs, GoI; and RBI staff calculations.

26 Inflation in urban and rural areas was at 2.0 and 0.8 per cent, respectively.

32 RBI Bulletin January 2026 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 2 -0.2 0 -0.2 -2 -1.0 -4 -6 -8 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 40 20

7.2 0 0.0 -10.8 -20 -40 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 4 2

0.8

0.5 0 -0.1 -2 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJState of the Economy ARTICLE for manufacturing firms softened, it increased for Table III.6: Petroleum Products Prices services (Chart III.13).

Item Unit Domestic Prices Month-over- month (Per cent) IV. Financial Conditions Jan-25 Dec-25 Jan-26^ Dec-25 Jan-26^ Financial conditions exhibited two-way movement Petrol ₹/litre 101.0 101.1 101.2 0.0 0.0 since the second half of December (Chart IV.1).

Diesel ₹/litre 90.5 90.5 90.5 0.0 0.0 Kerosene ₹/litre 43.9 48.6 45.1 5.9 -7.4 The banking system’s liquidity transitioned

(subsidised) from surplus to deficit during the second half of LPG (non- ₹/cylinder 813.3 863.3 863.3 0.0 0.0 subsidised) December, due to a buildup in government cash ^: For the period January 1-19, 2026. balances resulting from advance tax and GST-related

Note: Other than kerosene, prices represent the average Indian Oil Corporation Limited (IOCL) prices in four major metros (Delhi, Kolkata, payments. To assuage the transient liquidity tightness, Mumbai and Chennai). For kerosene, prices denote the average of the the Reserve Bank conducted variable rate repo (VRR) subsidised prices in Kolkata, Mumbai and Chennai.

Sources: IOCL; Petroleum Planning and Analysis Cell (PPAC); and RBI staff auctions.27 The Reserve Bank also announced fresh calculations. open market operations (OMOs) comprising purchase Retail selling prices of petrol, diesel and LPG auctions amounting to ₹2 lakh crore and 3-year remained unchanged in January 2026 (up to 19th) USD/INR Buy/Sell Swap auction of USD 10 billion.28 while it declined for Kerosene (Table III.6).

From end-December to January (up to 19th), system In December, both manufacturing and services liquidity again turned into surplus as a result of faster PMI witnessed an increase in the rate of expansion government spending and RBI’s durable liquidity of input prices. While the output price inflation operations.

Chart III.13: PMI: Input and Output Prices a. Manufacturing b. Services Index (50=No Change) Index (50=No Change) 60 55

52.4

51.2 50 45 Input Prices Output Prices Input Prices Prices Charged

Note: A level of 50 corresponds to no change in activity, and a reading above 50 denotes expansion and vice versa.

Source: S&P.

27 During the second half of December and in January (up to January 19th), the RBI conducted 21 VRR auctions of overnight and upto 10-day maturity.

28 RBI announced OMO purchase auctions of Government of India securities for an aggregate amount of ₹2 lakh crore in four tranches of ₹0.5 lakh crore each to be held on December 29, 2025, January 05, 2026, January 12, 2026, and January 22, 2026. Auctions for the first three tranches of OMO purchases aggregating to ₹1.5 lakh crore have already been conducted which saw good demand. USD/INR Buy/Sell Swap auction of USD 10 billion for a tenor of 3 years held on January 13, 2026 attracted bids roughly three times the notified amount.

RBI Bulletin January 2026 33 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 60 55

52.2

51.1 50 45 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceDARTICLE State of the Economy Chart IV.1: Daily Financial Conditions Index (Standard deviation from average since 2012)

1.0

0.8

0.6

0.4

0.2

0.0 -0.2 -0.4 -0.6 -0.8 -1.0 Money Government securities Corporate bond Equity Foreign exchange Financial conditions index (standardised)

Note: The financial conditions index provides a metric based on its historical average; in this context, a zero value corresponds to a financial system operating at the historical average level of all the financial indicators included in the index. To present the results, standardised index is used.

Source: RBI staff estimates.

Overall, average net absorption under the and banks’ recourse to the marginal standing facility liquidity adjustment facility stood at ₹0.21 lakh crore increased marginally.29 during December 16, 2025 – January 19, 2026, in Money Market comparison to net absorption of ₹1.90 lakh crore in the preceding one-month period (Chart IV.2). Average The weighted average call rate (WACR) generally balances under the standing deposit facility declined, hovered within the policy corridor during December 29 Average balances under the standing deposit facility decreased to ₹1.31 lakh crore during December 16, 2025 to January 19, 2026 from ₹1.69 lakh crore in the preceding one-month period. Borrowings from the marginal standing facility averaged ₹0.018 lakh crore during this period, up from ₹0.017 lakh crore in the preceding one-month period.

34 RBI Bulletin January 2026 52-naJ-60 52-naJ-02 52-beF-30 52-beF-71 52-raM-30 52-raM-71 52-raM-13 52-rpA-41 52-rpA-82 52-yaM-21 52-yaM-62 52-nuJ-90 52-nuJ-32 52-luJ-70 52-luJ-12 52-guA-40 52-guA-81 52-peS-10 52-peS-51 52-peS-92 52-tcO-31 52-tcO-72 52-voN-01 52-voN-42 52-ceD-80 52-ceD-22 62-naJ-50 62-naJ-91 Tighter conditions Easier conditions Chart IV.2: Liquidity Operations (₹ lakh crore)

4.5

3.5

2.5

1.5

0.5 -0.5 -1.5 -2.5 -3.5 -4.5 Daily standing deposit facility Variable rate reverse repo Marginal standing facility Variable rate repo Net liquidity adjustment facility Total absorption

Source: RBI.

52-naJ-60 52-naJ-02 52-beF-30 52-beF-71 52-raM-30 52-raM-71 52-raM-13 52-rpA-41 52-rpA-82 52-yaM-21 52-yaM-62 52-nuJ-90 52-nuJ-32 52-luJ-70 52-luJ-12 52-guA-40 52-guA-81 52-peS-10 52-peS-51 52-peS-92 52-tcO-31 52-tcO-72 52-voN-01 52-voN-42 52-ceD-80 52-ceD-22 62-naJ-50 62-naJ-91State of the Economy ARTICLE and January (up to January 19th). It remained above growth (Chart IV.3b).30 The average risk premium in the policy repo rate in the second half of December the money market (the spread between the yields on and January (up to January 19th). On December 31st, 3-month commercial paper and 91-day treasury bill) it rose above the MSF rate with the usual quarter-end witnessed an uptick.31 tightness compounded by the fortnightly reserve Government Securities (G-Sec) Market maintenance requirements. On average, the WACR In the fixed income segment, G-Sec yields was higher at 5.4 per cent during December 16, 2025 hardened for most of December and January so far to January 19, 2026, compared with the preceding (up to 19th) amidst dimming market expectations of one-month period (Chart IV.3a). Overnight rates in further rate cuts. A brief softening, however, followed the collateralised segments – as measured by the the announcement of OMO purchases by the benchmark secured overnight rupee rate (SORR)– Reserve Bank on December 23, 2025 (Chart IV.4a).32 moved in tandem with the uncollateralised rate.

Compared to December 16, 2025 the yield curve Yields on three-month treasury bills averaged lower (as on January 19, 2026) has risen across tenors while those on three-month commercial papers (Chart IV.4b).

issued by non-banking financial companies edged up Corporate Bond Market during this period. The interest rate on three-month certificate of deposits also edged up on account of an Corporate bond yields hardened across tenors expected increase in supply amidst a pick-up in credit and the rating spectrum. Consequently, their spread Chart IV.3: WACR Traded above the Policy Repo Rate, Short-Term Rates Higher a. Policy Corridor and Call Rate b. Money Market Rates (Per cent) (Per cent)

7.0

6.5

6.0

5.40

5.5

5.0

4.5 Repo rate Weighted average call rate Standing deposit facility Marginal standing facility 3-month treasury bill 3-month certificate of deposit Secured overnight rupee rate (SORR) 3-month commercial paper (NBFC)

Sources: RBI; and Bloomberg.

30 The average yields on 3-month treasury bills declined by 3 bps while the yields on the 3-month commercial papers issued by NBFCs and 3-month certificate of deposit hardened by 14 bps and 30 bps, respectively during December 16, 2025 to January 19, 2026, as compared to the period from November 16, 2025 to December 15, 2025.

31 Increased to 127 bps during the period from December 16, 2025 to January 19, 2026, from 111 bps in the preceding one-month period.

32 Following announcement of additional OMO purchases amounting to ₹ 2 lakh crore on December 23, 2025, yields on 3, 5 and 10-year Government securities softened by more than 10 bps each from their pre-announcement levels during December 23rd -24th, 2025.

RBI Bulletin January 2026 35 52-naJ-6 52-naJ-72 52-beF-71 52-raM-01 52-raM-13 52-rpA-12 52-yaM-21 52-nuJ-2 52-nuJ-32 52-luJ-41 52-guA-4 52-guA-52 52-peS-51 52-tcO-6 52-tcO-72 52-voN-71 52-ceD-8 52-ceD-92 62-naJ-91

8.5

8.0

7.5

7.13

7.0 6.88

6.5

6.0

5.5 5.40

5.0

4.5 52-naJ-60 52-naJ-72 52-beF-71 52-raM-01 52-raM-13 52-rpA-12 52-yaM-21 52-nuJ-20 52-nuJ-32 52-luJ-41 52-guA-40 52-guA-52 52-peS-51 52-tcO-60 52-tcO-72 52-voN-71 52-ceD-80 52-ceD-92 62-naJ-91ARTICLE State of the Economy Chart IV.4: Hardening in G-sec Yields a. Movement in G-sec yield b. G-sec Yield Curve (Per cent) (Per cent, left scale; basis points, right scale)

7.3

7.0

6.68

6.7

6.53

6.4

6.1 5.97

5.8

5.5 Change (January 19, 2026 over December 16, 2025) 3 year 5 year 10 year December 16, 2025 January 19, 2026

Sources: Bloomberg; and RBI staff calculations. over government securities widened (Table IV.1). New currency in circulation recorded an accelerated pace corporate bond issuances decreased in November of expansion.34 For the fortnight ending December 31, 2025, growth (y-o-y) in money supply picked up as compared to October. On a cumulative basis, total compared to the previous fortnight, driven by higher issuances were marginally higher in the current aggregate deposits and currency with the public financial year so far than in the same period last year.33 (Chart IV.5). 35 Money and Credit Credit and deposit growth of scheduled Reserve money growth (adjusted for CRR) for the commercial banks (SCBs) recorded a pronounced fortnight ending January 15, 2026, moderated although increase in December (Chart IV.6).36 36 RBI Bulletin January 2026 52-naJ-60 52-naJ-72 52-beF-71 52-raM-01 52-raM-13 52-rpA-12 52-yaM-21 52-nuJ-20 52-nuJ-32 52-luJ-41 52-guA-40 52-guA-52 52-peS-51 52-tcO-60 52-tcO-72 52-voN-71 52-ceD-80 52-ceD-92 62-naJ-91 8 24

7.48 21

7.5 18 7 15

7.3 12

6.5 9 6 6 3

5.5 0 5 -3 1 3 5 7 9 11 31 51 71 91 Table IV.1: Corporate Bonds Yields Hardened Instrument Interest Rates Spread (bps) (Per cent) (Over Corresponding Risk-free Rate) November 16, 2025 – December 16, 2025 – Variation November 16, 2025 – December 16, 2025 – Variation December 15, 2025 January 16, 2026 December 15, 2025 January 16, 2026 1 2 3 (4 = 3-2) 5 6 (7 = 6-5)

(i) AAA (1-year) 6.82 7.13 31 123 152 29

(ii) AAA (3-year) 7.01 7.20 19 107 123 16

(iii) AAA (5-year) 7.17 7.35 18 77 80 3

(iv) AA (3-year) 8.01 8.18 17 207 221 14

(v) BBB- (3-year) 11.66 11.79 13 573 582 9

Note: Yields and spreads are computed as averages for the respective periods.

Source: FIMMDA.

33 Issuances decreased to ₹0.59 lakh crore in November 2025 from ₹0.78 lakh crore in October 2025. On a cumulative basis (April to November), it stood at ₹6.07 lakh crore in 2025-26, marginally up from ₹6.06 lakh crore in the corresponding period of the previous year.

34 Reserve money growth (adjusted for the first-round impact of changes in the cash reserve ratio) declined to 9 per cent (y-o-y) as on January 15, 2026 from 10 per cent (y-o-y) as on December 15, 2025 while growth in currency in circulation increased to 10.9 per cent (y-o-y), up from 9.6 per cent (y-o-y) during the same period.

35 Money supply grew by 12.1 per cent (y-o-y) as on December 31, 2025, up from 9.9 per cent (y-o-y) as on November 28, 2025.

36 SCBs’ credit and deposit growth stood at 14.5 per cent (y-o-y) and 12.7 per cent (y-o-y), respectively, as on December 31, 2025, up from 11.5 per cent (y-o-y) and 10.2 per cent (y-o-y), respectively, as on November 28, 2025.State of the Economy ARTICLE credit to the commercial sector rose by 15.0 per cent, Chart IV.5: Growth in Reserve Money and Money Supply (M ) with non-bank sources registering a growth of 16.4 per 3 (Y-o-y, per cent) cent (Table IV.2b).

13

12.1 12 11 10.9 10 9

9.0 8 7 6 5 Reserve money (CRR adjusted) Money supply Currency in circulation

Note: With the change in the definition of fortnight vide the Banking Laws

(Amendment) Act, 2025, data for reserve money and money supply pertain to 15th and last day of the month, effective December 15, 2025.

Source: RBI.

During 2025-26 so far (up to December 31), total flow of financial resources to the commercial sector increased to ₹30.8 lakh crore from ₹21.3 lakh crore a year ago (Table IV.2a). Non-bank sources − corporate bond issuances, and foreign direct investment to India − showed a marked increase during the year so far. As on December 31, 2025, the total outstanding RBI Bulletin January 2026 37 42-ceD-12 52-naJ-50 52-naJ-02 52-beF-40 52-beF-91 52-raM-60 52-raM-12 52-rpA-50 52-rpA-02 52-yaM-50 52-yaM-02 52-nuJ-40 52-nuJ-91 52-luJ-40 52-luJ-91 52-guA-30 52-guA-81 52-peS-20 52-peS-71 52-tcO-20 52-tcO-71 52-voN-10 52-voN-61 52-ceD-10 52-ceD-61 52-ceD-13 62-naJ-51 Chart IV.6: Credit and Deposit Growth Accelerated (Y-o-y, per cent) 15

14.5 14 13 12.7 12 11 10 9 8 Credit growth Deposit growth

Notes: 1. SCBs’ data are inclusive of regional rural banks. Data include the impact of the merger of a non-bank with a bank.

2. With the change in the definition of fortnight vide the Banking Laws

(Amendment) Act, 2025, data for SCBs pertain to 15th and last day of the month, effective December 15, 2025.

Source: Fortnightly Section 42 Returns, RBI.

52-naJ-50 52-naJ-02 52-beF-40 52-beF-91 52-raM-60 52-raM-12 52-rpA-50 52-rpA-02 52-yaM-50 52-yaM-02 52-nuJ-40 52-nuJ-91 52-luJ-40 52-luJ-91 52-guA-30 52-guA-81 52-peS-20 52-peS-71 52-tcO-20 52-tcO-71 52-voN-10 52-voN-61 52-ceD-10 52-ceD-61 52-ceD-13 Table IV.2a: Flow of Financial Resources to the Commercial Sector (₹ lakh crore) Source April-March Up to December 31 2023-24 2024-25 2024-25 2025-26 P A. Non-Food Bank Credit 21.40 17.98 12.78 20.27 B. Non-Bank Sources 12.64 17.10 8.55 10.58 (B1+B2) B1. Domestic Sources 10.20 13.86 6.43 7.66 B2. Foreign Sources 2.43 3.25 2.12 2.92 C. Total Flow of Resources 34.04 35.09 21.32 30.85 (A+B) P: Provisional.

Notes: 1. Figures in the columns might not add up to the total due to rounding off of numbers.

2. For detailed notes and data, please refer to Current Statistics

Table No: 18(a).

Sources: RBI; SEBI; AIFIs; and RBI staff estimates.

Table IV.2b: Outstanding Credit to the Commercial Sector (₹ lakh crore; Figures in parentheses are y-o-y percentage changes) Source At End-March As on December 31 2024 2025 2024 2025 P A. Non-Food Bank 164.09 182.07 176.87 202.35 Credit (20.2) (11.0) (11.1) (14.4) B. Non-Bank Sources 77.56 88.85 82.14 95.58 (B1+B2) (4.2) (14.6) (11.7) (16.4) B1. Domestic 56.59 66.37 60.21 71.62 Sources (4.9) (17.3) (14.8) (18.9) B2. Foreign Sources 20.97 22.48 21.93 23.96 (2.4) (7.2) (4.2) (9.2) C. Total Credit (A+B) 241.65 270.93 259.01 297.93 (14.5) (12.1) (11.3) (15.0) P: Provisional.

Notes: 1. Figures in the columns might not add up to the total due to rounding off of numbers.

2. Data on non-bank sources excludes issuances of equities and hybrid instruments under domestic sources and foreign direct investment in equities under foreign sources.

3. Flows based on outstanding data may not tally with the flows

provided in Table IV.2a due to:

(a) Merger of HDFC Limited with HDFC Bank on July 1, 2023;

(b) Conversion of some Housing Finance Companies into Non- Banking Financial Companies; and

(c) Valuation effect in case of foreign sources.

4. For detailed notes and data, please refer to Current Statistics

Table No: 18(b).

Sources: RBI; SEBI; AIFIs; and RBI staff estimates.ARTICLE State of the Economy Chart IV.7: Bank Credit Remained Largely Robust (Y-o-y, per cent) a. Credit: Agriculture b. Credit: Industry 20 15 10

8.7 5 0 c. Credit: Services d. Credit: Personal Loans 38 RBI Bulletin January 2026 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 20 15 10 9.6 5 0 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 20 15

11.7 10 5 0 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 20 15

12.8 10 5 0 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN Overall non-food bank credit37 growth (year-over- largely by a deceleration in the housing and credit year) remained largely robust in November (Chart card segments. Vehicle loans, however, continued to IV.7). Industrial credit growth eased marginally, with witness steady expansion.

credit to large industries remaining stable. Credit Deposit and Lending Rates growth (y-o-y) in the micro, small, and medium In response to the cumulative 100 basis points enterprises (MSME) sector continued to be in double reduction in the policy repo rate during February– digits in November. The credit to the services sector registered double-digit growth (year-over-year), albeit November 2025, banks reduced their repo-linked at a moderate pace compared to the previous month. external benchmark-based lending rates (EBLRs) Within the services sector, although bank lending by the same magnitude. The marginal cost of to NBFCs eased, segments such as trade remained funds-based lending rate (MCLR) of banks also buoyant. Growth in personal loans softened, driven moderated. The weighted average lending rates on

Source: RBI.

37 Provisional data. Non-food credit data is based on fortnightly Section-42 return of RBI. Sectoral non-food credit data is based on sector-wise and industry- wise bank credit (SIBC) return, which covers select banks accounting for about 95 per cent of total non-food credit extended by all SCBs, pertaining to the last reporting Friday of the month. The bank groups covered under the SIBC return are – Public Sector Banks, Private Sector Banks, Foreign Banks, and Small Finance Banks. Data includes the impact of the merger of a non-bank with a bank.State of the Economy ARTICLE Table IV.3: Transmission to Banks’ Deposit and Lending Rates (basis points) Term Deposit Rates Lending Rates Period Repo Rate WADTDR- WADTDR- EBLR 1-Year MCLR WALR - Fresh Rupee Loans WALR- Fresh Outstanding (Median) Outstanding Deposits Deposits Rupee Loans Overall Interest Rate Effect#

(1) (2) (3) (4) (5) (6) (7) (8) (9) Tightening Period 250 259 206 250 175 182 191 115 May 2022 to Jan 2025 Easing Phase -100 -103 -36 -100 -50 -62 -82 -66 Feb 2025 to Nov 2025 #: Calculated at January 2025 weights.

WALR: Weighted average lending rate; WADTDR; Weighted average domestic term deposit rate.

MCLR: Marginal cost of funds-based lending rate; EBLR: External benchmark-based lending rate.

Note: Data on EBLR pertain to 32 domestic banks.

Source: RBI. both fresh and outstanding rupee loans declined sector banks (Chart IV.8). On the deposit side, during this period. On the deposit side, banks transmission was higher for public sector banks reduced interest rates on fresh term deposits compared to private banks in case of fresh term significantly. The pass-through to the interest rates deposits.

on outstanding deposits was gradual, reflecting the The union government reviewed the interest effect of longer tenor of term deposits at fixed rates rates on various small savings instruments, which (Table IV.3).

are linked to secondary market yields on G-secs of The decline in the weighted average lending comparable maturities and kept them unchanged for rate on fresh and outstanding rupee loans was Q4:2025-26. The prevailing rates on these instruments higher in the case of private banks relative to public exceed their formula-based rates.

Chart IV.8: Transmission across Bank Groups (February - November 2025) a. Lending Rates b. Deposit Rates (Basis points) (Basis points) 0 0 -20 -20 -40 -40 -33 -34 -60 -54 -60 -59 -80 -76 -72 -80 -100 -95 -100 -101 -93 -100 -107 -120 -111 -120 -140 -140 WALR WALR WADTDR WADTDR (Fresh Rupee Loans) (Outstanding Rupee Loans) (Fresh Deposits) (Outstanding Deposits) Publicsectorbanks Private banks Foreign banks Public sector banks Private banks Foreign banks

Note: Transmission during February to November 2025 is calculated by subtracting the weighted average lending and deposit rates of January 2025 from those of November

2025.

Source: RBI.

RBI Bulletin January 2026 39ARTICLE State of the Economy Equity Markets inward FDI remained steady in November with Japan, Singapore, and the US accounting for more than 75 Indian equity markets exhibited bidirectional per cent of total FDI inflows. The highest recipients movements in December 2025 amidst caution (around 75 per cent) of FDI inflows were the financial surrounding the India-US trade deal and the Rupee’s services sector, followed by manufacturing, and retail depreciation against the US dollar. Positive global and wholesale trade. However, net FDI remained cues, including the US Federal Reserve’s policy rate negative in November for the third consecutive cut, the conclusion of the India-New Zealand free month, mainly due to high repatriation. Outward FDI trade agreement, and renewed AI optimism, provided moderated in November, with Singapore, Mauritius, support. The metals sector registered maximum the US and the UK accounting for more than half of total gains due to robust domestic GDP growth, rising outward FDI (Chart IV.10). Sector-specific breakdown global metal prices, and the imposition of a three- suggests that more than 70 per cent of outward FDI was year safeguard duty on select steel imports by the in manufacturing, financial, insurance, and business Government. Strong buying by domestic institutional services.

investors (DIIs) provided some support to equity markets, amidst persistent selling by foreign portfolio During 2025-26 so far (up to January 16), investors (FPIs) (Chart IV.9). In January 2026 (up to the net FPI registered outflows, driven by the equity 19th), equity markets witnessed renewed downward segment.38 The uncertainty surrounding the India- US trade deal and the weakening of the rupee have pressure in the wake of fresh tariff warnings by the kept net FPI flows to India muted in recent months US.

(Chart IV.11). After a brief phase of net inflows in External Sources of Finance October and November, FPIs registered net outflows During April-November 2025, foreign direct of US$4.2 billion in December. Debt flows also investment (FDI) remained higher than in the same turned negative in December after a five-month period last year, both in gross and net terms. Gross period.

Chart IV.9: Bidirectional Movements in Domestic Equity Markets in December (Index, left scale; ₹ thousand crore, right scale) 88000 14 86000 12 84000 10 8 82000 6 80000 4 78000 2 76000 0 74000 -2 72000 -4 70000 -6 BSE Sensex FPI+DII flows (RHS)

Source: Bloomberg.

38 Net FPI outflows to the tune of US$ 6.6 billion during 2025–26 so far (up to January 16, 2026).

40 RBI Bulletin January 2026 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 83,246State of the Economy ARTICLE Chart IV.10: Steady Gross Foreign Direct Investment Inflows a. Gross and Net FDI b. Country-Wise Outward FDI in November 2025 (US$ billion) (US$ million) 15 Singapore 10

6.4 5 Mauritius 0 -0.4 US -5 UK -10 UAE Net outward FDI Repatriation/Disinvestment Gross Inward FDI Net FDI 0 50 100 150

Source: RBI.

The registrations and net inflows of external commercial borrowings (ECBs) moderated during April-November 2025 compared to the same period a year ago, reflecting a broader slowdown in offshore fundraising activity (Chart IV.12).39 A significant RBI Bulletin January 2026 41 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN Chart IV.11: Foreign Portfolio Investment Recorded Net Outflows in December (US$ billion) 6 4 2 0 -2 -2.5 -4 -4.2 -6 -8 -10 Equity Debt Total *: Data up to January 16, 2026.

Note: Debt includes investments under the hybrid instruments.

Source: National Securities Depository Limited (NSDL).

52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD *62-naJ portion40 of the ECB funds was mobilised for capital expenditure purposes.

India’s external sector continues to be resilient as evident in the latest key external vulnerability indicators as at end-September 2025. Debt service Chart IV.12: External Commercial Borrowings - Registrations and Flows Moderated (US$ billion) 35 30 25 23.1 20 15

10.2 10

2.4 5 0.7 0 -5 -10 Registrations Net inflows

Source: RBI.

40 around 43 per cent.

42-rpA 42-yaM 42-nuJ 42-luJ 42-guA 42-peS 42-tcO 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 4202 voN-rpA 5202 voN-rpA 39 The registrations of external commercial borrowings moderated to US$ 23.1 billion during April-November 2025, from US$ 33.8 billion in the corresponding period a year ago.ARTICLE State of the Economy Chart IV.13: India’s External Vulnerability Indicators Continue to Show Improvement (Per cent) 120 100 80 An increase means higher An increase means lower vulnerability vulnerability 60 40 20 0 -20 -40 External debt Short-term Debt service Reserves to Reserve cover Net IIP to to GDP ratio debt (RM) ratio external debt of imports GDP ratio to reserves ratio ratio (months) March 2013 March 2024 March 2025 September 2025

Source: RBI. ratio and net international investment position (IIP)- India’s foreign exchange reserves remain to-GDP ratio improved, and the external debt-to-GDP comfortable, providing cover for more than 11 ratio remained below 20 per cent (Chart IV.13). India’s months of goods imports and a cover for around external debt increased by US$ 9.6 billion to US$ 746.0 92 per cent of the external debt outstanding billion at end-September 2025 from end-March 2025, (Chart IV.14).41 while it declined by US$ 0.7 billion from US$ 746.7 billion at end-June 2025.

Chart IV.14: India’s Foreign Exchange Reserves Comfortable (US$ billion, left scale; months, right scale) 750 13

687.2 650 12 550 11

11.1 450 350 10 Foreign exchange reserves Import cover (RHS) *: As on January 09, 2026.

Note: The import cover data is based on annualised merchandise imports as per the balance of payments statistics.

Source: RBI.

41 As on January 09, 2026, the import cover for goods and services was around nine months.

42 RBI Bulletin January 2026 42-raM 42-nuJ 42-peS 42-ceD 52-raM 52-nuJ 52-tpeS 52-tcO 52-voN 52-ceD *62-naJState of the Economy ARTICLE Chart IV.15: India’s International Investment Position Improved (US$ billion, left scale; US$ billion, right scale) 1,500 -50 1,190 -100 1,000 -150 500 -200 - -250 -274 -300 -500 -350 -1,000 -400 -1,464 -1,500 -450 Liabilities Assets Net IIP (RHS)

Note: For details, please refer to https://www.rbi.org.in/scripts/BS_PressRelease Display.aspx?prid=61926.

Source: RBI.

India’s net IIP improved during Q2:2025-26 (Chart IV.15).42 This improvement was driven by the combined impact of decrease in foreign-owned assets RBI Bulletin January 2026 43 32-nuJ 32-peS 32-ceD 42-raM 42-nuJ 42-peS 42-ceD 52-raM 52-nuJ 52-peS Chart IV.16: Movements in Major Currencies against the US Dollar in December (Per cent, m-o-m, left scale; per cent, right scale) 2 2 1 1 0 0 -1 -1 -2 -2 -3 -3 Percentage change (+ appreciation/ - depreciation) Volatility (RHS)

Notes: 1. Appreciation/depreciation (m-o-m) calculated using monthly average exchange rates.

2. US dollar (DXY) measures the movements of the US dollar against a basket of major currencies (Euro, Japanese yen, British pound, Canadian dollar, Swedish krona, Swiss franc).

3. For each currency, volatility is measured as the coefficient of variation (100*Standard Deviation/Mean) using daily exchange rate data for December 2025.

Sources: FBIL; Thomson Reuters; and RBI staff calculations. )YXD( ralloD SU ycnerruC EME xednI thab dnaliahT dnar nacirfA htuoS dnuop KU osep nacixeM tiggnir naisyalaM oruE nauy esenihC gnod esemanteiV osep enippilihP rallod gnoK gnoH haipur naisenodnI now naeroK ney esenapaJ eepur naidnI laer nailizarB in India and increase in Indian residents’ overseas financial assets.43 Foreign Exchange Market The Indian rupee (INR) depreciated against the US dollar in December, pressured by foreign portfolio outflows and uncertainty surrounding the India-US trade deal (Chart IV.16). The volatility of the INR, as measured by the coefficient of variation, remained relatively lower than that of most major currencies.

In January so far (up to 19th), the INR depreciated by

1.2 per cent over its end-December level.

In real effective terms, the Indian rupee depreciated in December due to depreciation of INR in nominal effective terms and relatively lower inflation in India vis-à-vis its major trading partners (Chart IV.17).

42 Improved by US$ 38.4 billion and stood at US$ (-) 274.3 billion.

43 The ratio of India’s international assets to its international liabilities improved to 81.3 per cent in September from 79.1 per cent in June.ARTICLE State of the Economy Chart IV.17: Movements in the 40-Currency Real Effective Exchange Rate a. Monthly Changes b. Decomposition of Monthly Changes (Index (2015-16 = 100), left scale; per cent, right scale) (Per cent) 110 4 108 106 2 104 102 100 0 98 96

95.3 -2 94 -2.3 92 90 -4 Relative price effect Change in REER Change in REER (RHS) REER Nominal exchange rate effect

Note: Positive change indicates an appreciation of nominal and real exchange rate and negative change indicates a depreciation.

Source: RBI.

V. Conclusion sector deregulation, all of which are expected to strengthen the growth prospects.45 The year 2026 began with an escalation of geopolitical tensions, marked by developments such The Reserve Bank’s Report on Trend and as the US intervention in Venezuela, the simmering Progress of Banking in India 2024-25 underscored the conflict in the Middle East, ambiguity surrounding resilience of the banking system, supported by strong the Russia–Ukraine peace deal, and escalation of the capital buffers, improved asset quality, and robust row over Greenland, all of which point to still-elevated profitability. Macro stress test results from the latest geo-economic risks and policy uncertainty ahead. Financial Stability Report released in December 2025, affirmed the resilience of banks and non-banking Even amidst these global uncertainties, the financial companies to withstand losses under current state of the economy provides ground for adverse scenarios and maintain capital buffers well optimism going forward. The GDP growth estimates above the regulatory minimum. Going forward, the for 2025-26 indicate that India will remain the fastest- policy focus on striking a balance between innovation growing major economy in the world. India has made and stability, consumer protection, and a prudent significant efforts to diversify and strengthen its approach to regulation and supervision should help exports, aiming to mitigate external sector risks. The improve productivity and support long-term economic country is currently engaged in trade negotiations with growth.

14 countries or groups, representing nearly 50 nations, including the European Union, Gulf Cooperation 44 Other measures to support India’s international trade include lowering Council countries, and the United States.44 The month the cost of export credit, expanding access to finance, and strengthening India’s export brand.

of December saw India concluding trade negotiations 45 Major regulatory measures by the RBI include consolidation of more with New Zealand and Oman. The year 2025 also than 9,000 existing circulars/ guidelines into 244 function-wise master directions, the simplification of FEMA regulations, the rationalisation witnessed major economic reforms, including the of ECB rules, and enabling banks to fund corporate acquisitions, among rationalisation of tax structures, implementation of others. In the insurance sector, the FDI limit was raised from 74 per cent to 100 per cent. In capital markets, regulatory compliances were eased for labour codes for labour market reforms, and financial FPIs investing only in Government securities, enabling better access.

44 RBI Bulletin January 2026 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 4 2 0 -2.0 -2 -0.3 -2.3 -4 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceDState of the Economy ARTICLE Annex Table A1: Real GDP Growth (Y-o-y, per cent) Components Share in 2025-26 Weighted Contribution 2023-24 2024-25 2025-26 (Per cent) (in percentage points) (FRE) (PE) (FAE) 2024-25 (PE) 2025-26 (FAE) I. Total Consumption Expenditure 65.2 4.3 4.5 5.9 6.5 6.8 Private 56.3 4.0 4.0 5.6 7.2 7.0 Government 8.9 0.2 0.5 8.1 2.3 5.2 II. Gross Capital Formation 36.7 2.5 2.6 10.5 6.7 7.0 Fixed Investment 33.8 2.4 2.6 8.8 7.1 7.8 III. Net Exports -2.5 2.3 -1.9 -384.8 71.5 -217.8 Exports 21.4 1.4 1.4 2.2 6.3 6.4 Imports 24.0 -0.9 3.2 13.8 -3.7 14.4 IV. GDP 100.0 6.5 7.4 9.2 6.5 7.4

Notes: Components may not add up to total due to other remaining items.

FRE: First revised estimates; PE: Provisional estimates; FAE: First advance estimates.

Sources: NSO; and RBI staff calculations.

Table A2: Real GVA Growth (Y-o-y, per cent) Sectors Share in 2025-26 Weighted Contribution 2023-24 2024-25 2025-26 (Per cent) (in percentage points) (FRE) (PE) (FAE) 2024-25 (PE) 2025-26 (FAE) I. Agriculture and allied activities 13.8 0.7 0.4 2.7 4.6 3.1 II. Industry 21.2 1.0 1.2 11.0 4.5 5.8 Mining and quarrying 1.8 0.1 0.0 3.2 2.7 -0.7 Manufacturing 17.1 0.8 1.2 12.3 4.5 7.0 Electricity, gas, water supply and other 2.2 0.1 0.0 8.6 5.9 2.1 utility services III. Services 65.0 4.8 5.7 9.2 7.5 8.8 Construction 9.1 0.8 0.6 10.4 9.4 7.0 Trade, hotels, transport, 18.5 1.1 1.4 7.5 6.1 7.5 communication, and services related to broadcasting Financial, real estate and professional 24.4 1.7 2.4 10.3 7.2 9.9 services Public administration, defence and 13.0 1.1 1.3 8.8 8.9 9.9 other services IV. GVA at basic prices 100.0 6.4 7.3 8.6 6.4 7.3

Note: FRE: First revised estimates; PE: Provisional estimates; FAE: First advance estimates.

Sources: NSO; and RBI staff calculations.

RBI Bulletin January 2026 45Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE Financial Stocks and Flow of outstanding positions of financial assets and liabilities across institutional sectors of the economy. Copeland Funds of the Indian Economy pioneered the FoF analysis in 1947. The FoF accounts 2023-24 have evolved globally and gained prominence as the critical tool for assessing financial interconnectedness by Suraj S, Ishu Thakur, and and linkages among institutional sectors. It also helps Mousumi Priyadarshini^ to uncover the potential vulnerabilities consistent with the macroeconomic developments.

The financial resource balance of the domestic The Global Financial Crisis (GFC) 2008 economy improved by narrowing the deficit to 0.9 per cent underscored the relevance of FoF analysis for assessing of GDP in 2023-24 from 2.3 per cent in 2022-23. The systemic risks and thus, became a crucial part of the strengthening of financial balance sheets of households, G20 data gap initiative3. The FoF, which is currently general government and non-financial corporations has structured on from-whom-to-whom (FWTW) basis driven the net financial wealth of domestic sectors to 28.6 across the instruments reveals inter-sectoral financial per cent of GDP in 2023-24 from 24.8 per cent in 2022- linkages, discloses the shifts in savings, investments,

23.The financial assets of the domestic economy expanded and indebtedness, and provides enhanced insights by 13.9 per cent, while liabilities grew by 12.7 per cent into the financing of economic growth, monetary during the year. The government’s fiscal consolidation, policy transmission and financial intermediation.4 coupled with improved corporate profitability and Following the System of National Accounts (SNA) deleveraging, supported healthier financial net positions 2008 framework and India’s G20 Data Gaps Initiative and rise in financial wealth.

(DGI) commitments, the Reserve Bank of India’s financial accounts compilation framework known as Introduction the Financial Stocks and Flow of funds (FSF) The flow of funds (FoF) refers to a comprehensive presents a detailed view of sectoral and instrument- financial accounting framework to understand the wise stocks and flows of financial resources.

fund flows across various institutional sectors of the economy.1, 2 It provides a consistent and homogenous The current FSF mirrored the macroeconomic information for analysing financial transactions and developments of 2023-24, which was characterised by robust economic growth of 12.0 per cent at current ^ The authors are from the Department of Economic and Policy Research, prices, largely driven by the private final consumption Reserve Bank of India. The authors are thankful to Shri Rajib Das for his valuable suggestions and guidance. The views expressed in this article are expenditure (PFCE) accelerating to 9.7 per cent.

those of the authors and do not represent the views of the Reserve Bank Favourable inflationary developments, prospect of India.

1 Financial accounts comprise financial assets and liabilities which do not of inclusion of Indian bonds in major global bond include fixed assets, reserves and surplus, provisions and deferred tax.

According to the OECD, financial balance sheets, compiled in line with the SNA 2008, present a snapshot of an economy’s financial assets and 3 The data gaps initiative (DGI), launched by G20 in 2009 in the aftermath liabilities (excluding non-financial assets), disaggregated by institutional of the GFC, in its recommendation II.8 highlighted the relevance of sector and by type of financial instrument. flows and balance sheet data of the institutional sectors in assessing 2 The domestic economy/sectors in this article refers to institutional vulnerabilities, interconnections, and spillovers.

sectors, namely, (i) financial corporations (FCs); (ii) non-financial 4 The “from-whom-to-whom” (FWTW) basis provides a detailed mapping corporations (NFCs); (iii) general government (GG); and (iv) households of financial transactions and outstanding stocks (both assets and

(HH) including non-profit institutions serving households (NPISHs). Rest liabilities), identifying the origin (creditor) and recipient (debtor) for each of the world (RoW) is the remaining sector which shows transactions of financial instrument, thus provides insights into inter-sectoral financial the domestic economy with non-residents. linkages and systemic economic dependencies.

RBI Bulletin January 2026 47ARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 indices, lower than expected market borrowings by II. Financial Flows: Sector and Instrument-wise the Union Government and domestic equity market Reflecting the uptick in economic growth, capitalisation crossing the US$ 4 trillion-mark financial assets of the domestic sectors registered a influenced the fund flows during the year. The overall growth of 13.9 per cent in 2023-24 as compared with capital flows remained robust with net capital inflows

9.9 per cent previous year, while liabilities increased outpacing the current account deficit (CAD) enabling by 12.7 per cent as compared with 10.4 per cent. the accretion of foreign exchange reserves. The Households (HH) and financial corporations (FCs) monetary policy committee (MPC) kept the policy repo including central bank, being the dominant sectors of rate unchanged at 6.50 per cent during 2023-24, while the domestic economy, together accounted for around the stance focused on withdrawal of accommodation.

73 per cent of the total financial assets in 2023-24.

The financial assets of the domestic economy Both the sectors play a pivotal role in catering the expanded by 13.9 per cent in 2023-24, while liabilities financing needs of the general government (GG) and grew by 12.7 per cent.5 The general government’s non-financial corporations (NFC). The financial asset fiscal consolidation, coupled with improving growth was mostly broad-based across sectors barring corporate profitability and deleveraging, supported the non-financial corporations (NFCs) including both public and private corporations. The FCs, constituting healthier sectoral net positions and the overall rise

46.2 per cent of total financial assets and 41.9 per cent in financial wealth. The financial resource balance of total liabilities, recorded growth in both assets and of the domestic economy remained in deficit at 0.9 liabilities reflecting higher resource mobilisation and per cent of gross domestic product (GDP) in 2023-24, financial intermediation. In contrast, the assets and as compared to that of 2.3 per cent in 2022-23.6 Net liabilities of NFCs declined reflecting slower expansion financial wealth (NFW) of domestic sectors rose to in business activity and continued deleveraging. The

28.6 per cent of GDP in 2023-24 from 24.8 per cent NFCs registered a significant moderation on the in 2022-23 signalling a broad-based strengthening liabilities as compared with other domestic sectors.

of financial balance sheets of households, general With the progress in fiscal consolidation, liabilities government, and non-financial corporations.7 of the GG contracted marginally and its share in

The rest of the article is structured as follows: total liabilities reduced to 18.0 per cent in 2023-24

Section II provides the sectoral and instrument-wise from 18.3 per cent in 2022-23. For households, both financial flows in the economy during 2023-24. An financial assets and liabilities rose, during 2023-24, assessment of sectoral financial resource balance is reflecting steady financial balance sheet expansion.

presented in Section III. Section IV illustrates inter- Despite global uncertainties, financial assets and linkages and sector specific financial trends. Section V liabilities of the rest of the world (RoW) increased concludes the article.

in 2023-24 indicating the increasing openness in the 5 Financial accounts comprise financial assets and liabilities which do not external front (Charts 1 and 2). include fixed assets, reserves and surplus, provisions and deferred tax.

This may lead to the divergence in growth rates of financial assets and Instrument-wise preferences for financial assets financial liabilities, (see footnote 1). and liabilities across sectors remained broadly 6 The financial resource balance is measured by the net acquisition of financial assets less net incurrence of liabilities. stable during 2023-24. Currency and deposits, 7 NFW is measured as the difference in stock of financial assets and along with loans and advances, continued to be the liabilities. Equity and investment funds and reserves and surplus are excluded from liabilities in the measurement of NFW. major instruments used across sectors for holding 48 RBI Bulletin January 2026Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE Chart 1: Sectoral Growth of Financial Assets and Liabilities (Y-o-Y growth in per cent) a. Financial Assets b. Liabilities Domestic economy 13.9 Domestic economy 12.7

6.8 6.8 PvNFC PvNFC

10.0 5.2 PuNFC PuNFC

15.1 17.9 HH HH GG 13.1 GG 10.9 FCs 15.6 FCs 16.3 ROW 9.6 ROW 13.2 0 5 10 15 20 0 10 20 2023-24 2022-23 2023-24 2022-23

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; PFRDA; EPFO; Union Budget; NSO; Balance sheets of SFCs; SIDCs and Port Trusts; Public Enterprise Survey Report; and authors’ calculations.

both financial assets and liabilities. For financial households and private NFCs (PvNFCs), remained corporations, loans and advances extended to the predominant financial assets followed by debt Chart 2: Institutional Composition of Financial Assets and Liabilities 2023-24 (Share in per cent) a. Financial Assets b. Liabilities

7.9 5.8

8.9

26.4 41.9

46.2 18.0

4.8

13.6 1.1 23.6 1.7 FCs PuNFCs PvNFCs GG HH RoW FCs PuNFCs PvNFCs GG HH RoW c. Changes in Financial Assets and Liabilities 2023-24 (As percentage point of GDP) 8 6.9 7.2 6 4 3.5

2.1 2

0.2 0.3 0 -2 -0.1 -0.5 -0.8 -0.9 -4 -3.2 -6 -5.4 FCs PuNFCs PvNFCs GG HH RoW Financial assets Liabilities

Note: The change in financial assets and liabilities as per cent of GDP is calculated as difference between stock of financial assets and liabilities expressed as per cent to GDP at time t and t-1.

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; PFRDA; EPFO; Union Budget; NSO; Port Trusts; and authors’ calculations.

RBI Bulletin January 2026 49ARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 securities issued by the general government. On Chart 4: Financial Resource Balance the liabilities side, currency and deposits remained (As per cent of GDP) 20 4 the major instruments of FCs. Debt securities held 15 3 by financial corporations continued to be the major 10 2 liability of the general government, while the assets 1.0 5 1

0.1 were largely held in the form of deposits with 0 other depository corporations (ODCs) and equity -5 -0.5 -1.0 0.0 -0.9 0 -10 -1.7 -1.4 -1.9 -1 investments in public NFCs (PuNFCs).8 Among -1.9 -2.3 -15 -2 households, currency and deposits continued to -20 -3 remain the preferred financial assets. Nonetheless, the shares of insurance, pension, and equity investments in household financial assets have also been gradually increasing. Loans and borrowings

Note: Financial resource balance is measured by the net acquisition of financial from FCs continued to represent the major assets less net incurrence of liabilities.

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; component of household liabilities. For RoW, equity PFRDA; EPFO; Union Budget; NSO; Balance sheets of SFCs; SIDCs and Port Trusts; Public Enterprise Survey Report; and authors’ calculations.

investments in PvNFCs accounted for a significant of financial assets over the liabilities supported portion of financial assets, while debt securities held by strengthening financial balance sheets of by the central bank remained the main component NFCs, improved net financial positions of general of their liabilities (Chart 3).

government and households. The financial resource III. Financial Resource Balance deficit of the domestic economy decreased to 0.9 per The financial resource deficit of domestic sectors cent of GDP in 2023-24 from 2.3 per cent of GDP in declined in 2023-24 driven by the higher growth 2022-23 (Chart 4).

8 ODCs include scheduled commercial banks (SCBs), regional rural banks (RRBs), co-operative banks, non-banking financial companies (NBFCs) - deposit taking and housing finance Companies (HFCs) - deposit taking.

50 RBI Bulletin January 2026 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 FCs PvNFCs PuNFCs GG HH Financial resource balance (RHS) Chart 3: Institutional Instrument Holding (As at end-March 2024, Share in per cent) a. Financial Assets b. Liabilities 100 100 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 FCs NFCs GG HH RoW Total FCs NFCs GG HH RoW Total Monetary gold and SDRs Debt securities Equity and investment fund Other account receivable / payable Currency and deposits Loans and advances Insurance, pension and PF Others

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; PFRDA; EPFO; Union Budget; NSO; Balance sheets of SFCs; SIDCs and Port Trusts; Public Enterprise Survey Report; and authors’ calculations.Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE Table 1: Sectoral Net Financial Wealth (As per cent of GDP at current prices) 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

1. FCs 28.3 29.0 28.1 30.2 31.8 31.5 33.6 38.1 34.3 34.3 34.0

2. NFCs -21.6 -26.7 -26.1 -30.2 -35.1 -37.6 -38.4 -34.8 -34.9 -34.4 -32.8

2.1. PuNFCs -2.0 -2.0 -2.2 -2.3 -2.2 -2.3 -2.7 -3.0 -2.6 -1.9 -1.4

2.2. PvNFCs -19.6 -24.7 -23.9 -27.9 -32.8 -35.4 -35.7 -31.8 -32.3 -32.5 -31.4

3. GG -49.6 -49.2 -52.2 -51.0 -50.9 -50.5 -53.8 -68.0 -63.1 -61.4 -60.3

4. HH 73.1 75.5 77.0 78.4 79.9 81.2 82.4 99.8 92.5 86.4 87.8

5. RoW 24.3 23.9 23.1 21.4 20.8 21.0 19.6 19.0 17.5 17.3 16.1 Domestic sectors 30.2 28.5 26.8 27.4 25.7 24.6 23.9 35.1 28.8 24.8 28.6 (1+2+3+4)

Source: Authors’ calculations.

The NFW of the domestic sectors rose to 28.6 and interconnectedness among domestic institutional per cent of GDP at end-March 2024, up from 24.8 per sectors, as well as between residents and non- cent in 2022-23 and the pre-COVID level of 23.9 per residents. Intersectoral financial flows also illustrate cent in 2019-20, indicating an overall strengthening the direction of flows in FWTW basis alongside highlighting the magnitude of flows. The net of domestic sectoral financial balance sheets. The financial flows (uses minus sources) across sectors are improvement was broad-based, with notable gains in presented in the chord diagram (Chart 5).

the net financial wealth of NFCs, GG, and households (Table 1). Households continued to remain prominent net lenders in 2023-24. Their net financial flows to IV. Sectoral Financial Linkages OFCs and GG increased, while flows to the central The mapping of sectoral financial flows offers bank moderated reflecting the currency withdrawal a comprehensive view of the financial interlinkages by the Bank on May 19, 2023.9 Amid rising credit Chart 5: Sectoral Net-flows of Funds a. 2022-23 b. 2023-24 R o W R o W

Note: Length of an arc represents involvement of the institutional sector in terms of the relative share of flows in the total economy. Chords represent the inter-sectoral net flows and the colour indicates direction and magnitude of flows.

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; PFRDA; EPFO; Union Budget; NSO; Balance sheets of SFCs; SIDCs and Port Trusts; Public Enterprise Survey Report; and authors’ calculations.

9 OFCs include insurance corporations, pension and provident funds, mutual funds, NBFCs-non-deposit taking, HFCs - non-deposit taking, all India financial institutions (AIFIs), state finance corporations (SFCs) and state industrial development corporations (SIDCs).

RBI Bulletin January 2026 51ARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 demand, households continued to receive higher net IV.1.2 Other Depository Corporations inflows from ODCs during the year. The net flows Driven by the strong macroeconomic between the GG and the central bank rose factoring fundamentals and robust economic growth, the the larger surplus transfers to the central government growth in financial assets of ODCs increased to 13.2 and redemption of debt securities held by the Bank.

per cent in 2023-24, from 11.7 per cent in 2022-23. The PuNFCs, supported by higher deposit accumulation, scheduled commercial banks continued to dominate turned into net lenders to ODCs in 2023-24, reversing the segment with an increased share of 87.1 per cent, their net borrower position in 2022-23. PvNFCs turned also reflecting the merger of an HFC with a scheduled as net borrower from ODCs in 2023-24 from their net commercial bank, with effect from July 1, 2023 (Charts lending position to ODCs in 2022-23. With robust 6 and 7).

capital inflows accruing to the foreign exchange reserves, central bank turned as net lender to the RoW. The Indian banking sector remained strong and Contrastingly, the net flows from the central bank to resilient in 2023-24 propelled by robust credit growth, ODCs declined consequent to the monetary policy high profitability, improved asset quality. On the stance of withdrawal of accommodation, marking a asset side, the Indian banking sector witnessed strong notable shift in the net lending position of central credit expansion in 2023-24. The loan-to-deposit bank between the ODCs and RoW in 2023-24. ratio rose to 84.5 per cent in 2023-24 from 82.3 per cent in 2022-23. The growth rate in the holdings of IV.1 Financial Corporations central government securities increased to 13.8 per IV.1.1 Central Bank cent in 2023-24, supported by higher returns and its The growth in financial assets and liabilities role in meeting regulatory and prudential liquidity of RBI increased to 11.1 per cent and 12.6 per cent requirements. In contrast, the flow of assets to the in 2023-24, from 2.5 per cent and (-) 1.9 per cent, RoW declined in 2023-24, primarily due to a reduction respectively in 2022-23. Increase on assets side was mainly on account of rise in foreign investments, Chart 6: Financial Assets and Liabilites of ODCs gold, and loans and advances. The loans and (Y-o-y growth in per cent) 16 advances by RBI to financial institutions outside India increased by 59.9 per cent due to increase in reverse 14

13.2 repo transactions. Growth of currency liability of the RBI moderated to 3.9 per cent in 2023-24 from 13.1 12

7.8 per cent in 2022-23 amidst currency withdrawal and increasing preference for digital payments. The 10 deposit liabilities increased by 27.1 per cent in 2023- 8 24 reflecting the rise in deposits by ODCs and increase in reverse repo transactions amidst tightening of 6 liquidity conditions in sync with the monetary policy stance. Liabilities under other accounts payable doubled due to increase in surplus payable to central Financial assets Liabilities

Sources: RBI; NABARD; NAFSCOB; NAFCARD; and authors’ calculations. government.

52 RBI Bulletin January 2026 21-1102 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE however, the deposits of other financial corporations

(OFCs) with ODCs declined. Overall, the deposits expanded and accounted for 79.7 per cent of ODC liabilities, registering a 12.7 per cent increase during the year, aided by the rise in term deposit rates in a tightening interest rate environment (RBI, 2024b). This trend underscores the continued financial deepening of the banking sector and the shifting preference of savers toward higher-yielding term deposits in 2023- 24 (Chart 9).

IV.1.3 Other Financial Corporations Stock of financial assets and liabilities of OFCs registered a substantial expansion in 2023-24, rising to 93.1 per cent and 76.4 per cent of GDP, respectively, from 87.1 and 70.3 per cent each in 2022-23. The growth of financial assets of OFCs increased to 19.7 in loans and advances extended by housing finance per cent in 2023-24 from 11.5 per cent in 2022-23. The companies (Chart 8).

growth of financial liabilities of OFCs increased to Flow of financial liabilities of ODCs increased

21.7 per cent in 2023-24, from 10.8 per cent in 2022- to 11.6 per cent of GDP in 2023-24, driven largely by 23. Within the OFCs, the distribution of assets and continued deposit mobilisation. The household sector liabilities continued to be dominated by insurance remained the dominant contributor to bank deposits, corporations, followed by mutual funds and pension reaffirming the preference in conventional savings, and provident funds (Chart 10).

Chart 8: Sector-wise Flow of Financial Assets of ODCs (Per cent of total (cid:19)inancial assets, left scale; Per cent of GDP, right scale) 125 18 105 16 14 85 12 65

11.7 10 45 8 25 6 5 4 -15 2 -35 0

Note: Other domestic sectors include Central Bank, PuNFCs and others not elsewhere classified.

Sources: RBI; NABARD; NAFSCOB; NAFCARD; and authors’ calculations.

RBI Bulletin January 2026 53 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 Chart 7: Financial Assets of ODCs (As at end-March 2024, Share in per cent)

2.4

2.4

8.1

87.1 SCBs Co-operative banks NBFCs-D HFCs-D

Sources: RBI; NABARD; NAFSCOB; NAFCARD; and authors’ calculations.

HH GG ODCs PvNFCs OFCs Other domestic sectors RoW Total financial assets (RHS)ARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 Chart 9: Sector-wise Flow of Financial Liabilities of ODCs (Per cent of total (cid:19)inancial liabilities, left scale; Per cent of GDP, right scale) 140 16 120 14 100 11.6 12 80 10 60 8 40 6 20 4 0 -20 2 -40 0 HH GG Rest of the sectors OFCs PvNFCs RoW Total financial liabilities (RHS)

Note: Rest of the sectors include Central Bank, ODCs, PuNFCs and others not elsewhere classified.

Sources: RBI; NABARD; NAFSCOB; NAFCARD; and authors’ calculations.

Financial assets and liabilities of insurance sector The share of financial assets in general - the key driver of OFCs, accelerated sharply by 17.4 government (GG) instruments declined from 56.1 per cent and 16.8 per cent, respectively, compared per cent in 2019-20 to 50.3 per cent, while the share with 8.6 per cent and 7.9 per cent in the previous in FCs increased from 26.3 per cent to 36.1 per cent, year. This surge reflects post-pandemic portfolio following stronger capital positions and lower NPAs rebalancing, strong premium growth, and increased of banks. In contrast, share in NFCs declined from participation in financial markets, underscoring the expanding role of the insurance industry in India’s 12.9 per cent to 10.3 per cent, reflecting cautious financial intermediation and savings mobilisation. credit exposure (Chart 11).

54 RBI Bulletin January 2026 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 Chart 10: Composition of OFCs (As at end-March 2024, Share in per cent) a. Financial Assets b. Liabilities

15.2 9.5 14.0

20.5

21.4

17.5 27.7 32.0

23.2

19.0 NBFCs- ND Mutual funds Others NBFCs- ND Mutual funds Others Insurance Provident and pension funds Insurance Provident and pension funds

Note: Others include All India Financial Institutions (AIFIs), State Finance Institutions (SFCs), State Industrial Development Institutions (SIDCs) and Housing Finance Companies - Non deposit taking (HFCs-ND)

Sources: RBI; NABARD; SIDBI; EXIM; AMFI; SEBI; IRDAI; PFRDA; EPFO; Balance sheets of SFCs and SIDCs; and authors’ calculations.Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE Chart 11: Financial Assets of Insurance Sector (Share in per cent) a. As at end-March 2020 b. As at end-March 2024

1.1 3.5 0.8 2.5

10.3

12.9 26.3 36.1

50.3

56.1 FCs GG NFCs HH Others FCs GG NFCs HH Others

Sources: RBI; NABARD; SIDBI; EXIM; AMFI; SEBI; IRDAI; PFRDA; EPFO; Balance sheets of SFCs and SIDCs; and authors’ calculations.

As domestic equity market capitalisation crossed IV.2 Non-financial Corporations the US$ 4 trillion-mark in 2023-24, the mutual funds The growth of financial assets of NFCs moderated industry witnessed strong gains in assets supported marginally to 7.1 per cent in 2023-24 from 7.4 per cent both by the asset appreciations and the growth of in 2022-23 while liabilities recorded a fall of 6.7 per investors (RBI, 2024a). Stocks of financial assets and cent in 2023-24 from 8.5 per cent in 2022-23. Notably, liabilities of mutual funds increased by 35.5 per cent the debt-to-equity ratio of PuNFCs moderated to 4.1 in 2023-24 as compared to 4.9 per cent in 2022-23. This in 2023-24 (4.8 in 2022-23) and the same of PvNFCs growth was enabled by deeper penetration, digital integration, improved financial literacy led retail Chart 12: Trends in Mutual Funds participation, and evolving investor mind-set. AUM to (₹ lakh crore) GDP ratio reaching an all-time high of 17.7 per cent 16 as of March 2024, driven by valuation changes along 14 14 12 with increase in resource mobilisation on account 10 of rising retail participation, portfolio counts, robust 8 growth in systematic investment plans and ease of 6 access and investment provided by various platforms 4 2 (Chart 12).

0 The financial assets and liabilities of pension and -2 provident funds (accounting for 16.3 per cent of GDP) -4 rose by 27.0 per cent in 2023-24 on top of 16.4 per cent rise in 2022-23. The government securities continued to remain the dominant asset class, accounting for

Sources: AMFI; SEBI; and authors’ calculations.

59.4 per cent of the total.

RBI Bulletin January 2026 55 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 Asset price change Resource mobilisation Change in assets under managementARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 increased to 3.5 from 3.3 in the previous year. The IV.3 General Government corporate resilience in terms of cash-to-debt ratio Post-pandemic fiscal consolidation by the union of PuNFCs increased to 20.9 in 2023-24 from 18.5 government brought the gross fiscal deficit down previous year showing improved liquidity and to 5.5 per cent of GDP in 2023-24 from 6.5 per cent financial resilience supported by higher profits and in 2022-23, and 6.7 per cent in 2021-22 (GoI 2025).

capital infusion in select public enterprises (especially The state governments’ combined gross fiscal deficit energy and transport) by the central government. (GFD) was 2.9 per cent of GDP in 2023-24 as compared with 2.7 per cent in 2022-23 (RBI, 2024c). Reflecting On the liability side, the corporate debt effect the fiscal prudent measures, the financial resource (Prakash et al., 2023) increased marginally, but not gap of general government in 2023-24 narrowed enough to offset the rise in cash holdings. As a result, down to 5.5 per cent of GDP, as compared with 6.0 PuNFCs became net lenders in 2023-24, pointing per cent previous year (Chart 14). General government profitability, controlled leverage, and cautious debt reduced to 83.7 per cent of GDP from 84.5 per financial management amidst a high interest rate cent in 2022-23 with the continued commitment to environment (Chart 13a).10 fiscal consolidation. Growth of equity investments Though the cash-to-debt ratio of PvNFCs increased in statutory corporations and joint stock companies, from 34.6 to 35.8 in 2023-24, the net changes in the comprising the bulk of financial assets of central ratio marginally declined due to the debt effect. The government, accelerated to 17.1 per cent during 2023- debt effect expanded as firms ramped up borrowing to 24 (15.5 per cent in 2022-23) with increased capital finance capacity expansion, inventory accumulation, infusion by the central government in PuNFCs.

and working capital requirements driven by robust Total loans and advances extended by the general economic growth (Chart 13b). government moderated to 7.7 per cent in 2023-24, Chart 13: Change in Corporate Cash-to-Debt Ratio (in percentage points) a. PuNFCs b. PvNFCs 4 3

2.4 2 1 0 -1 -2 -3 -4 -5 -6 Cash effect Change in ratio Debt effect Cash effect Change in ratio Debt effect

Sources: RBI; Balance sheets of Port Trusts; Public Enterprise Survey Report 2023-24; and authors’ calculations.

10 Debt comprises ‘debt securities’ and ‘loans and borrowings’. The intercompany borrowing within NFC sector is not netted out. Change in C/D ratio between t and t T can be decomposed into a change in the level of corporate cash, i.e., corporate cash effect CashtT – Casht and a change in the corporate debt growth, i.e., a corporate debt effect (-) DebtdtT – Debtdt × Casht .

D +ebtdtT + D +ebtdt Debtdt + 56 RBI Bulletin January 2026 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 8 6 4 2

1.2 0 -2 -4 -6 -8 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE Chart 14: Financing of Resource Gap of General Government (Per cent of resource gap, left scale; Per cent of GDP, right scale) 140 0 120 -2 100 -4 -5.5 80 -6 60 -8 40 -10 20 -12 0 -14 -20 -16

Note: Other domestic sectors include central bank, GG, PvNFC and other sectors not elsewhere classified.

Sources: RBI; Union Budget; and authors’ calculations. vis-à-vis, 9.4 per cent in 2022-23. On the liabilities household financial savings. However, the growth side, debt securities issued by central government, momentum in unsecured personal loans and credit accounting for 73.5 per cent of its total liabilities as card outstanding, started slowing down following the at end-March 2024, rose by 10.8 per cent over the central bank’s decision to increase the risk weights on previous year. these exposures.11 IV.4 Households The financial surplus of households remained unchanged at 5.2 per cent of GDP between 2022-23 and 2023-24. It moderated to 6.7 per cent of GDP in 2021-22 from 11.8 per cent of GDP in 2020-21. The moderations reflect the continued drawdown of excess savings accumulated during the pandemic (Chart 15). The flow of financial assets mainly in the form of bank deposits, provident and pension funds, life insurance funds, and small savings recorded a marginal uptick to 11.4 per cent of GDP (11.1 per cent in 2022-23). Concurrently, the flow of liabilities rose to 6.2 per cent of GDP (from 5.9 per cent a year earlier), indicating higher borrowings, both from banks and non-banking financial companies (NBFCs).

The rise in households’ share in credit coupled with 11 The risk weights were increased on November 16, 2023, when RBI tightened norms for unsecured personal loans and credit card exposures, a decline in their share of deposits, has been a major raising the risk weight from 100 per cent to 125 per cent for personal or factor behind the post pandemic moderation in net consumer credit.

RBI Bulletin January 2026 57 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 ODCs OFCs PuNFCs HH RoW Other domestic sectors Resource gap (RHS) Chart 15: Financial Surplus of the Households (Per cent of (cid:21)inancial surplus, left scale; Per cent of GDP, right scale) 140 14 120 12

11.8 100 10 80 60 8

6.7 40 5.2 6 20

5.2 4 0 2 -20 -40 0

Sources: NSO; and authors’ calculations.

41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 Central bank ODCs GG OFCs PvNFCs Resource Gap (RHS)ARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 Chart 16: Decomposition of Change in Household Debt-to-GDP Ratio (Percentage points) 8 6 4

2.1 2 0 -2 -4 -6 -8

Sources: NSO; and authors’ calculations.

The household debt-to-GDP ratio increased to corporate businesses, increased deposits with ODCs

41.5 per cent in 2023-24 from 39.4 per cent in the and loans to the central government (Chart 17). previous year, offsetting the GDP growth effect (Chart Notwithstanding the above trends, the flow of

16).12 The stock of HH financial assets increased to financial liabilities of the RoW increased to 2.2 per

129.3 per cent of GDP at end-March 2024 from 125.8 cent of GDP, a sharp turnaround from (-) 0.4 per cent per cent a year ago. Accordingly, their net financial in the previous year. This rise was driven primarily wealth increased to 87.8 per cent of GDP from 86.4 by an increase in foreign investments by the RBI, per cent over the same period.

reflecting higher accretion to foreign exchange reserves and active foreign asset management in IV.5 Rest of the World response to sustained capital inflows. At the same The financial linkages with Rest of the World time, foreign deposits held in India exceeded Indian

(RoW) strengthened in 2023-24, amidst multiple banks’ deposits placed abroad by about ₹1,287 billion, global headwinds, supported by robust capital inflows which partially offset the overall rise in RoW liabilities and a narrowing current account deficit (CAD).

(Chart 18). Despite India being a net borrower, these India remained net borrower in 2023-24 as the net trends together highlight a resilient external sector in acquisition of assets by RoW remained positive with 2023-24, marked by robust capital flows, strengthened higher portfolio and direct investments indicating reserves, and prudent external asset liability a buildup of India’s external liabilities. The flow of management by the RBI and the banking system.

financial assets of RoW increased to 2.9 per cent of IV.6 Sector and Instrument-wise Heat Maps GDP in 2023-24 (from 1.6 per cent in the previous year) driven by higher equity investments in private A snapshot of sectoral contribution to the total increase in financial assets and liabilities of the domestic sector is presented in Table 2 and 3, respectively. Stock of financial assets of the domestic sector expanded by 13.9 per cent during 2023-24, with 58 RBI Bulletin January 2026 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 Chart 17: Flow of Financial Assets of RoW (Per cent of (cid:21)low of (cid:21)inancial assets, left scale; Per cent of GDP, right scale) 175 6 5 125 4 75

2.9 3 25 2 -25 1 -75 0 Nominal GDP growth effect Change in debt-to-GDP

Debt effect Note: RoW has no net acquisition of financial assets with rest of the sectors comprising OFCs, PuNFCs and HH.

Sources: RBI; and authors’ calculations.

31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 ODCs GG PvNFCs Rest of the sectors Net financial assets (RHS) 12 Change in household debt-to-GDP ratio between t and t+T can be decomposed into a change in the level of debt, i.e., debt effect Ydt +T Y – dt Ydt and a change in the GDP (Y) growth, i.e., a nominal GDP growth effect (-) DebtdtT – Debtdt × Debtt .

D +ebtdt YdtT +Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE households making the largest contribution, followed Chart 18: Flow of Financial Liabilities of RoW by OFCs and ODCs. Instrument-wise, loans and (Per cent of (cid:21)low of (cid:21)inancial liabilities, left scale; Per cent of GDP, right scale) 200 5 advances accounted for the largest share of the asset growth, followed by debt securities and deposits.

150 4 The rise in loans and advances was driven primarily 100 3 by ODCs and OFCs, reflecting stronger financial

2.2 50 2 intermediation during the year. Deposits grew across 0 1 all sectors, with household sector contributing the -50 0 most to this expansion. The increase in debt securities was mainly attributable to OFCs, while equity -100 -1 investment growth was led by OFCs and households.

In the RoW, financial assets rose by 9.6 per cent during Central bank ODCs GG PvNFCs the year, primarily due to higher equity investments, Net financial claims (RHS) followed by an increase in other accounts receivable,

Note: RoW has no net incurrence of financial liabilities with other domestic sectors. reflecting the expansion of trade credit and advances

Sources: RBI; and author’s calculations. extended to PvNFCs (Table 2).

Table 2: Heat Map: Financial Assets 2023-24 Financial assets Central ODCs OFCs NFCs GG HH Domestic RoW Bank sectoral share Monetary Gold and SDRs 17.8 - - - .. - 11.4 .. (0.4) (0.4) Currency .. .. .. .. .. 3.7 3.8 - (0.7) (0.8) Deposits 5.8 11.0 8.2 16.9 14.3 10.7 11.4 11.2 (0.3) (1.7) (0.9) (3.2) (1.9) (10.7) (18.7) (12.8) Debt Securities 10.3 11.9 22.0 7.0 -1.3 11.4 15.2 10.9 (3.0) (5.1) (13.6) (0.4) (-0.1) (0.3) (22.3) (11.8) Loans and Advances 30.5 15.6 11.5 7.1 7.7 - 13.6 11.3 (0.5) (16.6) (3.8) (1.5) (0.5) (22.9) (18.4) Equity and Investment Fund .. -24.3 32.7 4.2 16.9 34.5 19.6 7.9 (-0.3) (9.1) (1.5) (1.7) (6.4) (18.4) (40.4) Insurance, Pension and PF - .. - - 19.9 19.9 - (12.8) (12.8) Other account receivable / payable .. 6.8 5.6 4.8 53.3 17.6 7.3 12.9 (0.2) (0.4) (1.4) (0.9) (0.1) (2.9) (16.6) Others - 1.5 8.3 5.1 .. - 4.0 - (0.1) (0.1) (0.6) (0.8) Domestic sectoral share 11.1 13.2 19.7 7.1 13.1 15.1 13.9 9.6 (4.3) (23.3) (27.9) (8.6) (4.9) (31.0) (100.0) (100.0) <<Contraction ……………………………………………………………… Expansion>>

Notes: 1. Green and red colours indicate increase and decrease in assets, respectively.

2. Higher contributions to the changes in value of assets are represented by higher colour concentration.

3. Figures in the parenthesis show instrument-wise contribution to total change in assets of the domestic economy.

4. Figures in the parenthesis of RoW show instrument-wise contribution of total change in assets of RoW.

5. “-” indicates Nil. and “..” indicates Negligible.

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; PFRDA; EPFO; Union Budget; NSO; Balance sheets of SFCs; SIDCs and Port Trusts; Public Enterprise Survey Report; and authors’ calculations.

RBI Bulletin January 2026 59 31-2102 41-3102 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202ARTICLE Financial Stocks and Flow of Funds of the Indian Economy 2023-24 Table 3: Heat Map: Liabilities 2023-24 Liabilities Central ODCs OFCs NFCs GG HH Domestic RoW Bank sectoral share Monetary Gold and SDRs - - - - - - - -1.8 -(0.4) Currency 3.9 - - - - - 3.9 - (0.9) (0.9) Deposits 27.1 12.7 12.9 51.9 10.3 - 13.2 20.4 (2.4) (18.3) (0.4) (0.3) (2.8) (24.2) (23.1) Debt Securities - -25.3 9.2 9.8 11.4 - 10.1 13.3 -(1.0) (1.2) (1.3) (12.7) (14.2) (57.6) Loans and Borrowings - 20.0 16.0 9.7 12.1 18.0 14.6 37.3 (4.3) (2.3) (7.1) (0.9) (12.7) (27.2) (4.2) Equity and Investment Fund .. 6.8 33.9 4.4 - 19.5 10.7 (0.2) (9.6) (1.1) - (10.9) (13.9) Insurance, Pension and PF .. .. 20.9 - 4.2 - 19.5 - (14.2) (0.3) (14.5) Other account receivable / payable 120.8 6.1 .. 4.2 .. 11.0 5.2 3.2 (0.8) (0.2) (3.3) (0.1) (4.4) (1.6) Others - 32.9 17.1 5.9 .. - 9.5 - (1.7) (0.1) (2.0) (3.8) Domestic sectoral share 12.6 13.1 21.7 6.7 10.9 17.9 12.7 13.2 (4.1) (23.6) (27.8) (15.0) (16.8) (12.8) (100.0) (100.0) <<Contraction ……………………………………………………………… Expansion>>

Notes: 1. Red and green colours indicate increase and decrease in liabilities, respectively.

2. Higher contributions to the changes in value of liabilities are represented by higher colour concentration.

3. Figures in the parenthesis show instrument-wise contribution to total change in liabilities of the domestic economy.

4. Figures in the parenthesis of RoW show instrument-wise contribution of total change in liabilities of RoW.

5. “-” indicates Nil. and “..” indicates Negligible.

Sources: RBI; NABARD; SIDBI; EXIM; NAFSCOB; NAFCARD; AMFI; SEBI; IRDAI; PFRDA; EPFO; Union Budget; NSO; Balance sheets of SFCs; SIDCs and Port Trusts; Public Enterprise Survey Report; and authors’ calculations.

The domestic sector stock of liabilities increased in India’s reserve position with the International by 12.7 per cent in 2023-24 with largest contribution Monetary Fund (Table 3). from OFCs followed by ODCs and GG. Instrument- V. Conclusion wise loans and borrowings led by HH and NFCs The sectoral financial landscape in 2023-24, accounted for the major share followed by deposit largely reflected a balanced assets and liabilities liability steered by ODCs. The central bank’s deposit expansion and improved financial health. Both liabilities also expanded, reflecting the balance financial assets and liabilities of the domestic sectors sheet expansion of ODCs, and increased reverse registered strong growth of 13.9 per cent and 12.7 repo transactions following the monetary stance of per cent, respectively over 2022-23, reflecting robust withdrawal of accommodation. Liability of RoW grew economic growth, high financial intermediation, by 13.2 per cent during the year mainly due to a rise and deepening linkages among institutional sectors.

in debt securities held by the RBI and deposits held by FCs and households being in surplus continued to FCs. However, liabilities in the form of monetary gold remain as the net lending sectors to the rest of the and SDRs declined marginally, owing to a reduction economy. Households expanded their asset base 60 RBI Bulletin January 2026Financial Stocks and Flow of Funds of the Indian Economy 2023-24 ARTICLE through deposits, insurance, and equity investments. Government of India. (2025). Union Budget 2025- Financial corporations continued to play a pivotal role 26. Ministry of Finance, Government of India.

in mobilising and allocating resources, with notable National Statistical Office. (2025). National Accounts growth in loans and advances, and debt securities, Statistics 2025. Ministry of Statistics and Programme reaffirming their central role in financing the growth Implementation, Government of India.

of the domestic economy. The general government’s Organisation for Economic Co-operation and fiscal consolidation, alongside improving corporate Development. (2017). Understanding Financial financial balance sheets, contributed to healthier Accounts. Edited by Peter van de Ven, P. and D.

sectoral net positions and an overall rise in net financial Fano (eds.), OECD. Retrieved from https://www. wealth to 28.6 per cent of GDP. India’s financial oecd.org/content/dam/oecd/en/publications/ interactions with the rest of the world strengthened reports/2017/11/understanding-financial-accounts_ during the year driven by both inflows and outflows g1g8072a/9789264281288-en.pdf despite multiple global uncertainties. Overall, the Prakash, A., Sarkar, K.K., Thakur, I., Goel, S. (2023).

financial accounts of 2023-24 highlights a robust and Financial Stocks and Flow of Funds of the Indian resilient financial balance sheet of domestic sectors Economy 2020-21. RBI Bulletin, March 2023. supported by strong macroeconomic fundamentals RBI (2024a). Annual Report 2023-24. Reserve Bank of and deepened financial intermediation.

India.

References:

RBI (2024b). Report on Trends and Progress of Banking Copeland, Morris A. (1947). “Tracing Money Flows in India 2023-24. Reserve Bank of India. through the United States Economy,” American RBI (2024c). State Finances A Study of Budgets of 2024- Economic Review, 37 (2), 31-49. 25. Reserve Bank of India.

RBI Bulletin January 2026 61CURRENT STATISTICS Select Economic Indicators Reserve Bank of India Money and Banking Prices and Production Government Accounts and Treasury Bills Financial Markets External Sector Payment and Settlement Systems Occasional SeriesCURRENT STATISTICS Contents No. Title Page 1 Select Economic Indicators 65 Reserve Bank of India 2 RBI – Liabilities and Assets 66 3 Liquidity Operations by RBI 67 4 Sale/ Purchase of U.S. Dollar by the RBI 68 4A Maturity Breakdown (by Residual Maturity) of Outstanding Forwards of RBI (US$ Million) 69 5 RBI's Standing Facilities 69 Money and Banking 6 Money Stock Measures 70 7 Sources of Money Stock (M) 71 3 8 Monetary Survey 72 9 Liquidity Aggregates 73 10 Reserve Bank of India Survey 74 11 Reserve Money – Components and Sources 74 12 Commercial Bank Survey 75 13 Scheduled Commercial Banks' Investments 75 14 Business in India – All Scheduled Banks and All Scheduled Commercial Banks 76 15 Deployment of Gross Bank Credit by Major Sectors 77 16 Industry-wise Deployment of Gross Bank Credit 78 17 State Co-operative Banks Maintaining Accounts with the Reserve Bank of India 79 18 (a) Flow of Financial Resources to Commercial Sector in India 80 18 (b) Outstanding Credit to Commercial Sector in India 81 Prices and Production 19 Consumer Price Index (Base: 2012=100) 82 20 Other Consumer Price Indices 82 21 Monthly Average Price of Gold and Silver in Mumbai 82 22 Wholesale Price Index 83 23 Index of Industrial Production (Base: 2011-12=100) 87 Government Accounts and Treasury Bills 24 Union Government Accounts at a Glance 87 25 Treasury Bills – Ownership Pattern 88 26 Auctions of Treasury Bills 88 Financial Markets 27 Daily Call Money Rates 89 28 Certificates of Deposit 90 29 Commercial Paper 90 RBI Bulletin January 2026 63CURRENT STATISTICS No. Title Page 30 Average Daily Turnover in Select Financial Markets 90 31 New Capital Issues by Non-Government Public Limited Companies 91 External Sector 32 Foreign Trade 92 33 Foreign Exchange Reserves 92 34 Non-Resident Deposits 92 35 Foreign Investment Inflows 93 36 Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals 93 37 Indices of Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) of the Indian Rupee 94 38 External Commercial Borrowings (ECBs) – Registrations 95 39(a) Invoicing in INR of Exports of Goods and Software and Imports of Goods from/to India 96 39(b) Settlement in INR of Exports of Goods and Software and Imports of Goods from/to India 96 40 India’s Overall Balance of Payments (US $ Million) 97 41 India's Overall Balance of Payments (` Crore) 98 42 Standard Presentation of BoP in India as per BPM6 (US $ Million) 99 43 Standard Presentation of BoP in India as per BPM6 (` Crore) 100 44 India’s International Investment Position 101 Payment and Settlement Systems 45 Payment System Indicators 102 Occasional Series 46 Small Savings 104 47 Ownership Pattern of Central and State Governments Securities 105 48 Combined Receipts and Disbursements of the Central and State Governments 106 49 Financial Accommodation Availed by State Governments under various Facilities 107 50 Investments by State Governments 108 51 Market Borrowings of State Governments 109 52 (a) Flow of Financial Assets and Liabilities of Households - Instrument-wise 110 52 (b) Stocks of Financial Assets and Liabilities of Households- Select Indicators 113

Notes: .. = Not available. – = Nil/Negligible.

P = Preliminary/Provisional. PR = Partially Revised.

64 RBI Bulletin January 2026CURRENT STATISTICS No. 1: Select Economic Indicators 2024-25 2025-26 Item 2024-25 Q1 Q2 Q1 Q2 1 2 3 4 5 1 Real Sector (% Change)

1.1 GVA at Basic Prices 7.3 6.5 5.8 7.6 8.1

1.1.1 Agriculture 3.1 1.5 4.1 3.7 3.5

1.1.2 Industry 5.8 7.8 2.1 5.8 7.9

1.1.3 Services 8.8 7.2 7.4 9.0 9.0

1.1a Final Consumption Expenditure 6.8 7.0 6.1 7.1 6.5

1.1b Gross Fixed Capital Formation 7.8 6.7 6.7 7.8 7.3 2024 2025 2024-25 Oct. Nov. Oct. Nov.

1 2 3 4 5

1.2 Index of Industrial Production 4. 0 3. 7 5 . 0 0 . 5 6 . 7 2 Money and Banking (% Change)

2.1 Scheduled Commercial Banks

2.1.1 Deposits 10.3 11.5 10.7 9.8 10.2

2.1.2 Credit # 11.0 11.8 10.6 11.3 11.5

2.1.2.1 Non-food Credit # 11.0 11.8 10.6 11.1 11.4

2.1.3 Investment in Govt. Securities 9. 7 8. 1 8 . 4 5 . 1 5 . 3

2.2 Money Stock Measures

2.2.1 Reserve Money (M0) 4.3 9.0 7.1 2.0 1.6

2.2.2 Broad Money (M3) 9.4 10.7 10.8 10.3 9.9 3 Ratios (%)

3.1 Cash Reserve Ratio 4.00 4.50 4.50 3.50 3.25

3.2 Statutory Liquidity Ratio 18.00 18.00 18.00 18.00 18.00

3.3 Cash-Deposit Ratio 4.3 5.2 5.1 3.8 3.5

3.4 Credit-Deposit Ratio 80.8 79.4 79.5 80.2 80.5

3.5 Incremental Credit-Deposit Ratio # 86.1 66.2 69.8 72.1 76.5

3.6 Investment-Deposit Ratio 29.7 29.9 29.7 28.5 28.4

3.7 Incremental Investment-Deposit Ratio 28.1 30.6 28.1 12.0 11.2 4 Interest Rates (%)

4.1 Policy Repo Rate 6.25 6.50 6.50 5.50 5.50

4.2 Fixed Reverse Repo Rate 3.35 3.35 3.35 3.35 3.35

4.3 Standing Deposit Facility (SDF) Rate * 6.00 6.25 6.25 5.25 5.25

4.4 Marginal Standing Facility (MSF) Rate 6.50 6.75 6.75 5.75 5.75

4.5 Bank Rate 6.50 6.75 6.75 5.75 5.75

4.6 Base Rate 9.10/10.40 9.10/10.40 9.10/10.40 8.35/10.00 8.35/10.00

4.7 MCLR (Overnight) 8.15/8.45 8.15/8.45 8.15/8.45 7.80/8.00 7.80/7.95

4.8 Term Deposit Rate >1 Year 6.00/7.25 6.00/7.25 6.00/7.25 5.85/6.60 5.85/6.60

4.9 Savings Deposit Rate 2.70/3.00 2.70/3.00 2.70/3.00 2.50/2.50 2.50/2.50

4.10 Call Money Rate (Weighted Average) 6.35 6.63 6.70 5.58 5.45

4.11 91-Day Treasury Bill (Primary) Yield 6.52 6.51 6.49 5.46 5.36

4.12 182-Day Treasury Bill (Primary) Yield 6.52 6.64 6.66 5.60 5.52

4.13 364-Day Treasury Bill (Primary) Yield 6.47 6.60 6.65 5.58 5.53

4.14 10-Year G-Sec Par Yield (FBIL) 6.62 6.81 6.79 6.50 6.55 5 Reference Rate and Forward Premia

5.1 INR-US$ Spot Rate (Rs. Per Foreign Currency) 85.5 8 84.0 8 84.5 0 88.7 2 89.4 6

5.2 INR-Euro Spot Rate (Rs. Per Foreign Currency) 92.32 90.96 89.36 102.67 103.63

5.3 Forward Premia of US$ 1-month (%) 3.12 1.49 1.94 1.94 2.15 3-month (%) 2.56 1.69 1.98 1.98 2.06 6-month (%) 2.28 2.01 2.18 2.14 2.21 6 Inflation (%)

6.1 All India Consumer Price Index 4.6 6.2 5.5 0.3 0.7

6.2 Consumer Price Index for Industrial Workers 3.39 4.4 3.9 2.2 2.6

6.3 Wholesale Price Index 2.3 2.8 2.2 -1.0 -0.3

6.3.1 Primary Articles 5.2 8.3 5.5 -5.9 -2.9

6.3.2 Fuel and Power -1.3 -4.3 -4.0 -2.4 -2.3

6.3.3 Manufactured Products 1.7 1.8 2.1 1.7 1.3 7 Foreign Trade (% Change)

7.1 Imports 6.9 3.2 16.8 17.0 -2.0

7.2 Exports 0. 1 16. 6 -5 . 3 -12 . 4 19 . 3

Note : Financial Benchmark India Pvt. Ltd. (FBIL) has commenced publication of the G-Sec benchmarks with effect from March 31, 2018 as per RBI circularFMRD.DIRD.

7/14.03.025/2017-18 dated March 31, 2018. FBIL has started dissemination of reference rates w.e.f. July 10, 2018. #: Bank credit growth and related ratios for all fortnights from December 3, 2021 to November 18, 2022 are adjusted for past reporting errors by select scheduled commercial banks (SCBs).

Data include the impact of merger of a non-bank with a bank w.e.f. July 1, 2023. *: As per Press Release No. 2022-2023/41 dated April 08, 2022.

RBI Bulletin January 2026 65CURRENT STATISTICS Reserve Bank of India No. 2: RBI - Liabilities and Assets * (₹ Crore) Item As on the Last Friday/ Friday 2024-25 2024 2025 Dec. Nov. 28 Dec. 05 Dec. 12 Dec. 19 Dec. 26 1 2 3 4 5 6 7 1 Issue Department

1.1 Liabilities

1.1.1 Notes in Circulation 3683836 3525519 3827317 3852270 3872585 3876484 3888762

1.1.2 Notes held in Banking Department 11 14 16 15 13 12 13

1.1/1.2 Total Liabilities (Total Notes Issued) or Assets 3683847 3525533 3827333 3852285 3872598 3876496 3888775

1.2 Assets

1.2.1 Gold 235379 200458 335390 341293 345299 349591 360884

1.2.2 Foreign Securities 3448129 3324796 3491411 3510535 3526923 3526596 3527658

1.2.3 Rupee Coin 340 278 531 457 375 308 234

1.2.4 Government of India Rupee Securities - - - - - - - 2 Banking Department

2.1 Liabilities

2.1.1 Deposits 1709285 1531773 1416438 1341840 1375386 1570214 1581787

2.1.1.1 Central Government 100 100 100 101 101 100 101

2.1.1.2 Market Stabilisation Scheme - - - - - - -

2.1.1.3 State Governments 42 42 42 42 42 42 42

2.1.1.4 Scheduled Commercial Banks 943060 939428 778275 743882 720538 796805 723173

2.1.1.5 Scheduled State Co-operative Banks 7776 8496 6733 6955 6285 6749 6586

2.1.1.6 Non-Scheduled State Co-operative Banks 5963 4770 4586 4328 4178 4206 4023

2.1.1.7 Other Banks 46963 47566 40059 36869 37239 37301 37166

2.1.1.8 Others 593085 443606 417108 425992 470227 615516 702547

2.1.1.9 Financial Institution Outside India 112296 87765 169535 123672 136777 109493 108150

2.1.2 Other Liabilities 2150508 1905453 2670951 2741647 2775794 2729460 2812972

2.1/2.2 Total Liabilities or Assets 3859793 3437226 4087389 4083488 4151180 4299674 4394759

2.2 Assets

2.2.1 Notes and Coins 11 14 16 15 13 12 13

2.2.2 Balances Held Abroad 1413591 1433320 1520068 1530540 1545660 1501661 1529325

2.2.3 Loans and Advances

2.2.3.1 Central Government - - - - - - -

2.2.3.2 State Governments 26284 21841 18966 40349 26355 32271 23359

2.2.3.3 Scheduled Commercial Banks 251984 244697 2144 2101 2154 147555 197894

2.2.3.4 Scheduled State Co-op.Banks - - - - - - -

2.2.3.5 Industrial Dev. Bank of India - - - - - - -

2.2.3.6 NABARD - - - - - - -

2.2.3.7 EXIM Bank - - - - - - -

2.2.3.8 Others 36426 8459 9659 8030 8996 15587 16450

2.2.3.9 Financial Institution Outside India 111768 87189 169769 123865 137164 109987 108159

2.2.4 Bills Purchased and Discounted

2.2.4.1 Internal - - - - - - -

2.2.4.2 Government Treasury Bills - - - - - - -

2.2.5 Investments 1560630 1255979 1734211 1735266 1779768 1828890 1833991

2.2.6 Other Assets 459101 385727 632557 643322 651069 663710 685568

2.2.6.1 Gold 429510 366385 610837 621587 628884 636701 657267 * Data are provisional.

66 RBI Bulletin January 2026CURRENT STATISTICS No. 3: Liquidity Operations by RBI (₹ Crore) Date Standing OMO (Outright) Net Injection (+)/ Liquidity Absorption (-) Liquidity Adjustment Facility Facilities (1+3+5+7+9-2-4-6 -8) Sale Purchase Variable Variable Reverse Rate Repo Rate MSF SDF Repo Reverse Repo Repo 1 2 3 4 5 6 7 8 9 10 Nov. 1, 2025 - - - - 445 122685 - - - -122240 Nov. 2, 2025 - - - - 370 119816 - - - -119446 Nov. 3, 2025 - - - - 895 187516 -201 - - -186822 Nov. 4, 2025 - - - - 865 220291 - - 4020 -215406 Nov. 5, 2025 - - - - 590 206927 - - - -206337 Nov. 6, 2025 - - - - 1982 244330 -1346 - 4335 -239359 Nov. 7, 2025 - - - - 916 251010 -838 - 4115 -246817 Nov. 8, 2025 - - - - 56 200181 - - - -200125 Nov. 9, 2025 - - - - 104 202615 - - - -202511 Nov. 10, 2025 - - - - 870 211369 - - 4630 -205869 Nov. 11, 2025 - - - - 643 220994 160 - 4040 -216151 Nov. 12, 2025 - - - - 800 219951 -628 - 4455 -215324 Nov. 13, 2025 - - - - 800 249197 -519 - 1685 -247231 Nov. 14, 2025 - - - 57380 2158 192759 - - - -247981 Nov. 15, 2025 - - - - 1113 131941 - - - -130828 Nov. 16, 2025 - - - - 125 110112 - - - -109987 Nov. 17, 2025 - - - - 839 196682 - - - -195843 Nov. 18, 2025 - - - - 979 183892 -341 - - -183254 Nov. 19, 2025 - - - - 869 180834 462 - - -179503 Nov. 20, 2025 - - - - 1072 166262 - - - -165190 Nov. 21, 2025 - - 16363 - 445 174122 - - - -157314 Nov. 22, 2025 - - - - 3084 149537 - - - -146453 Nov. 23, 2025 - - - - 4934 152089 - - - -147155 Nov. 24, 2025 - - - - 729 153483 - - - -152754 Nov. 25, 2025 - - - - 1092 159522 - - - -158430 Nov. 26, 2025 - - - - 1985 141197 - - - -139212 Nov. 27, 2025 - - - - 318 150906 -872 - - -151460 Nov. 28, 2025 - - - - 2144 186351 2242 - - -181965 Nov. 29, 2025 - - - - 341 153397 - - - -153056 Nov. 30, 2025 - - - - 307 135576 522 - - -134747 RBI Bulletin January 2026 67CURRENT STATISTICS No. 4: Sale/ Purchase of U.S. Dollar by the RBI i) Operations in onshore / offshore OTC segment Item 2024 2025 2024-25 Nov. Oct. Nov.

1 2 3 4 1 Net Purchase/ Sale of Foreign Currency (US $ Million) (1.1-1.2) -34511 -20228 -11877 -9710

1.1 Purchase (+) 364200 30880 17685 14350

1.2 Sale (–) 398711 51108 29562 24060 2 ₹ equivalent at contract rate (₹ Crores) -291233 -170630 -104818 -85402 3 Cumulative (over end-March) (US $ Million) -34511 -20956 -33579 -43289 (₹ Crore) -291233 -177653 -296306 -381708 4 Outstanding Net Forward Sales (-)/ Purchase (+) at the end of month (US -84345 -58850 -63605 -66045 $ Million) ii) Operations in currency futures segment Item 2024 2025 2024-25 Nov. Oct. Nov.

1 2 3 4 1 Net Purchase/ Sale of Foreign Currency (US $ Million) (1.1-1.2) 0 0 0 0

1.1 Purchase (+) 31415 3926 2274 2583

1.2 Sale (–) 31415 3926 2274 2583 2 Outstanding Net Currency Futures Sales (-)/ Purchase (+) at the end of 0 -2968 -1447 -1150 month (US $ Million) 68 RBI Bulletin January 2026CURRENT STATISTICS No. 4 A : Maturity Breakdown (by Residual Maturity) of Outstanding Forwards of RBI (US $ Million) Item As on November 30 , 2025 Long (+) Short (-) Net (1-2) 1 2 3

1. Upto 1 month 0 18870 -18870

2. More than 1 month and upto 3 months 0 16840 -16840

3. More than 3 months and upto 1 year 0 2260 -2260

4. More than 1 year 0 28075 -28075 Total (1+2+3+4) 0 66045 -66045 No. 5: RBI’s Standing Facilities (₹ Crore) Item As on the Last Reporting Fortnights 2024-25 2024 2025 Dec. 27 Jul. 25 Aug. 22 Sep. 19 Oct. 31 Nov. 28 Dec. 31 1 2 3 4 5 6 7 8 1 MSF 9961 31127 1906 1818 310 5489 2144 1936 2 Export Credit Refinance for Scheduled Banks

2.1 Limit - - - - - - - -

2.2 Outstanding - - - - - - - - 3 Liquidity Facility for PDs

3.1 Limit 9900 9900 14900 14900 14900 14900 14900 14900

3.2 Outstanding 9517 8459 10299 10985 10319 11518 9637 10788 4 Others

4.1 Limit 76000 76000 76000 76000 76000 76000 76000 76000

4.2 Outstanding - - - - - - - - 5 Total Outstanding (1+2.2+3.2+4.2) 19478 39586 12205 12803 10629 17007 11781 12724 RBI Bulletin January 2026 69CURRENT STATISTICS Money and Banking No. 6: Money Stock Measures (₹ Crore) Item Outstanding as on March 31/last reporting Fortnights of the month/ reporting Fortnights 2024-25 2024 2025 Nov. 29 Oct. 31 Nov. 14 Nov. 28 1 2 3 4 5 1 Currency with the Public (1.1 + 1.2 + 1.3 – 1.4) 3630751 3444217 3720545 3751591 3772033

1.1 Notes in Circulation 3687816 3511550 3780994 3810583 3827317

1.2 Circulation of Rupee Coin 35889 34676 38488 38488 38812

1.3 Circulation of Small Coins 743 743 743 743 743

1.4 Cash on Hand with Banks 93696 102752 99680 98223 94838 2 Deposit Money of the Public 2953329 2821629 3360984 3250769 3276126

2.1 Demand Deposits with Banks 2840023 2718636 3245815 3137173 3158233

2.2 'Other' Deposits with Reserve Bank 113307 102993 115169 113595 117894 3 M1 (1 + 2) 6584081 6265846 7081529 7002359 7048159 4 Post Office Saving Bank Deposits 213981 201999 224085 224085 224085 5 M2 (3 + 4) 6798062 6467845 7305614 7226444 7272244 6 Time Deposits with Banks 20702508 20251544 21915977 21943512 22088554 7 M3 (3 + 6) 27286589 26517391 28997506 28945871 29136713 8 Total Post Office Deposits 1458844 1395485 1575869 1575869 1575869 9 M4 (7 + 8) 28745433 27912876 30573375 30521740 30712582 70 RBI Bulletin January 2026CURRENT STATISTICS No. 7 : Sources of Money Stock (M) 3 (₹ Crore) Sources Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights 2024-25 2024 2025 Nov. 29 Oct. 31 Nov. 14 Nov. 28 1 2 3 4 5 1 Net Bank Credit to Government 8510825 8086637 8739870 8787412 8849635

1.1 RBI’s net credit to Government (1.1.1–1.1.2) 1508105 1242346 1529911 1633175 1644157

1.1.1 Claims on Government 1591591 1287452 1750740 1764036 1751645

1.1.1.1 Central Government 1558903 1270987 1730724 1732228 1732679

1.1.1.2 State Governments 32688 16465 20016 31808 18966

1.1.2 Government deposits with RBI 83485 45106 220829 130861 107488

1.1.2.1 Central Government 83443 45064 220786 130818 107445

1.1.2.2 State Governments 42 42 42 42 42

1.2 Other Banks’ Credit to Government 7002720 6844291 7209958 7154237 7205477 2 Bank Credit to Commercial Sector 19068129 18291281 20203749 20177383 20338419

2.1 RBI’s credit to commercial sector 38246 10463 13603 10230 11701

2.2 Other banks’ credit to commercial sector 19029883 18280818 20190146 20167154 20326717

2.2.1 Bank credit by commercial banks 18243972 17508956 19393655 19370949 19529443

2.2.2 Bank credit by co-operative banks 766659 753253 776084 775654 776466

2.2.3 Investments by commercial and co-operative banks in other securities 19252 18610 20407 20551 20808 3 Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 6148527 5771557 6532531 6555004 6544991

3.1 RBIs net foreign exchange assets (3.1.1 - 3.1.2) 5550947 5409159 5945483 5967956 5957943

3.1.1 Gross foreign assets 5550956 5409166 5945482 5967955 5957940

3.1.2 Foreign liabilities 9 7 0 -1 -3

3.2 Other banks’ net foreign exchange assets 597580 362398 587048 587048 587048 4 Government’s Currency Liabilities to the Public 36632 35419 39231 39231 39555 5 Banking Sector’s Net Non-monetary Liabilities 6477524 5667504 6517874 6613159 6635886

5.1 Net non-monetary liabilities of RBI 2147427 1901446 2559728 2605985 2654752

5.2 Net non-monetary liabilities of other banks (residual) 4330098 3766057 3958146 4007174 3981134 M₃(1+2+3+4–5) 27286589 26517391 28997506 28945871 29136713 RBI Bulletin January 2026 71CURRENT STATISTICS No. 8: Monetary Survey (₹ Crore) Item Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights 2024-25 2024 2025 Nov. 29 Oct. 31 Nov. 14 Nov. 28 1 2 3 4 5 Monetary Aggregates NM₁ (1.1+1.2.1+1.3) 6584081 6265846 7081529 7002359 7048159 NM₂ (NM₁ + 1.2.2.1) 15768688 15254479 16803647 16736434 16845174 NM₃ (NM₂ +1.2.2.2 + 1.4 = 2.1 + 2.2 + 2.3 – 2.4 – 2.5) 27909568 27191610 29532475 29468621 29698502 1 Components

1.1 Currency with the Public 3630751 3444217 3720545 3751591 3772033

1.2 Aggregate Deposits of Residents 23250261 22693377 24850520 24768450 24929376

1.2.1 Demand Deposits 2840023 2718636 3245815 3137173 3158233

1.2.2 Time Deposits of Residents 20410239 19974741 21604705 21631277 21771143

1.2.2.1 Short-term Time Deposits 9184607 8988633 9722117 9734075 9797014

1.2.2.1.1 Certificates of Deposits (CDs) 527375 493598 470625 535617 576412

1.2.2.2 Long-term Time Deposits 11225631 10986107 11882588 11897203 11974129

1.3 'Other' Deposits with RBI 113307 102993 115169 113595 117894

1.4 Call/Term Funding from Financial Institutions 915248 951023 846241 834984 879199 2 Sources

2.1 Domestic Credit 28800727 27566453 30218786 30244967 30478174

2.1.1 Net Bank Credit to the Government 8510825 8086637 8739870 8787412 8849635

2.1.1.1 Net RBI credit to the Government 1508105 1242346 1529911 1633175 1644157

2.1.1.2 Credit to the Government by the Banking System 7002720 6844291 7209958 7154237 7205477

2.1.2 Bank Credit to the Commercial Sector 20289901 19479816 21478916 21457555 21628539

2.1.2.1 RBI Credit to the Commercial Sector 38246 10463 13603 10230 11701

2.1.2.2 Credit to the Commercial Sector by the Banking System 20251656 19469353 21465313 21447325 21616838

2.1.2.2.1 Other Investments ( Non-SLR Securities) 1208294 1177017 1257601 1264802 1271838

2.2 Government's Currency Liabilities to the Public 36632 35419 39231 39231 39555

2.3 Net Foreign Exchange Assets of the Banking Sector 5605462 5289498 6054269 6094010 6099038

2.3.1 Net Foreign Exchange Assets of the RBI 5550947 5409159 5945483 5967956 5957943

2.3.2 Net Foreign Currency Assets of the Banking System 54514 -119661 108786 126054 141095

2.4 Capital Account 4481192 4401596 5349171 5384510 5405272

2.5 Other items (net) 2052060 1298165 1430640 1525077 1512992 72 RBI Bulletin January 2026CURRENT STATISTICS No. 9: Liquidity Aggregates (₹ Crore) Aggregates 2024-25 2024 2025 Nov. Sep. Oct. Nov.

1 2 3 4 5 1 NM₃ 27896780 27191610 28906851 29532475 29698502 2 Postal Deposits 756787 735789 812817 818598 826918 3 L₁ ( 1 + 2) 28653567 27927399 29719668 30351073 30525420 4 Liabilities of Financial Institutions 95148 66263 116595 123930 134011

4.1 Term Money Borrowings 10 26 5 5 5

4.2 Certificates of Deposit 80810 52765 101105 108215 118100

4.3 Term Deposits 14328 13473 15485 15711 15907 5 L₂ (3 + 4) 28748715 27993662 29836262 30475003 30659431 6 Public Deposits with Non-Banking Financial Companies 121178 .. 131730 .. ..

7 L₃ (5 + 6) 28869893 .. 29967993 .. ..

Note : Figures in the columns might not add up to the total due to rounding off of numbers.

RBI Bulletin January 2026 73CURRENT STATISTICS No. 10: Reserve Bank of India Survey (₹ Crore) Item Outstanding as on March 31/last reporting Fortnights of the month/reporting Fortnights 2024-25 2024 2025 Nov. 29 Oct. 31 Nov. 14 Nov. 28 1 2 3 4 5 1 Components

1.1 Currency in Circulation 3724448 3546969 3820225 3849814 3866872

1.2 Bankers’ Deposits with the RBI 991488 1087967 898457 833218 829653

1.2.1 Scheduled Commercial Banks 926001 1023815 842947 782080 778275

1.3 ‘Other’ Deposits with the RBI 113307 102993 115169 113595 117894 Reserve Money (1.1 + 1.2 + 1.3 = 2.1 + 2.2 + 2.3 – 2.4 – 2.5) 4829243 4737929 4833851 4796627 4814418 2 Sources

2.1 RBI’s Domestic Credit 1389090 1194797 1408865 1395425 1471673

2.1.1 Net RBI credit to the Government 1508105 1242346 1529911 1633175 1644157

2.1.1.1 Net RBI credit to the Central Government (2.1.1.1.1 +

2.1.1.1.2 + 2.1.1.1.3 + 2.1.1.1.4 – 2.1.1.1.5) 1475460 1225923 1509938 1601410 1625234

2.1.1.1.1 Loans and Advances to the Central Government - - - - -

2.1.1.1.2 Investments in Treasury Bills - - - - -

2.1.1.1.3 Investments in dated Government Securities 1558574 1270656 1730288 1731939 1732147

2.1.1.1.3.1 Central Government Securities 1558574 1270656 1730288 1731939 1732147

2.1.1.1.4 Rupee Coins 329 330 436 289 531

2.1.1.1.5 Deposits of the Central Government 83443 45064 220786 130818 107445

2.1.1.2 Net RBI credit to State Governments 32646 16423 19974 31765 18924

2.1.2 RBI’s Claims on Banks -157261 -58011 -134649 -247980 -184186

2.1.2.1 Loans and Advances to Scheduled Commercial Banks -157261 -58011 -134649 -247980 -184186

2.1.3 RBI’s Credit to Commercial Sector 38246 10463 13603 10230 11701

2.1.3.1 Loans and Advances to Primary Dealers 9182 8428 11518 8146 9637

2.1.3.2 Loans and Advances to NABARD - - - - -

2.2 Government’s Currency Liabilities to the Public 36632 35419 39231 39231 39555

2.3 Net Foreign Exchange Assets of the RBI 5550947 5409159 5945483 5967956 5957943

2.3.1 Gold 668162 565949 903062 948278 946227

2.3.2 Foreign Currency Assets 4882794 4843217 5042421 5019677 5011713

2.4 Capital Account 1875114 1812747 2379213 2414132 2434303

2.5 Other Items (net) 272313 88700 180515 191853 220449 No. 11: Reserve Money - Components and Sources (₹ Crore) Item Outstanding as on March 31/last Fridays of the month/Fridays 2024-25 2024 2025 Nov. 29 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 1 2 3 4 5 6 7 Reserve Money (1.1 + 1.2 + 1.3 = 2.1 + 2.2 + 2.3 + 2.4 + 2.5 – 2.6) 4829243 4737929 4833851 4779344 4796627 4807563 4814418 1 Components

1.1 Currency in Circulation 3724448 3546969 3820225 3842802 3849814 3861828 3866872

1.2 Bankers' Deposits with RBI 991488 1087967 898457 822064 833218 832172 829653

1.3 ‘Other’ Deposits with RBI 113307 102993 115169 114478 113595 113563 117894 2 Sources

2.1 Net Reserve Bank Credit to Government 1508105 1242346 1529911 1613014 1633175 1559050 1644157

2.2 Reserve Bank Credit to Banks -157261 -58011 -134649 -250094 -247980 -158637 -184186

2.3 Reserve Bank Credit to Commercial Sector 38246 10463 13603 11218 10230 11675 11701

2.4 Net Foreign Exchange Assets of RBI 5550947 5409159 5945483 5913866 5967956 5976505 5957943

2.5 Government's Currency Liabilities to the Public 36632 35419 39231 39231 39231 39231 39555

2.6 Net Non- Monetary Liabilities of RBI 2147427 1901446 2559728 2547891 2605985 2620261 2654752 74 RBI Bulletin January 2026CURRENT STATISTICS No. 12: Commercial Bank Survey (₹ Crore) Item Outstanding as on last reporting Fortnights of the month/ reporting Fortnights of the month 2024-25 2024 2025 Nov. 29 Oct. 31 Nov. 14 Nov. 28 1 2 3 4 5 1 Components

1.1 Aggregate Deposits of Residents 22288331 21740662 23864485 23781308 23942644

1.1.1 Demand Deposits 2698049 2576789 3100947 2991667 3013417

1.1.2 Time Deposits of Residents 19590283 19163873 20763538 20789641 20929227

1.1.2.1 Short-term Time Deposits 8815627 8623743 9343592 9355339 9418152

1.1.2.1.1 Certificates of Deposits (CDs) 527375 493598 470625 535617 576412

1.1.2.2 Long-term Time Deposits 10774655 10540130 11419946 11434303 11511075

1.2 Call/Term Funding from Financial Institutions 915248 951023 846241 834984 879199 2 Sources

2.1 Domestic Credit 26154974 25227707 27550033 27477158 27697336

2.1.1 Credit to the Government 6697298 6538351 6889415 6834281 6886017

2.1.2 Credit to the Commercial Sector 19457676 18689356 20660619 20642876 20811320

2.1.2.1 Bank Credit 18243972 17508956 19393655 19370949 19529443

2.1.2.1.1 Non-food Credit 18207441 17457702 19323284 19291758 19449642

2.1.2.2 Net Credit to Primary Dealers 13742 11781 17829 15632 18546

2.1.2.3 Investments in Other Approved Securities 630 565 495 455 455

2.1.2.4 Other Investments (in non-SLR Securities) 1199332 1168055 1248639 1255840 1262875

2.2 Net Foreign Currency Assets of Commercial Banks (2.2.1-2.2.2-2.2.3) 54514 -119661 108786 126054 141095

2.2.1 Foreign Currency Assets 529621 339002 563826 579080 607602

2.2.2 Non-resident Foreign Currency Repatriable Fixed Deposits 292270 276804 311272 312235 317411

2.2.3 Overseas Foreign Currency Borrowings 182837 181858 143768 140791 149097

2.3 Net Bank Reserves (2.3.1+2.3.2-2.3.3) 791777 1172693 1065159 1116181 1045332

2.3.1 Balances with the RBI 882415 1023815 842947 782080 778275

2.3.2 Cash in Hand 81874 90867 87563 86122 82870

2.3.3 Loans and Advances from the RBI 172512 -58011 -134649 -247980 -184186

2.4 Capital Account 2581908 2564679 2945787 2946206 2946799

2.5 Other items (net) (2.1+2.2+2.3-2.4-1.1-1.2) 1215777 1024376 1067466 1156894 1115120

2.5.1 Other Demand and Time Liabilities (net of 2.2.3) 878795 839923 938999 889618 906039

2.5.2 Net Inter-Bank Liabilities (other than to PDs) 116551 133328 95992 74050 45080 No. 13: Scheduled Commercial Banks’ Investments (₹ Crore) Item As on 2024 2025 March 21, 2025 Nov. 29 Oct. 31 Nov. 14 Nov. 28 1 2 3 4 5 1 SLR Securities 6697928 6538915 6889910 6834737 6886472 2 Other Government Securities (Non-SLR) 165500 157432 163460 163017 162007 3 Commercial Paper 63163 60547 64138 65098 65448 4 Shares issued by

4.1 PSUs 13874 13340 15125 14785 14793

4.2 Private Corporate Sector 95984 96761 100204 100337 101278

4.3 Others 7664 7503 7507 7494 7486 5 Bonds/Debentures issued by

5.1 PSUs 130308 121897 129333 130794 134191

5.2 Private Corporate Sector 248138 231855 251222 254438 253867

5.3 Others 150000 155237 175686 177756 181118 6 Instruments issued by

6.1 Mutual funds 119867 134778 138228 138015 138013

6.2 Financial institutions 204865 188704 203705 204104 204674

Note: Data against column Nos. (1), (2) & (3) are Final and for column Nos. (4) & (5) data are Provisional.

Data include the impact of merger of a non-bank with a bank w.e.f. July 1, 2023.

RBI Bulletin January 2026 75CURRENT STATISTICS No. 14: Business in India - All Scheduled Banks and All Scheduled Commercial Banks (₹ Crore) Item As on the Last Reporting Fortnights (in case of March)/ Last Fortnights All Scheduled Banks All Scheduled Commercial Banks 2024 2025 2024 2025 2024-25 2024-25 Nov. Oct. Nov. Nov. Oct. Nov.

1 2 3 4 5 6 7 8 Number of Reporting Banks 208 208 196 196 135 135 121 121 1 Liabilities to the Banking System 458011 441174 444760 440542 451305 436037 437163 432607

1.1 Demand and Time Deposits from Banks 315675 278500 331729 330192 309414 273722 324592 322856

1.2 Borrowings from Banks 112027 137620 85106 78791 111976 137597 85106 78659

1.3 Other Demand and Time Liabilities 30310 25053 27926 31559 29916 24718 27465 31093 2 Liabilities to Others 25053097 24464102 26644823 26765076 24557481 23990270 26104765 26194390

2.1 Aggregate Deposits 23055487 22473475 24695929 24808632 22580601 22017466 24175757 24260055

2.1.1 Demand 2748263 2625490 3152398 3066260 2698049 2576789 3100947 3013417

2.1.2 Time 20307224 19847985 21543531 21742371 19882552 19440677 21074810 21246638

2.2 Borrowings 920568 955899 850802 884674 915248 951023 846241 879199

2.3 Other Demand and Time Liabilities 1077042 1034728 1098092 1071770 1061632 1021781 1082767 1055135 3 Borrowings from Reserve Bank 311466 21293 5489 2144 311466 21293 5489 2144

3.1 Against Usance Bills /Promissory Notes - - - - - - - -

3.2 Others 311466 21293 5489 2144 311466 21293 5489 2144 4 Cash in Hand and Balances with Reserve Bank 985044 1137407 950337 879705 964289 1114682 930510 861146

4.1 Cash in Hand 84399 93455 90416 85574 81874 90867 87563 82870

4.2 Balances with Reserve Bank 900645 1043952 859921 794131 882415 1023815 842947 778275 5 Assets with the Banking System 432645 379361 455011 506425 348496 314490 359000 406073

5.1 Balances with Other Banks 273720 247862 316370 333538 215801 195672 246578 265093

5.1.1 In Current Account 13239 12102 19808 10658 10619 9524 16006 8538

5.1.2 In Other Accounts 260481 235760 296562 322880 205182 186147 230572 256555

5.2 Money at Call and Short Notice 44772 27828 35343 58422 25838 19091 15790 36427

5.3 Advances to Banks 43856 39301 33545 33165 39504 38641 32719 32470

5.4 Other Assets 70296 64369 69753 81300 67353 61086 63913 72083 6 Investment 6850574 6691504 7063144 7067574 6697928 6538915 6889910 6886472

6.1 Government Securities 6842024 6683596 7053054 7057468 6697298 6538351 6889415 6886017

6.2 Other Approved Securities 8550 7908 10090 10106 630 565 495 455 7 Bank Credit 18708286 17959742 19893113 20072346 18243972 17508956 19393655 19529443 7a Food Credit 87145 101871 122345 131775 36531 51254 70371 79801

7.1 Loans, Cash-credits and Overdrafts 18370704 17646243 19527068 19698575 17909851 17198615 19029403 19157526

7.2 Inland Bills-Purchased 76523 69789 86157 88953 74963 68351 85941 88732

7.3 Inland Bills-Discounted 222320 206353 244557 249024 221059 205253 243556 248008

7.4 Foreign Bills-Purchased 15357 15424 12904 13188 15122 15186 12717 12953

7.5 Foreign Bills-Discounted 23382 21934 22428 22605 22977 21550 22039 22225

Note: Data in column Nos. (4) & (8) are Provisional Data include the impact of merger of a non-bank with a bank w.e.f. July 1, 2023.

76 RBI Bulletin January 2026CURRENT STATISTICS No. 15: Deployment of Gross Bank Credit by Major Sectors (₹ Crore) Outstanding as on Growth(%) Mar. 21, Financial Sector 2025 2024 2025 year so far Y-o-Y Nov. 29 Oct. 31 Nov. 28 2025-26 2025 1 2 3 4 % % I. Bank Credit (II + III) 18243972 17508956 19390500 19527313 7.0 11.5 II. Food Credit 36531 51254 70371 79801 118.4 55.7 III. Non-food Credit 18207441 17457702 19320128 19447512 6.8 11.4

1. Agriculture & Allied Activities 2287060 2223467 2402610 2417050 5.7 8.7

2. Industry (Micro and Small, Medium and Large) 3985660 3851152 4192700 4219433 5.9 9.6

2.1 Micro and Small 798473 764478 953572 952302 19.3 24.6

2.2 Medium 363245 343083 398071 397098 9.3 15.7

2.3 Large 2823942 2743591 2841057 2870032 1.6 4.6

3. Services 5093565 4798402 5345246 5359639 5.2 11.7

3.1 Transport Operators 261575 252373 275525 276292 5.6 9.5

3.2 Computer Software 32915 31348 39584 40914 24.3 30.5

3.3 Tourism, Hotels & Restaurants 83366 79365 91529 92182 10.6 16.1

3.4 Shipping 7304 7521 9959 10675 46.1 41.9

3.5 Aviation 46072 46466 47560 48649 5.6 4.7

3.6 Professional Services 195957 184915 200511 202814 3.5 9.7

3.7 Trade 1184550 1078093 1227077 1230778 3.9 14.2

3.7.1. Wholesale Trade¹ 646099 564823 655867 657179 1.7 16.4

3.7.2 Retail Trade 538451 513270 571210 573600 6.5 11.8

3.8 Commercial Real Estate 523264 506471 569245 570144 9.0 12.6

3.9 Non-Banking Financial Companies (NBFCs)² of which, 1635102 1574648 1703567 1723493 5.4 9.5

3.9.1 Housing Finance Companies (HFCs) 323182 322287 332125 346320 7.2 7.5

3.9.2 Public Financial Institutions (PFIs) 228678 196793 247504 253237 10.7 28.7

3.10 Other Services³ 1123459 1037202 1180689 1163697 3.6 12.2

4. Personal Loans 5971696 5752281 6455946 6486418 8.6 12.8

4.1 Consumer Durables 23201 24482 23646 23028 -0.7 -5.9

4.2 Housing 3010477 2908672 3187475 3195341 6.1 9.9

4.3 Advances against Fixed Deposits 141842 131645 150287 147076 3.7 11.7

4.4 Advances to Individuals against share & bonds 10080 8274 10006 9752 -3.2 17.9

4.5 Credit Card Outstanding 284366 288997 303073 296070 4.1 2.4

4.6 Education 137456 131628 149442 149800 9.0 13.8

4.7 Vehicle Loans 622793 605581 677349 680536 9.3 12.4

4.8 Loan against gold jewellery⁴ 206284 159153 337580 358645 73.9 125.3

4.9 Other Personal Loans 1535197 1493848 1617089 1626170 5.9 8.9

5. Priority Sector (Memo)

(i) Agriculture & Allied Activities⁵ 2287794 2210312 2437756 2433930 6.4 10.1

(ii) Micro & Small Enterprises⁶ 2239409 2092196 2613611 2588509 15.6 23.7

(iii) Medium Enterprises⁷ 601451 556186 649366 648766 7.9 16.6

(iv) Housing 746651 752576 997896 992100 32.9 31.8

(v) Education Loans 62826 62645 74071 74051 17.9 18.2

(vi) Renewable Energy 10325 7458 10836 11555 11.9 54.9

(vii) Social Infrastructure 1316 1095 921 1060 -19.5 -3.2

(viii) Export Credit 12479 12802 11533 11052 -11.4 -13.7

(ix) Others 49552 54686 41409 41797 -15.7 -23.6

(x) Weaker Sections including net PSLC- SF/MF 1864606 1734996 1946670 1944735 4.3 12.1

Notes:

(1) Data are provisional. Bank credit, Food credit and Non-food credit data are based on Section-42 return, which covers all scheduled commercial banks (SCBs), while sectoral non-food credit data are based on sector-wise and industry-wise bank credit (SIBC) return, which covers select banks accounting for about 95 per cent of total non-food credit extended by all SCBs, pertaining to the last reporting Friday of the month.

(2) Data since July 28, 2023 include the impact of the merger of a non-bank with a bank.

1 Wholesale trade includes food procurement credit outside the food credit consortium.

2 NBFCs include HFCs, PFIs, Microfinance Institutions (MFIs), NBFCs engaged in gold loan and others.

3 “Other Services” include Mutual Fund (MFs), Banking and Finance other than NBFCs and MFs, and other services which are not indicated elsewhere under services.

4 Since May 2024, a bank has changed the classification of a category of agricultural loan into “Loans against gold jewellery” under retail segment. \ 5 “Agriculture and Allied Activities” under the priority sector also include priority sector lending certificates (PSLCs).

6 “Micro and Small Enterprises” under the priority sector include credit to micro and small enterprises in industry and services sectors and also include PSLCs.

7 “Medium Enterprises” under the priority sector include credit to medium enterprises in industry and services sectors.

RBI Bulletin January 2026 77CURRENT STATISTICS No. 16: Industry-wise Deployment of Gross Bank Credit (₹ Crore) Outstanding as on Growth(%) Financial 2024 2025 Y-o-Y Mar. 21, year so far Industry 2025 Nov. 29 Oct. 31 Nov. 28 2025-26 2025 1 2 3 4 % % 2 Industries (2.1 to 2.19) 3985660 3851152 4192700 4219433 5.9 9.6

2.1 Mining & Quarrying (incl. Coal) 56818 53397 61980 63042 11.0 18.1

2.2 Food Processing 219525 197550 209696 210297 -4.2 6.5

2.2.1 Sugar 28522 16925 15165 15479 -45.7 -8.5

2.2.2 Edible Oils & Vanaspati 20927 20295 21111 21197 1.3 4.4

2.2.3 Tea 5084 6509 5115 4962 -2.4 -23.8

2.2.4 Others 164992 153821 168304 168659 2.2 9.6

2.3 Beverage & Tobacco 35515 30184 35394 37001 4.2 22.6

2.4 Textiles 277267 259456 280339 280594 1.2 8.1

2.4.1 Cotton Textiles 107495 95741 100513 101828 -5.3 6.4

2.4.2 Jute Textiles 4288 4295 4843 4769 11.2 11.0

2.4.3 Man-Made Textiles 49186 47882 50247 49845 1.3 4.1

2.4.4 Other Textiles 116298 111538 124736 124151 6.8 11.3

2.5 Leather & Leather Products 12980 12519 13327 13363 2.9 6.7

2.6 Wood & Wood Products 27826 25805 29080 29023 4.3 12.5

2.7 Paper & Paper Products 52848 51174 55870 55634 5.3 8.7

2.8 Petroleum, Coal Products & Nuclear Fuels 154179 144756 170576 172308 11.8 19.0

2.9 Chemicals & Chemical Products 267815 263301 291749 292402 9.2 11.1

2.9.1 Fertiliser 32011 31143 31699 33023 3.2 6.0

2.9.2 Drugs & Pharmaceuticals 88524 87373 93054 92078 4.0 5.4

2.9.3 Petro Chemicals 28797 32383 36166 35752 24.1 10.4

2.9.4 Others 118482 112402 130830 131549 11.0 17.0

2.10 Rubber, Plastic & their Products 103465 97033 106769 106098 2.5 9.3

2.11 Glass & Glassware 13443 12516 13553 13490 0.3 7.8

2.12 Cement & Cement Products 59753 61614 62009 63202 5.8 2.6

2.13 Basic Metal & Metal Product 433501 428244 478319 478578 10.4 11.8

2.13.1 Iron & Steel 300156 304598 324416 325440 8.4 6.8

2.13.2 Other Metal & Metal Product 133345 123647 153903 153138 14.8 23.9

2.14 All Engineering 240136 223987 274831 274666 14.4 22.6

2.14.1 Electronics 52863 52124 61010 61109 15.6 17.2

2.14.2 Others 187273 171863 213821 213557 14.0 24.3

2.15 Vehicles, Vehicle Parts & Transport Equipment 119450 114082 127057 127141 6.4 11.4

2.16 Gems & Jewellery 85814 87111 102059 103392 20.5 18.7

2.17 Construction 160037 150350 162317 163802 2.4 8.9

2.18 Infrastructure 1364369 1343879 1391028 1402230 2.8 4.3

2.18.1 Power 692160 658682 743940 754948 9.1 14.6

2.18.2 Telecommunications 123850 128082 110034 111841 -9.7 -12.7

2.18.3 Roads 334147 347852 337545 338571 1.3 -2.7

2.18.4 Airports 9156 8407 5953 6055 -33.9 -28.0

2.18.5 Ports 5916 6116 7588 7683 29.9 25.6

2.18.6 Railways 13415 11219 7197 8921 -33.5 -20.5

2.18.7 Other Infrastructure 185726 183522 178770 174211 -6.2 -5.1

2.19 Other Industries 300921 294192 326746 333171 10.7 13.2

Note: (1) Data since July 28, 2023 include the impact of the merger of a non-bank with a bank.

78 RBI Bulletin January 2026CURRENT STATISTICS No. 17: State Co-operative Banks Maintaining Accounts with the Reserve Bank of India (₹ Crore) Item As on Reporting Day 2024 2025 2024-25 Oct. 25 Aug. 29 Sep. 05 Sep. 19 Sep. 26 Oct. 03 Oct. 17 Oct. 31 1 2 3 4 5 6 7 8 9 Number of Reporting Banks 34 34 34 34 34 34 34 34 34 1 Aggregate Deposits (2.1.1.2+2.2.1.2) 146871.0 132037.8 146892.1 147446.2 151034.0 148551.8 150775.4 152753.9 151855.9 2 Demand and Time Liabilities

2.1 Demand Liabilities 2921 5.6 25724.0 27698.5 27979.4 27597.3 27650.6 29 425.1 2706 0.4 26385 .0

2.1.1 Deposits

2.1.1.1 Inter-Bank 9022.9 7210.1 7278.0 7647.1 7310.3 7368.7 7963.4 7557.8 6223.1

2.1.1.2 Others 14063.9 13179.2 13202.4 13658.7 13625.5 13622.1 14507.1 13392.4 13407.9

2.1.2 Borrowings from Banks 700.0 639.7 829.1 456.2 792.5 608.7 422.7 60.0 521.9

2.1.3 Other Demand Liabilities 5428.9 4695.0 6389.0 6217.4 5869.0 6051.0 6532.0 6050.2 6232.2

2.2 Time Liabilities 201100.7 177577.6 197195.3 197317.4 201723.4 200770.1 200264.8 203742.6 203386.8

2.2.1 Deposits

2.2.1.1 Inter-Bank 66874.3 56169.6 62001.7 61996.9 62785.7 61947.2 62396.4 62767.6 63251.3

2.2.1.2 Others 132807.1 118858.6 133689.6 133787.5 137408.6 134929.7 136268.3 139361.6 138448.0

2.2.2 Borrowings from Banks 643.9 1460.2 611.7 611.7 611.2 611.2 610.4 610.4 610.4

2.2.3 Other Time Liabilities 775.4 1089.2 892.2 921.3 917.9 3282.0 989.7 1003.0 1077.1 3 Borrowing from Reserve Bank 699.5 1144.5 1054.4 999.5 1039.5 4 Borrowings from a notified bank / Government 126928.5 88927.0 112260.4 113516.6 115950.8 116165.0 115264.0 116571.4 118368.0

4.1 Demand 53459.8 24980.3 49982.9 49983.0 52968.9 52721.9 51600.6 53416.1 51539.0

4.2 Time 73468.7 64224.1 62277.5 63533.6 62981.9 63443.0 63663.4 63155.3 66829.0 5 Cash in Hand and Balances with Reserve Bank 13390.9 11411.6 11065.3 11724.6 11915.4 11251.0 11268.6 10312.4 10267.4

5.1 Cash in Hand 1052.1 818.0 437.3 780.3 944.9 785.4 777.4 807.4 856.3

5.2 Balance with Reserve Bank 12338.8 10593.6 10628.0 10944.3 10970.6 10465.7 10491.2 9505.0 9411.1 6 Balances with Other Banks in Current Account 1656.3 1135.9 981.1 1038.2 1071.2 1372.6 1027.5 1074.1 2667.8 7 Investments in Government Securities 77220.1 73805.6 86245.8 86480.7 86633.1 85526.0 86105.5 84453.8 85525.4 8 Money at Call and Short Notice 26531.1 16692.6 20842.1 21095.5 23026.6 24402.8 21641.2 22712.7 21181.3 9 Bank Credit (10.1+11) 174828.8 136490.2 170084.7 171363.2 171716.7 171610.0 174205.9 174730.5 174327.4 10 Advances

10.1 Loans, Cash-Credits and Overdrafts 174590.4 136282.1 169841.2 171115.2 171600.4 171489.2 174067.9 174587.2 174150.0

10.2 Due from Banks 12460 7.6 142706.5 118007.5 118549.0 120618.4 1 20950.7 121 547.8 12206 1.5 123042 .1 11 Bills Purchased and Discounted 238.4 208.1 243.5 248.0 116.3 120.8 138.0 143.2 177.4 RBI Bulletin January 2026 79CURRENT STATISTICS No. 18 (a): Flow of Financial Resources to Commercial Sector in India (₹ Crore) April-March Up to December 31 Source 2023-24 2024-25 2024-25 2025-26 P 1 2 3 4 5 1 Non-Food Bank Credit 21,40,243 17,98,321 12,77,816 20,27,102 2 Non-Bank Sources (2.1+2.2) 12,63,721 17,10,457 8,54,673 10,57,761

2.1 Domestic Sources 10,20,302 13,85,609 6,43,016 7,65,579

2.1.1 Equity Issuances by Non-Financial Entitie s 1,35,008 3,81,161 2,7 0,045 2,26,983

2.1.2 Corporate Bond Issuances by Non-Financial Entities 1,67,374 1,97,795 74,248 2,69,733

2.1.3 Hybrid Instruments (REITs/ InvITs) by Non-Financial Entities 39,024 31,442 10,611 13,643

2.1.4 Commercial Paper Issuances by Non-Financi al Entities 19,712 18,819 4 9,186 28,481

2.1.5 Credit by Housing Finance Companies (Net of Bank Borrowings) 1,41,816 1,34,852 -8,863 1,180

2.1.6 Credit by RBI-regulated All India Financial Institutions 73,386 99,501 7,639 -26,778

2.1.7 Credit by Non-Banking Financial Companies (Net of Bank Borrowings) 4,43,982 5,22,037 2,4 0,150 2,52,338

2.2 Foreign Sources 2,43,419 3,24,848 2,1 1,657 2,92,182

2.2.1 External Commercial Borrowings by Non-Financial Entities 27,916 19,201 5,028 27,681

2.2.2 ADR/GDR by Non-Financial Entities 0 0 0 0

2.2.3 Short-term Credit from Abroad -6,741 58,859 6 3,150 24,960

2.2.4 Foreign Direct Investment to India 2,22,244 2,46,788 1,43,479 2,39,541 3 Total Flow of Resources (1+2) 34,03,964 35,08,778 21,32,489 30,84,863 P: Provisional.

The coverage of data for columns 4 and 5 from Sources No.:

2.1.1, 2.1.2, 2.1.3, 2.1.5, 2.1.6, 2.2.1, 2.2.2 and 2.2.4: Up to November.

2.1.7 and 2.2.3: Up to September.

Notes: i) Non-food bank credit pertains to scheduled commercial banks (SCBs) and excludes credit extended by co-operative banks. ii) Credit extended by banks, NBFCs and HFCs is inclusive of personal loans.

iii) Data on all items are presented on net basis, except equity and hybrid instruments which are on gross basis. iv) All India Financial Institutions (AIFIs) include National Bank for Agriculture and Rural Development (NABARD), National Housing Bank (NHB), Small Industries Development Bank of India (SIDBI), Export-Import Bank of India (EXIM Bank), and National Bank for Financing Infrastructure and Development (NaBFID). Credit extended by AIFIs excludes refinancing to SCBs, NBFCs, and HFCs, and direct loans to domestic and foreign governments/institutions.

v) Data pertaining to HDFC Limited, which merged with HDFC Bank effective from July 1, 2023, is included under credit by Housing Finance Companies prior to its merger while it is included under bank credit post-merger.

vi) Data on credit by Housing Finance Companies (HFCs) and Non-Banking Financial Companies (NBFCs) has been adjusted for the conversion of some HFCs into NBFCs.

Sources: RBI; SEBI; AIFIs; and RBI staff estimates.

80 RBI Bulletin January 2026CURRENT STATISTICS No. 18 (b): Outstanding Credit to Commercial Sector in India ₹ Cro re Percentage Variation At End-March As on December 31 At End-March As on December 31 Source 2024 2025 2024 2025 2023 2024 2025 2 023 2024 2025 P ov er over ove r over 2023 2024 2023 2024 P 1 2 3 4 5 6 7 8 9 10 11 1 Non-Food Bank Credit 1,36,55,330 1,64,09,083 1,82,07,441 1,59,18,805 1,76,86,899 2,02,34,543 20.2 11.0 11.1 14.4 2 Non-Bank Sources (2.1+2.2) 74,43 ,091 77,56,314 88,85,434 73 ,51,344 82,14,483 95,58,026 4.2 14.6 1 1.7 16 .4

2.1 Domestic Sources 53,95 ,038 56,59,037 66,37,411 52 ,46,926 60,21,397 71,62,364 4.9 17.3 1 4.8 18 .9

2.1.1 Corporate Bond Issuances by Non-Financial Enti ties 16,58 ,140 18,25,514 20,23,310 17 ,07,965 18,99,762 22,93,043 1 0.1 10.8 1 1.2 20 .7

2.1.2 Commercial Paper Issuances by Non-Financial Entities 89,816 1,09,528 1,28,347 1,13,171 1,58,713 1,56,828 21.9 17.2 40.2 -1.2

2.1.3 Credit by Housing Finance Companies (Net of Bank Borrowings) 10,39,420 5,98,965 6,27,125 5,78,634 5,90,101 6,28,305 -42.4 4.7 2.0 6.5

2.1.4 Credit by RBI-regulated All India Financial Institutions 3,51,224 4,24,610 5,24,111 3,54,761 4,32,249 4,97,333 20.9 23.4 21.8 15.1

2.1.5 Credit by Non-Banking Financial Companies (Net of Bank Borrowings) 22,56,439 27,00,421 33,34,518 24,92,394 29,40,571 35,86,856 19.7 23.5 18.0 22.0

2.2 Foreign Sources 20,48,053 20,97,277 22,48,023 21,04,418 21,93,086 23,95,662 2.4 7.2 4.2 9.2

2.2.1 External Commercial Borrowings by Non-Financial Entities 10,29,403 10,71,240 11,33,592 10,71,681 10,98,700 12,14,053 4.1 5.8 2.5 10.5

2.2.2 Short-term Credit from Abroad 10,18,650 10,26,037 11,14,432 10,32,738 10,94,386 11,81,610 0.7 8.6 6.0 8.0

3. Total Credit (1+2) 2,10,98,421 2,41,65,397 2,70,92,875 2,32,70,149 2,59,01,382 2,97,92,569 14.5 12.1 11.3 15.0 P: Provisional.

The coverage of data for columns 5, 6 and 7 from Sources No.:

2.1.1, 2.1.3, 2.1.4 and 2.2.1: As at end-November.

2.1.5 and 2.2.2: As at end-September.

Notes: i) Non-food bank credit pertains to scheduled commercial banks (SCBs) and excludes credit extended by co-operative banks. Including credit extended by co-operative banks (viz., urban co-operative banks, state co-operative banks, and district central co-operative banks), non-food bank credit at end- March 2023, 2024 and 2025 stood at ₹1,46,22,252 crore, ₹1,74,63,674 crore and ₹1,93,43,418 crore, respectively. Accordingly, total outstanding credit at end-March 2023, 2024 and 2025 stood at ₹2,20,65,343 crore, ₹2,52,19,988 crore and ₹2,82,28,852 crore, respectively.

ii) Data on non-bank sources excludes issuances of equities and hybrid instruments under domestic sources and foreign direct investment in equities under foreign sources. iii) In case of corporate bonds, the outstanding data for end-March 2024 and 2025 are based on SEBI’s new series of data on bonds issued by financial and non-financial corporations. The outstanding data for end-March 2023 is worked out by adjusting the flow of 2023-24 from outstanding data for end- March 2024.

iv) Credit extended by All India Financial Institutions (AIFIs) excludes refinancing to SCBs, NBFCs, and HFCs, and direct loans to domestic and foreign governments/institutions. v) Flows based on outstanding data may not tally with the flows provided in Table 18(a) due to:

(a) Merger of HDFC Limited with HDFC Bank on July 1, 2023;

(b) Conversion of some Housing Finance Companies into Non-Banking Financial Companies; and

(c) Valuation effect in case of foreign sources. vi) Data is exclusive of current and non-current trade payables representing domestic liabilities in case of non-financial non-government public and private limited companies as data are not available.

Sources: RBI; SEBI; AIFIs; and RBI staff estimates.

RBI Bulletin January 2026 81CURRENT STATISTICS Prices and Production No. 19: Consumer Price Index (Base: 2012=100) Group/Sub group 2024-25 Rural Urban Combined Rural Urban Combined Dec.24 Nov.25 Dec.25 (P) Dec.24 Nov.25 Dec.25 (P) Dec.24 Nov.25 Dec.25 (P) 1 2 3 4 5 6 7 8 9 10 11 12 1 Food and beverages 198.6 205.3 201.1 203.9 199.7 199.2 209.4 207.5 207.2 205.9 202.6 202.1

1.1 Cereals and products 195.0 193.7 194.6 198.9 197.4 197.2 196.5 197.8 197.7 198.1 197.5 197.4

1.2 Meat and fish 222.3 231.9 225.7 219.1 225.3 229.7 228.7 237.8 241.7 222.5 229.7 233.9

1.3 Egg 192.8 197.5 194.6 209.8 207.6 220.5 215.8 211.7 224.9 212.1 209.2 222.2

1.4 Milk and products 186.3 187.0 186.6 187.3 191.1 191.4 187.9 193.5 193.7 187.5 192.0 192.3

1.5 Oils and fats 175.4 165.5 171.8 189.0 202.4 202.6 174.6 185.0 184.8 183.7 196.0 196.1

1.6 Fruits 188.3 194.2 191.0 189.0 205.7 203.4 192.4 204.7 203.2 190.6 205.2 203.3

1.7 Vegetables 222.1 269.6 238.2 242.4 201.2 194.7 289.2 247.2 241.7 258.3 216.8 210.6

1.8 Pulses and products 208.0 213.5 209.8 212.4 180.4 180.2 217.4 185.0 184.8 214.1 182.0 181.8

1.9 Sugar and confectionery 130.4 132.6 131.2 130.0 136.6 136.5 132.7 138.2 138.0 130.9 137.1 137.0

1.10 Spices 228.5 223.9 227.0 229.0 222.3 223.5 224.1 219.8 220.4 227.4 221.5 222.5

1.11 Non-alcoholic beverages 185.2 173.9 180.5 186.7 191.0 190.8 175.5 180.5 180.3 182.0 186.6 186.4

1.12 Prepared meals, snacks, sweets 199.4 209.7 204.2 201.2 207.5 207.8 211.7 219.0 219.7 206.1 212.8 213.3 2 Pan, tobacco and intoxicants 207.3 212.6 208.7 208.7 213.9 214.3 212.2 219.7 219.9 209.6 215.4 215.8 3 Clothing and footwear 197.9 186.7 193.5 199.4 201.7 201.9 187.8 190.7 191.0 194.8 197.3 197.6

3.1 Clothing 198.8 188.8 194.9 200.4 203.0 203.3 190.0 193.5 193.9 196.3 199.3 199.6

3.2 Footwear 192.7 174.7 185.2 193.7 193.4 193.0 175.6 175.1 174.7 186.2 185.8 185.4 4 Housing -- 181.5 181.5 -- -- -- 181.7 188.4 186.9 181.7 188.4 186.9 5 Fuel and light 181.2 169.7 176.9 182.3 184.4 185.1 170.5 174.6 175.2 177.8 180.7 181.3 6 Miscellaneous 189.3 180.7 185.1 190.8 201.7 203.4 182.0 191.3 192.2 186.5 196.7 198.0

6.1 Household goods and services 185.7 177.1 181.6 187.0 189.3 189.8 178.3 182.5 182.6 182.9 186.1 186.4

6.2 Health 198.4 193.2 196.4 200.2 206.5 207.0 194.5 201.0 201.3 198.0 204.4 204.8

6.3 Transport and communication 175.5 164.8 169.9 176.7 178.4 178.5 165.8 167.0 166.8 171.0 172.4 172.3

6.4 Recreation and amusement 180.1 175.5 177.5 181.5 183.1 183.3 176.7 178.8 179.0 178.8 180.7 180.9

6.5 Education 190.8 186.2 188.1 192.2 197.7 197.8 187.9 194.7 194.8 189.7 195.9 196.0

6.6 Personal care and effects 204.3 206.2 205.1 206.3 256.1 265.1 208.0 257.3 265.1 207.0 256.6 265.1 General Index (All Groups) 194.9 190.0 192.6 198.4 199.6 199.9 192.0 195.9 195.9 195.4 197.9 198.0

Source: National Statistical Office, Ministry of Statistics and Programme Implementation, Government of India.

P: Provisional No. 20: Other Consumer Price Indices Item Base Year Linking 2024-25 2024 2025 Factor Nov. Oct. Nov.

1 2 3 4 5 6 1 Consumer Price Index for Industrial Workers 2016 2.88 142.6 144.5 147.7 148.2 2 Consumer Price Index for Agricultural Labourers 2019 9.69 - 138.3 136.4 137.4 3 Consumer Price Index for Rural Labourers 2019 9.78 - 137.9 136.5 137.3

Source: Labour Bureau, Ministry of Labour and Employment, Government of India.

CPI-AL and RL indices for 2024 (Base Year 2019) are calculated using the published inflation rates.

No. 21: Monthly Average Price of Gold and Silver in Mumbai Item 2024-25 2024 2025 Nov. Oct. Nov.

1 2 3 4 1 Standard Gold (₹ per 10 grams) 75842 76221 121908 122962 2 Silver (₹ per kilogram) 89131 90230 155904 155010

Source: India Bullion & Jewellers Association Ltd., Mumbai for Gold and Silver prices in Mumbai.

82 RBI Bulletin January 2026CURRENT STATISTICS No. 22: Wholesale Price Index (Base: 2011-12 = 100) Commodities Weight 2024-25 2024 2025 Dec. Oct. Nov.(P) Dec.(P) 1 2 3 4 5 6 1 ALL COMMODITIES 100.000 154.9 155.7 155.1 155.9 157.0

1.1 PRIMARY ARTICLES 22.618 192.5 193.8 188.7 192.1 194.2

1.1.1 FOOD ARTICLES 15.256 205.3 207.5 199.8 204.8 206.6

1.1.1.1 Food Grains (Cereals+Pulses) 3.462 210.1 213.7 204.6 205.3 205.9

1.1.1.2 Fruits & Vegetables 3.475 241.4 244.7 216.1 234.5 240.9

1.1.1.3 Milk 4.440 185.8 185.6 191.6 191.4 191.6

1.1.1.4 Eggs, Meat & Fish 2.402 173.4 174.7 174.3 176.7 176.7

1.1.1.5 Condiments & Spices 0.529 232.7 240.2 204.0 210.8 214.1

1.1.1.6 Other Food Articles 0.948 213.6 216.3 223.4 224.5 224.4

1.1.2 NON-FOOD ARTICLES 4.119 161.7 166.2 165.3 166.5 171.1

1.1.2.1 Fibres 0.839 161.4 159.3 166.8 163.6 166.9

1.1.2.2 Oil Seeds 1.115 181.5 182.8 198.2 203.3 209.9

1.1.2.3 Other non-food Articles 1.960 138.7 140.7 139.6 138.6 139.6

1.1.2.4 Floriculture 0.204 277.4 349.3 226.5 244.9 279.1

1.1.3 MINERALS 0.833 229.0 230.1 253.3 253.3 257.4

1.1.3.1 Metallic Minerals 0.648 219.2 219.1 248.5 248.5 252.3

1.1.3.2 Other Minerals 0.185 263.4 268.7 269.9 270.2 275.3

1.1.4 CRUDE PETROLEUM & NATURAL GAS 2.410 151.3 141.9 136.2 134.0 133.4

1.2 FUEL & POWER 13.152 150.0 151.8 145.2 146.5 148.3

1.2.1 COAL 2.138 135.6 135.6 136.1 136.1 137.0

1.2.1.1 Coking Coal 0.647 143.4 143.4 146.4 146.4 149.5

1.2.1.2 Non-Coking Coal 1.401 125.8 125.8 126.6 126.6 126.6

1.2.1.3 Lignite 0.090 232.4 231.2 209.0 209.0 209.4

1.2.2 MINERAL OILS 7.950 156.2 153.9 149.7 148.7 148.8

1.2.3 ELECTRICITY 3.064 144.1 157.5 139.9 148.1 154.7

1.3 MANUFACTURED PRODUCTS 64.231 142.6 143.0 145.3 145.0 145.6

1.3.1 MANUFACTURE OF FOOD PRODUCTS 9.122 172.0 176.8 179.0 178.6 178.4

1.3.1.1 Processing and Preserving of meat 0.134 155.7 155.7 158.7 157.9 159.9

1.3.1.2 Processing and Preserving of fish, Crustaceans, Molluscs and products thereof 0.204 144.9 143.5 151.7 150.4 154.3

1.3.1.3 Processing and Preserving of fruit and Vegetables 0.138 132.6 133.3 135.4 134.4 134.0

1.3.1.4 Vegetable and Animal oils and Fats 2.643 168.5 185.6 186.8 185.7 186.6

1.3.1.5 Dairy products 1.165 180.8 182.1 186.6 187.6 189.1

1.3.1.6 Grain mill products 2.010 186.9 189.5 185.8 184.7 183.5

1.3.1.7 Starches and Starch products 0.110 167.0 165.1 147.8 148.4 144.9

1.3.1.8 Bakery products 0.215 170.5 173.7 177.2 177.0 177.2

1.3.1.9 Sugar, Molasses & honey 1.163 139.1 136.0 144.4 144.6 143.9

1.3.1.10 Cocoa, Chocolate and Sugar confectionery 0.175 160.6 167.2 174.4 175.5 177.1

1.3.1.11 Macaroni, Noodles, Couscous and Similar farinaceous products 0.026 156.7 166.4 161.2 163.9 168.6

1.3.1.12 Tea & Coffee products 0.371 190.7 173.0 188.8 188.5 180.5

1.3.1.13 Processed condiments & salt 0.163 192.6 192.5 189.3 190.7 191.8

1.3.1.14 Processed ready to eat food 0.024 152.7 154.7 155.8 155.7 155.1

1.3.1.15 Health supplements 0.225 185.1 189.0 190.1 190.5 189.1

1.3.1.16 Prepared animal feeds 0.356 204.1 201.7 205.0 204.3 203.7

1.3.2 MANUFACTURE OF BEVERAGES 0.909 134.1 134.5 135.9 135.7 135.4

1.3.2.1 Wines & spirits 0.408 136.0 137.0 139.5 138.7 138.4

1.3.2.2 Malt liquors and Malt 0.225 138.7 139.0 140.6 140.6 140.4

1.3.2.3 Soft drinks; Production of mineral waters and Other bottled waters 0.275 127.5 127.2 126.8 127.3 126.9

1.3.3 MANUFACTURE OF TOBACCO PRODUCTS 0.514 177.8 180.3 181.6 181.4 183.0

1.3.3.1 Tobacco products 0.514 177.8 180.3 181.6 181.4 183.0 RBI Bulletin January 2026 83CURRENT STATISTICS No. 22: Wholesale Price Index (Contd.) (Base: 2011-12 = 100) Commodities Weight 2024-25 2024 2025 Dec. Oct. Nov.(P) Dec.(P) 1 2 3 4 5 6

1.3.4 MANUFACTURE OF TEXTILES 4.881 136.3 136.8 138.5 138.7 139.1

1.3.4.1 Preparation and Spinning of textile fibres 2.582 121.4 120.7 120.2 119.8 119.6

1.3.4.2 Weaving & Finishing of textiles 1.509 158.3 161.2 165.5 167.0 168.6

1.3.4.3 Knitted and Crocheted fabrics 0.193 124.0 123.7 127.9 125.9 125.4

1.3.4.4 Made-up textile articles, Except apparel 0.299 160.4 161.5 161.8 161.8 161.4

1.3.4.5 Cordage, Rope, Twine and Netting 0.098 142.7 144.4 164.3 165.3 167.0

1.3.4.6 Other textiles 0.201 134.9 133.7 134.4 133.8 134.7

1.3.5 MANUFACTURE OF WEARING APPAREL 0.814 153.4 154.4 156.4 157.1 156.8

1.3.5.1 Manufacture of Wearing Apparel (woven), Except fur Apparel 0.593 150.9 151.6 154.8 154.9 154.6

1.3.5.2 Knitted and Crocheted apparel 0.221 160.1 161.9 160.7 162.8 162.8

1.3.6 MANUFACTURE OF LEATHER AND RELATED PRODUCTS 0.535 125.3 126.0 127.4 127.4 127.6

1.3.6.1 Tanning and Dressing of leather; Dressing and Dyeing of fur 0.142 106.1 108.6 109.5 108.8 109.3

1.3.6.2 Luggage, HandbAgs, Saddlery and Harness 0.075 142.5 142.4 143.0 143.2 141.9

1.3.6.3 Footwear 0.318 129.7 129.9 131.8 131.9 132.4

1.3.7 MANUFACTURE OF WOOD AND PRODUCTS OF WOOD AND CORK 0.772 149.2 148.3 151.1 151.0 151.2

1.3.7.1 Saw milling and Planing of wood 0.124 141.1 140.7 143.7 142.3 143.6

1.3.7.2 Veneer sheets; Manufacture of plywood, Laminboard, Particle board and Other panels and Boards 0.493 148.6 147.5 150.2 150.4 150.5

1.3.7.3 Builder's carpentry and Joinery 0.036 215.3 214.6 215.4 213.9 213.9

1.3.7.4 Wooden containers 0.119 140.6 139.5 143.4 143.9 143.4

1.3.8 MANUFACTURE OF PAPER AND PAPER PRODUCTS 1.113 139.2 138.3 140.3 140.5 140.2

1.3.8.1 Pulp, Paper and Paperboard 0.493 144.6 143.2 145.0 145.6 145.2

1.3.8.2 Corrugated paper and Paperboard and Containers of paper and Paperboard 0.314 147.3 148.9 149.9 149.9 149.6

1.3.8.3 Other articles of paper and Paperboard 0.306 122.4 119.7 122.9 122.7 122.5

1.3.9 PRINTING AND REPRODUCTION OF RECORDED MEDIA 0.676 187.3 188.7 190.1 189.9 189.6

1.3.9.1 Printing 0.676 187.3 188.7 190.1 189.9 189.6

1.3.10 MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS 6.465 136.5 136.5 136.8 136.5 137.0

1.3.10.1 Basic chemicals 1.433 138.6 139.7 141.3 140.6 142.4

1.3.10.2 Fertilizers and Nitrogen compounds 1.485 143.1 143.0 143.7 143.5 143.6

1.3.10.3 Plastic and Synthetic rubber in primary form 1.001 133.6 132.9 132.8 132.0 132.4

1.3.10.4 Pesticides and Other agrochemical products 0.454 128.8 128.7 130.8 130.6 131.1

1.3.10.5 Paints, Varnishes and Similar coatings, Printing ink and Mastics 0.491 139.5 138.6 138.0 138.0 138.3

1.3.10.6 Soap and Detergents, Cleaning and Polishing preparations, Perfumes and Toilet preparations 0.612 139.7 140.4 141.8 142.2 142.5

1.3.10.7 Other chemical products 0.692 135.4 135.1 132.1 132.7 132.4

1.3.10.8 Man-made fibres 0.296 104.9 103.9 102.0 100.9 100.5

1.3.11 MANUFACTURE OF PHARMACEUTICALS, MEDICINAL CHEMICAL AND BOTANICAL PRODUCTS 1.993 144.3 144.0 146.2 146.1 146.3

1.3.11.1 Pharmaceuticals, Medicinal chemical and Botanical products 1.993 144.3 144.0 146.2 146.1 146.3

1.3.12 MANUFACTURE OF RUBBER AND PLASTICS PRODUCTS 2.299 129.0 129.0 128.9 128.5 127.9

1.3.12.1 Rubber Tyres and Tubes; Retreading and Rebuilding of Rubber Tyres 0.609 115.6 117.1 114.6 113.8 113.9

1.3.12.2 Other Rubber Products 0.272 112.1 112.3 112.7 112.9 111.5

1.3.12.3 Plastics products 1.418 138.1 137.3 138.1 137.8 137.1

1.3.13 MANUFACTURE OF OTHER NON-METALLIC MINERAL PRODUCTS 3.202 131.5 131.7 132.6 132.2 132.7

1.3.13.1 Glass and Glass products 0.295 163.2 163.2 162.7 163.2 161.8

1.3.13.2 Refractory products 0.223 121.6 125.2 123.1 124.5 124.4

1.3.13.3 Clay Building Materials 0.121 124.4 123.3 133.9 134.1 140.9

1.3.13.4 Other Porcelain and Ceramic Products 0.222 124.6 124.6 126.1 126.1 126.3

1.3.13.5 Cement, Lime and Plaster 1.645 130.4 130.2 131.3 130.2 130.6 84 RBI Bulletin January 2026CURRENT STATISTICS No. 22: Wholesale Price Index (Contd.) (Base: 2011-12 = 100) Commodities Weight 2024-25 2024 2025 Dec. Oct. Nov.(P) Dec.(P) 1 2 3 4 5 6

1.3.13.6 Articles of Concrete, Cement and Plaster 0.292 139.2 140.2 139.0 138.8 139.1

1.3.13.7 Cutting, Shaping and Finishing of Stone 0.234 134.4 135.9 139.9 140.2 140.5

1.3.13.8 Other Non-Metallic Mineral Products 0.169 95.2 94.6 91.3 92.7 92.8

1.3.14 MANUFACTURE OF BASIC METALS 9.646 139.7 137.5 137.1 136.9 137.4

1.3.14.1 Inputs into steel making 1.411 133.6 129.1 132.0 131.3 131.4

1.3.14.2 Metallic Iron 0.653 141.8 133.4 126.4 126.1 126.6

1.3.14.3 Mild Steel - Semi Finished Steel 1.274 117.9 116.8 114.4 114.1 114.7

1.3.14.4 Mild Steel -Long Products 1.081 140.4 139.5 133.8 133.8 133.2

1.3.14.5 Mild Steel - Flat products 1.144 134.2 130.1 129.3 127.4 126.0

1.3.14.6 Alloy steel other than Stainless Steel- Shapes 0.067 135.4 132.3 125.6 124.3 125.3

1.3.14.7 Stainless Steel - Semi Finished 0.924 131.1 129.1 118.9 118.8 120.3

1.3.14.8 Pipes & tubes 0.205 164.7 162.3 161.7 161.2 159.2

1.3.14.9 Non-ferrous metals incl. precious metals 1.693 157.4 157.5 167.9 169.2 172.0

1.3.14.10 Castings 0.925 144.9 145.3 143.9 144.1 144.6

1.3.14.11 Forgings of steel 0.271 172.2 172.1 173.7 173.5 172.9

1.3.15 MANUFACTURE OF FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT 3.155 136.0 135.9 136.7 136.0 136.3

1.3.15.1 Structural Metal Products 1.031 130.8 130.8 130.1 129.7 130.8

1.3.15.2 Tanks, Reservoirs and Containers of Metal 0.660 149.5 147.8 152.5 149.8 149.9

1.3.15.3 Steam generators, Except Central Heating Hot Water Boilers 0.145 109.8 107.6 113.7 113.1 113.1

1.3.15.4 Forging, Pressing, Stamping and Roll-Forming of Metal; Powder Metallurgy 0.383 138.0 140.8 131.8 132.1 131.7

1.3.15.5 Cutlery, Hand Tools and General Hardware 0.208 102.0 102.1 104.2 104.4 104.4

1.3.15.6 Other Fabricated Metal Products 0.728 144.9 144.8 148.2 147.9 148.0

1.3.16 MANUFACTURE OF COMPUTER, ELECTRONIC AND OPTICAL PRODUCTS 2.009 121.5 121.3 122.4 121.4 121.0

1.3.16.1 Electronic Components 0.402 117.9 118.3 120.9 121.1 120.0

1.3.16.2 Computers and Peripheral Equipment 0.336 134.2 132.7 129.7 129.7 129.7

1.3.16.3 Communication Equipment 0.310 146.0 146.2 147.6 147.6 146.9

1.3.16.4 Consumer Electronics 0.641 101.1 99.8 100.5 97.2 96.4

1.3.16.5 Measuring, Testing, Navigating and Control equipment 0.181 119.9 121.1 126.8 127.8 127.8

1.3.16.6 Watches and Clocks 0.076 167.9 172.7 177.6 175.0 177.9

1.3.16.7 Irradiation, Electromedical and Electrotherapeutic equipment 0.055 114.4 115.5 114.3 114.7 118.2

1.3.16.8 Optical instruments and Photographic equipment 0.008 107.4 108.9 117.7 118.8 118.8

1.3.17 MANUFACTURE OF ELECTRICAL EQUIPMENT 2.930 133.7 133.9 136.1 136.0 136.3

1.3.17.1 Electric motors, Generators, Transformers and Electricity distribution and Control apparatus 1.298 132.3 133.0 133.7 133.2 132.7

1.3.17.2 Batteries and Accumulators 0.236 141.3 141.3 145.1 145.5 145.2

1.3.17.3 Fibre optic cables for data transmission or live transmission of images 0.133 118.6 118.0 117.3 117.3 118.6

1.3.17.4 Other electronic and Electric wires and Cables 0.428 154.4 154.0 163.0 163.8 167.6

1.3.17.5 Wiring devices, Electric lighting & display equipment 0.263 118.4 117.7 118.6 118.6 118.7

1.3.17.6 Domestic appliances 0.366 131.8 131.5 131.7 131.9 131.0

1.3.17.7 Other electrical equipment 0.206 123.4 125.0 126.7 126.7 127.6

1.3.18 MANUFACTURE OF MACHINERY AND EQUIPMENT 4.789 130.8 130.5 132.8 133.0 133.1

1.3.18.1 Engines and Turbines, Except aircraft, Vehicle and Two wheeler engines 0.638 132.8 132.5 138.4 138.6 137.3

1.3.18.2 Fluid power equipment 0.162 134.5 134.9 135.1 135.2 135.3

1.3.18.3 Other pumps, Compressors, Taps and Valves 0.552 118.5 118.9 121.0 121.0 122.2

1.3.18.4 Bearings, Gears, Gearing and Driving elements 0.340 128.5 129.6 131.6 131.9 132.9

1.3.18.5 Ovens, Furnaces and Furnace burners 0.008 86.6 87.0 88.4 88.4 91.3

1.3.18.6 Lifting and Handling equipment 0.285 130.0 129.9 131.9 131.9 132.1 RBI Bulletin January 2026 85CURRENT STATISTICS No. 22: Wholesale Price Index (Concld.) (Base: 2011-12 = 100) Commodities Weight 2024-25 2024 2025 Dec. Oct. Nov.(P) Dec.(P) 1 2 3 4 5 6

1.3.18.7 Office machinery and Equipment 0.006 130.2 130.2 130.2 130.2 130.2

1.3.18.8 Other general-purpose machinery 0.437 145.3 141.5 140.4 142.8 143.9

1.3.18.9 Agricultural and Forestry machinery 0.833 145.5 145.8 145.9 145.9 146.1

1.3.18.10 Metal-forming machinery and Machine tools 0.224 123.2 123.1 127.4 127.4 127.7

1.3.18.11 Machinery for mining, Quarrying and Construction 0.371 89.8 90.0 93.0 93.4 93.1

1.3.18.12 Machinery for food, Beverage and Tobacco processing 0.228 126.1 126.0 126.8 126.8 126.9

1.3.18.13 Machinery for textile, Apparel and Leather production 0.192 141.4 141.3 146.8 143.8 143.3

1.3.18.14 Other special-purpose machinery 0.468 144.9 144.0 147.5 147.6 147.2

1.3.18.15 Renewable electricity generating equipment 0.046 69.2 69.0 69.3 69.3 69.1

1.3.19 MANUFACTURE OF MOTOR VEHICLES, TRAILERS AND SEMI-TRAILERS 4.969 129.9 130.0 130.4 130.4 130.4

1.3.19.1 Motor vehicles 2.600 130.6 130.8 130.3 130.1 130.0

1.3.19.2 Parts and Accessories for motor vehicles 2.368 129.1 129.1 130.5 130.8 130.7

1.3.20 MANUFACTURE OF OTHER TRANSPORT EQUIPMENT 1.648 145.2 145.7 151.9 151.7 151.6

1.3.20.1 Building of ships and Floating structures 0.117 180.5 177.9 190.7 190.7 190.8

1.3.20.2 Railway locomotives and Rolling stock 0.110 108.9 108.8 110.7 110.7 111.3

1.3.20.3 Motor cycles 1.302 146.0 146.8 153.1 152.9 152.7

1.3.20.4 Bicycles and Invalid carriages 0.117 134.9 135.1 137.8 138.0 138.0

1.3.20.5 Other transport equipment 0.002 163.2 163.7 167.0 167.0 166.7

1.3.21 MANUFACTURE OF FURNITURE 0.727 160.3 161.3 164.1 164.1 164.3

1.3.21.1 Furniture 0.727 160.3 161.3 164.1 164.1 164.3

1.3.22 OTHER MANUFACTURING 1.064 183.8 183.1 245.9 240.7 266.5

1.3.22.1 Jewellery and Related articles 0.996 185.4 184.6 251.4 245.8 273.3

1.3.22.2 Musical instruments 0.001 201.9 200.6 205.4 206.3 205.7

1.3.22.3 Sports goods 0.012 164.9 167.9 172.7 173.0 173.1

1.3.22.4 Games and Toys 0.005 163.1 163.7 168.8 168.9 169.3

1.3.22.5 Medical and Dental instruments and Supplies 0.049 158.6 158.6 162.1 162.1 163.2 2 FOOD INDEX 24.378 192.9 196.0 192.0 195.0 196.0

Source: Office of the Economic Adviser, Ministry of Commerce and Industry, Government of India.

86 RBI Bulletin January 2026CURRENT STATISTICS No. 23: Index of Industrial Production (Base:2011-12=100) Industry Weight 2023-24 2024-25 April-November November 2024-25 2025-26 2024 2025 1 2 3 4 5 6 7 General Index 100.00 146.7 152.6 149.3 154.2 148.1 158.0 1 Sectoral Classification

1.1 Mining 14.37 128.9 132.8 124.9 123.8 133.8 141.0

1.2 Manufacturing 77.63 144.7 150.6 147.4 153.9 147.0 158.8

1.3 Electricity 7.99 198.3 208.6 211.9 211.5 184.1 181.3 2 Use-Based Classification

2.1 Primary Goods 34.05 147.7 153.5 150.0 150.5 147.7 150.7

2.2 Capital Goods 8.22 106.6 112.6 108.2 116.0 106.7 117.8

2.3 Intermediate Goods 17.22 157.3 164.0 161.3 169.9 158.5 170.1

2.4 Infrastructure/ Construction Goods 12.34 176.3 188.2 182.1 198.4 177.3 198.7

2.5 Consumer Durables 12.84 118.6 128.0 127.2 133.1 121.5 134.0

2.6 Consumer Non-Durables 15.33 153.7 151.4 148.7 147.2 158.1 169.7

Source : Central Statistics Office, Ministry of Statistics and Programme Implementation, Government of India.

Government Accounts and Treasury Bills No. 24: Union Government Accounts at a Glance (₹ Crore) Financial Year April – November 2025-26 Percentage to Budget Item (Budget 2025-26 2024-25 Estimates

(Actuals) (Actuals) Estimates) 2025-26 2024-25 1 2 3 4 5 1 Revenue Receipts 3420409 1910312 1870455 55.9 59.8

1.1 Tax Revenue (Net) 2837409 1393946 1443435 49.1 55.9

1.2 Non-Tax Revenue 583000 516366 427020 88.6 78.3 2 Non Debt Capital Receipt 76000 38927 23953 51.2 30.7

2.1 Recovery of Loans 29000 15210 14972 52.4 53.5

2.2 Other Receipts 47000 23717 8981 50.5 18.0 3 Total Receipts (excluding borrowings) (1+2) 3496409 1949239 1894408 55.7 59.1 4 Revenue Expenditure 3944255 2267700 2227502 57.5 60.1

of which :

4.1 Interest Payments 1276338 745765 658494 58.4 56.6 5 Capital Expenditure 1121090 658210 513500 58.7 46.2 6 Total Expenditure (4+5) 5065345 2925910 2741002 57.8 56.9 7 Revenue Deficit (4-1) 523846 357388 357047 68.2 61.5 8 Fiscal Deficit (6-3) 1568936 976671 846594 62.3 52.5 9 Gross Primary Deficit (8-4.1) 292598 230906 188100 78.9 41.8

Sources: Controller General of Accounts (CGA), Ministry of Finance, Government of India and Union Budget 2025-26.

RBI Bulletin January 2026 87CURRENT STATISTICS No. 25: Treasury Bills – Ownership Pattern (₹ Crore) 2024-25 2024 2025 Item Nov. 29 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 1 2 3 4 5 6 7 8 1 91-day

1.1 Banks 26554 3848 9715 9157 9169 7191 5888 4769

1.2 Primary Dealers 25258 9398 21139 20086 19446 17093 16737 18314

1.3 State Governments 40315 82560 83886 86636 80163 80663 87428 92934

1.4 Others 115688 78354 101046 99657 97285 98617 97276 93016 2 182-day

2.1 Banks 44887 42525 53119 52288 46640 46225 45085 44002

2.2 Primary Dealers 62218 30551 40008 38487 34398 38340 40276 42451

2.3 State Governments 11078 11265 18930 17930 17930 17930 16430 15430

2.4 Others 104994 80824 73773 77025 87762 85235 85439 85346 3 364-day

3.1 Banks 72304 75027 70652 73818 72864 73605 72918 76901

3.2 Primary Dealers 86939 106748 78381 73811 73957 80783 81117 80376

3.3 State Governments 37389 35933 45103 45149 45199 45921 45822 46164

3.4 Others 162757 171225 164366 165772 166580 159812 160965 157723 4 14-day Intermediate

4.1 Banks

4.2 Primary Dealers

4.3 State Governments 188072 188494 184194 178061 128595 180387 190449 171204

4.4 Others 572 551 1709 1058 862 487 766 1723 Total Treasury Bills (Excluding 14 day 790381 728257 760120 759815 751393 751415 755380 757428 Intermediate T Bills) # # 14D intermediate T-Bills are non-marketable unlike 91D, 182D and 364D T-Bills. These bills are ‘intermediate’ by nature as these are liquidated to replenish shortfall in the daily minimum cash balances of State Governments.

Note: Primary Dealers (PDs) include banks undertaking PD business.

No. 26: Auctions of Treasury Bills (Amount in ₹ Crore) Date of Notified Bids Received Bids Accepted Total Cut- Implicit Yield Auction Amount Total Face Value Total Face Value Issue off at Cut-off Price Number Number (6+7) Price (per cent) Competitive Non- Competitive Non- ( ₹ ) Competitive Competitive 1 2 3 4 5 6 7 8 9 10 91-day Treasury Bills 2025-26 Oct. 29 7000 93 25518 19027 46 6973 19027 26000 98.66 5.4580 Nov. 6 7000 104 26801 5719 28 6969 5719 12689 98.66 5.4485 Nov. 12 7000 147 39518 5520 26 6980 5520 12500 98.66 5.4312 Nov. 19 7000 152 45607 8697 26 6967 8697 15665 98.68 5.3826 Nov. 26 7000 139 35645 7027 41 6980 7027 14006 98.68 5.3633 182-day Treasury Bills 2025-26 Oct. 29 6000 69 13005 612 42 5988 612 6600 97.28 5.5990 Nov. 6 6000 83 19922 1014 20 5986 1014 7000 97.29 5.5899 Nov. 12 6000 100 23168 1014 29 5986 1014 7000 97.30 5.5717 Nov. 19 6000 99 30630 1009 27 5991 1009 7000 97.30 5.5587 Nov. 26 6000 103 35438 1011 9 5989 1011 7000 97.32 5.5244 364-day Treasury Bills 2025-26 Oct. 29 6000 112 19585 737 60 5988 737 6725 94.73 5.5813 Nov. 6 6000 104 23048 740 37 5957 740 6697 94.72 5.5875 Nov. 12 6000 127 22890 1809 43 5980 1809 7789 94.74 5.5699 Nov. 19 6000 106 24560 814 31 5986 814 6800 94.75 5.5580 Nov. 26 6000 113 30382 665 14 5791 665 6456 94.77 5.5347 88 RBI Bulletin January 2026CURRENT STATISTICS Financial Markets No. 27: Daily Call Money Rates (Per cent per annum) Range of Rates Weighted Average Rates As on Borrowings/ Lendings Borrowings/ Lendings 1 2 November 01, 2025 4.85-5.60 5.12 November 03, 2025 4.70-5.60 5.42 November 04, 2025 4.75-5.55 5.42 November 06, 2025 4.80-5.50 5.40 November 07, 2025 4.85-5.45 5.39 November 10, 2025 4.75-5.45 5.34 November 11, 2025 4.85-5.60 5.34 November 12, 2025 4.80-5.40 5.34 November 13, 2025 4.85-5.40 5.33 November 14, 2025 4.50-5.60 5.47 November 15, 2025 4.80-5.40 5.01 November 17, 2025 4.75-5.65 5.36 November 18, 2025 4.75-5.45 5.37 November 19, 2025 4.85-5.45 5.38 November 20, 2025 4.75-5.50 5.41 November 21, 2025 4.75-5.60 5.52 November 24, 2025 4.75-5.75 5.52 November 25, 2025 4.75-5.50 5.43 November 26, 2025 4.75-5.45 5.39 November 27, 2025 4.75-5.45 5.40 November 28, 2025 4.75-5.65 5.52 November 29, 2025 4.75-5.40 5.25 December 01, 2025 4.75-5.60 5.42 December 02, 2025 4.75-5.50 5.34 December 03, 2025 4.75-5.60 5.35 December 04, 2025 4.75-5.55 5.43 December 05, 2025 4.60-5.50 5.31 December 06, 2025 4.70-5.40 4.93 December 08, 2025 4.50-5.30 5.19 December 09, 2025 4.50-5.25 5.19 December 10, 2025 4.50-5.28 5.20 December 11, 2025 4.50-5.25 5.20 December 12, 2025 4.50-5.25 5.18 December 15, 2025 4.50-5.40 5.25

Note: Includes Notice Money.

RBI Bulletin January 2026 89CURRENT STATISTICS No. 28: Certificates of Deposit 2024 2025 Item Dec. 27 Nov. 28 Dec. 12 Dec. 15 Dec. 31 1 2 3 4 5 1 Amount Outstanding (₹ Crore) 494416.56 570508.16 552960.12 554967.84 568136.12

1.1 Issued during the fortnight (₹ Crore) 59838.75 77875.33 55359.50 60187.45 88511.76 2 Rate of Interest (per cent) 7.02-7.85 5.50-6.87 5.25-6.87 5.24-6.87 5.25-6.87 No. 29: Commercial Paper Item 2024 2025 Dec. 31 Nov. 15 Nov. 30 Dec. 15 Dec. 31 1 2 3 4 5 1 Amount Outstanding (₹ Crore) 435779.45 501658.00 501649.20 473476.30 451053.35

1.1 Reported during the fortnight (₹ Crore) 51524.05 66525.85 69177.70 79654.00 59006.25 2 Rate of Interest (per cent) 6.98-12.00 5.86-9.71 5.79-11.49 5.81-12.12 5.99-13.53 No. 30: Average Daily Turnover in Select Financial Markets (₹ Crore) Item 2024-25 2024 2025 Nov. 29 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 1 2 3 4 5 6 7 8 1 Call Money 18990 14605 23253 27641 27247 26594 28904 30785 2 Notice Money 2506 4241 362 7214 213 6572 507 7395 3 Term Money 941 1743 1461 1782 1755 1900 945 1870 4 Triparty Repo 692068 939435 631977 896945 661749 807745 707312 915718 5 Market Repo 578912 585745 630603 789909 644166 831127 687971 837027 6 Repo in Corporate Bond 5212 5114 12710 14800 15860 16424 13615 14008 7 Forex (US $ million) 131877 123525 100069 139519 125270 113864 125026 143479 8 Govt. of India Dated Securities 56065 83490 98294 86389 112252 126367 98171 115899 9 State Govt. Securities 3971 4154 5131 6943 4560 5879 5673 5680 10 Treasury Bills

10.1 91-Day 2514 1988 5008 3238 5048 2968 2615 4052

10.2 182-Day 2218 3800 2208 2813 1590 3364 3118 2767

10.3 364-Day 1854 3800 3543 4047 6038 4985 2795 2627

10.4 Cash Management Bills 0 0 0 0 0 0 0 11 Total Govt. Securities (8+9+10) 66622 97232 114184 103429 129488 143563 112371 131025

11.1 RBI 1715 213 636 609 3465 3729 430 542 90 RBI Bulletin January 2026CURRENT STATISTICS No. 31: New Capital Issues by Non-Government Public Limited Companies (Amount in ₹ Crore) 2024-25 2024-25 (Apr.-Nov.) 2025-26 (Apr.-Nov.) * Nov. 2024 Nov. 2025 * Security & Type of Issue No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount Issues Issues Issues Issues Issues 1 2 3 4 5 6 7 8 9 10 1 Equity Shares 464 210190 320 157899 354 163390 18 36266 34 34875

1.1 Public 322 190478 227 145106 261 146462 12 35849 22 33507

1.2 Rights 142 19712 93 12793 93 16927 6 417 12 1368 2 Public Issue of 43 8149 29 5906 29 6503 4 380 3 391 Bonds/ Debentures 3 Total (1+2) 507 218339 349 163805 383 169893 22 36646 37 35266

3.1 Public 365 198627 256 151012 290 152966 16 36229 25 33898

3.2 Rights 142 19712 93 12793 93 16927 6 417 12 1368 * : Data is Provisional

Note : 1. Since April 2020, monthly data on equity issues is compiled on the basis of their listing date.

2. Figures in the columns might not add up to the total due to rounding off numbers.

3. The table covers only public and rights issuances of equity and debt. It does not include data on private placement of debt, qualified institutional placements and preferential allotments.

Source : Securities and Exchange Board of India.

RBI Bulletin January 2026 91CURRENT STATISTICS External Sector No. 32: Foreign Trade 2024 2025 2024-25 Item Unit Nov. Jul. Aug. Sep. Oct. Nov.

1 2 3 4 5 6 7 1 Exports ₹ Crore 3703412 269481 318775 304391 319293 302029 338569 US $ Million 437705 31943 37018 34780 36151 34160 38116

1.1 Oil ₹ Crore 535157 29707 35545 36574 41807 33151 34798 US $ Million 63383 3521 4128 4179 4733 3749 3918

1.2 Non-oil ₹ Crore 3168255 239774 283230 267817 277486 268877 303771 US $ Million 374321 28421 32890 30601 31417 30410 34199 2 Imports ₹ Crore 6089909 539329 558753 542401 610285 672929 556600 US $ Million 720241 63929 64885 61976 69097 76109 62662

2.1 Oil ₹ Crore 1570226 134208 134077 116081 123944 130782 125375 US $ Million 185779 15908 15570 13264 14033 14792 14115

2.2 Non-oil ₹ Crore 4519683 405121 424676 426320 486341 542147 431225 US $ Million 534462 48020 49315 48712 55064 61318 48547 3 Trade Balance ₹ Crore -2386497 -269848 -239977 -238010 -290992 -370901 -218031 US $ Million -282537 -31986 -27867 -27195 -32947 -41949 -24546

3.1 Oil ₹ Crore -1035069 -104501 -98532 -79507 -82137 -97630 -90576 US $ Million -122396 -12387 -11442 -9085 -9300 -11042 -10197

3.2 Non-oil ₹ Crore -1351428 -165347 -141446 -158503 -208855 -273270 -127455 US $ Million -160141 -19599 -16425 -18111 -23647 -30907 -14349

Note: Data in the table are provisional.

Source: Directorate General of Commercial Intelligence and Statistics.

No. 33: Foreign Exchange Reserves 2025 Item Unit Jan. 03 Nov. 21 Nov. 28 Dec. 05 Dec. 12 Dec. 19 Dec. 26 1 2 3 4 5 6 7 1 Total Reserves ₹ Crore 5443633 6155363 6137575 6185485 6229383 6196356 6258848 US $ Million 634585 688104 686227 687260 688949 693318 696610

1.1 Foreign Currency Assets ₹ Crore 4679273 5015105 4982046 5012069 5043439 4999428 5027961 US $ Million 545480 560600 557031 556880 557787 559428 559612

1.2 Gold ₹ Crore 575530 932008 946227 962880 974183 986293 1018151 US $ Million 67092 104182 105795 106984 107741 110365 113320 Volume (Metric Tonnes) 876.18 880.18 880.18 880.18 880.18 880.18 880.18

1.3 SDRs SDRs Million 13705 13712 13712 13712 13712 13712 13712 ₹ Crore 152818 166088 166610 168496 169401 167505 168943 US $ Million 17815 18566 18628 18721 18735 18744 18803

1.4 Reserve Tranche Position in IMF ₹ Crore 36012 42162 42692 42041 42359 43129 43793 US $ Million 4199 4757 4772 4675 4686 4782 4875 * Difference, if any, is due to rounding off.

Note: Exclude investment in foreign currency denominated bonds issued by IIFC (UK), SDRs transferred by Government of India to RBI, foreign currency received under SAARC and ACU currency swap arrangements and RBI’s contribution to funding of Nexus Global Payments. Foreign currency assets in US dollar take into account appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen and Australian Dollar) held in reserves. Foreign exchange holdings are converted into rupees at rupee-US dollar RBI holding rates.

No. 34: Non-Resident Deposits (US $ Million) Scheme Outstanding Flows 2024 2025 2024-25 2025-26 2024-25 Nov. Oct. Nov. (P) Apr.-Nov. Apr.-Nov.(P) 1 2 3 4 5 6 1 NRI Deposits 164677 162697 168234 167973 12552 9218

1.1 FCNR(B) 32809 32040 34403 34672 6307 1863

1.2 NR(E)RA 100733 100666 101025 100502 3384 4261

1.3 NRO 31135 29992 32805 32799 2861 3094 P: Provisional.

92 RBI Bulletin January 2026CURRENT STATISTICS No. 35: Foreign Investment Inflows (US $ Million) 2024-25 2025-26 (P) 2024 (P) 2025 (P) Item 2024-25 Apr.-Nov. Apr.-Nov. Nov. Oct. Nov.

1 2 3 4 5 6

1.1 Net Foreign Direct Investment (1.1.1-1.1.2) 959 781 5629 -2493 -1668 -446

1.1.1 Direct Investment to India (1.1.1.1-1.1.1.2) 29130 17162 27731 -174 1542 1065

1.1.1.1 Gross Inflows/Gross Investments 80615 55768 64732 5232 6538 6409

1.1.1.1.1 Equity 50993 36924 44602 2370 3880 3931

1.1.1.1.1.1 Government 2208 600 1631 72 5 81

1.1.1.1.1.2 RBI 34686 25824 30399 1676 2527 1663

1.1.1.1.1.3 Acquisition of shares 13124 9874 10365 537 1051 1888

1.1.1.1.1.4 Equity capital of unincorporated bodies 975 626 2207 85 298 298

1.1.1.1.2 Reinvested earnings 22759 14616 16333 1978 2208 2208

1.1.1.1.3 Other capital 6863 4228 3798 884 450 270

1.1.1.2 Repatriation/Disinvestment 51486 38605 37001 5406 4996 5343

1.1.1.2.1 Equity 49525 37114 35364 5212 4761 5260

1.1.1.2.2 Other capital 1960 1492 1637 194 235 84

1.1.2 Foreign Direct Investment by India 28171 16381 22102 2319 3210 1512 (1.1.2.1+1.1.2.2+1.1.2.3-1.1.2.4)

1.1.2.1 Equity capital 16945 9383 12806 1087 1948 679

1.1.2.2 Reinvested Earnings 6846 4564 5073 571 634 634

1.1.2.3 Other Capital 7955 4738 5787 966 733 257

1.1.2.4 Repatriation/Disinvestment 3575 2304 1564 304 105 58

1.2 Net Portfolio Investment (1.2.1+1.2.2+1.2.3-1.2.4) 3564 7611 -34 -2257 3421 683

1.2.1 GDRs/ADRs - - - - - -

1.2.2 FPIs 3283 7487 1281 -2278 3561 708

1.2.3 Offshore funds and others - - - - - -

1.2.4 Portfolio investment by India -281 -124 1315 -21 140 24 1 Foreign Investment Inflows 4523 8392 5595 -4750 1753 237 P: Provisional No. 36: Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals (US $ Million) 2024 2025 Item 2024-25 Nov. Sep. Oct. Nov.

1 2 3 4 5 1 Outward Remittances under the LRS 29563.12 1946.43 2782.34 2364.45 1937.19

1.1 Deposit 705.26 40.21 50.75 47.16 38.80

1.2 Purchase of immovable property 322.82 23.53 42.44 44.64 46.71

1.3 Investment in equity/debt 1698.94 85.79 278.80 273.09 174.04

1.4 Gift 2938.69 216.51 195.09 197.53 194.33

1.5 Donations 11.81 0.62 0.64 0.87 0.81

1.6 Travel 16964.57 1113.78 1664.82 1352.59 1101.46

1.7 Maintenance of close relatives 3722.03 276.78 273.65 273.86 248.25

1.8 Medical Treatment 81.19 7.49 4.18 5.04 4.70

1.9 Studies Abroad 2918.91 172.40 264.34 163.26 120.94

1.10 Others 198.90 9.32 7.63 6.40 7.15 RBI Bulletin January 2026 93CURRENT STATISTICS No. 37: Indices of Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) of the Indian Rupee 2024 2025 2023-24 2024-25 Dec Nov Dec Item 1 2 3 4 5 40-Currency Basket (Base: 2015-16=100) 1 Trade-Weighted

1.1 NEER 90.75 91.01 91.53 84.35 82.66

1.2 REER 103.71 105.24 106.92 97.52 95.30 2 Export-Weighted

2.1 NEER 93.13 93.52 93.92 86.27 84.62

2.2 REER 101.22 102.34 103.78 94.70 92.71 6-Currency Basket (Trade-weighted) 1 Base : 2015-16 =100

1.1 NEER 83.62 82.38 82.77 76.51 74.95

1.2 REER 101.66 102.72 104.62 96.17 94.20 2 Base : 2022-23 =100

2.1 NEER 97.31 95.87 96.32 89.04 87.22

2.2 REER 99.86 100.90 102.76 94.46 92.53

Note: Data for 2024-25 and 2025-26 so far is provisional.

94 RBI Bulletin January 2026CURRENT STATISTICS No. 38: External Commercial Borrowings (ECBs) – Registrations (Amount in US $ Million) Item 2024-25 2024 2025 Nov. Oct. Nov.

1 2 3 4 1 Automatic Route

1.1 Number 1328 82 79 106

1.2 Amount 47800 1398 1915 2243 2 Approval Route

2.1 Number 51 4 2 1

2.2 Amount 13384 1435 291 159 3 Total (1+2)

3.1 Number 1379 86 81 107

3.2 Amount 61184 2833 2206 2402 4 Weighted Average Maturity (in years) 5.05 5.80 5.10 4.70 5 Interest Rate (per cent)

5.1 Weighted Average Margin over alternative reference rate (ARR) for Floating Rate Loans@ 1.48 1.18 2.11 1.56

5.2 Interest rate range for Fixed Rate Loans 0.00-11.67 0.00-11.00 0.00-10.63 0.00-10.50 Borrower Category I. Corporate Manufacturing 13900 1419 762 200 II. Corporate-Infrastructure 15462 372 418 1479 a.) Transport 614 0 0 0 b.) Energy 6900 60 243 283 c.) Water and Sanitation 28 0 0 0 d.) Communication 13 0 0 0 e.) Social and Commercial Infrastructure 184 0 0 48 f.) Exploration,Mining and Refinery 5356 312 175 950 g.) Other Sub-Sectors 2367 0 0 198 III. Corporate Service-Sector 3226 256 150 179 IV. Other Entities 1026 0 0 0 a.) units in SEZ 26 0 0 0 b.) SIDBI 0 0 0 0 c.) Exim Bank 1000 0 0 0 V. Banks 0 0 0 0 VI. Financial Institution (Other than NBFC ) 0 0 0 0 VII. NBFCs 26318 743 831 541 a). NBFC- IFC/AFC 12389 75 191 147 b). NBFC-MFI 459 0 0 89 c). NBFC-Others 13470 668 640 305 VIII. Non-Government Organization (NGO) 0 0 0 0 IX. Micro Finance Institution (MFI) 0 0 0 0 X. Others 1252 43 45 3

Note: Based on applications for ECB/Foreign Currency Convertible Bonds (FCCBs) which have been allotted loan registration number during the period. @ With effect from July 01, 2023, the benchmark rate is changed to Alternative Reference Rate (ARR) RBI Bulletin January 2026 95CURRENT STATISTICS Table 39a: Invoicing in INR of Exports of Goods and Software and Imports of Goods from/to India (INR billion) Apr-Nov Apr-Nov Apr-Mar Apr-Mar 2025-26 2024-25 2024-25 2023-24 1 2 3 4

2000.56 1910.52 3062.13 2862.53 Exports (6.08%) (5.77%) (5.90%) (5.86%)

1971.27 1583.44 2598.54 1941.33 Imports (4.88%) (4.13%) (4.55%) (3.70%)

Notes: 1. Figures in parentheses indicate percentage share of INR compared to all currencies.

2. All figures are based on AD bank reporting on EDPMS/IDPMS portal and hence are subject to updates/corrections from time to time.

Source: EDPMS/IDPMS portal.

Table 39b: Settlement in INR of Exports of Goods and Software and Imports of Goods from/to India (INR billion) Apr-Nov Apr-Nov Apr-Mar Apr-Mar 2025-26 2024-25 2024-25 2023-24 1 2 3 4

1030.71 1072.98 1616.08 1729.10 Exports (2.80%) (3.19%) (3.08%) (3.53%)

965.68 628.04 1127.55 993.30 Imports (2.27%) (1.62%) (1.94%) (1.84%)

Notes: 1. Figures in parentheses indicate percentage share of INR compared to all currencies.

2. All figures are based on AD bank reporting on EDPMS/IDPMS portal and hence are subject to updates/corrections from time to time.

Source: EDPMS/IDPMS portal.

96 RBI Bulletin January 2026CURRENT STATISTICS No. 40: India’s Overall Balance of Payments (US$ Million) Jul-Sep 2024 Jul-Sep 2025 (P) Credit Debit Net Credit Debit Net Item 1 2 3 4 5 6 Overall Balance Of Payments (1+2+3) 563182 544568 18614 640815 651732 -10917 1 Current Account (1.1+ 1.2) 245798 266660 -20862 266736 279046 -12310

1.1 Merchandise 100645 189176 -88530 109397 196840 -87443

1.2 Invisibles (1.2.1+1.2.2+1.2.3) 145153 77485 67668 157339 82206 75133

1.2.1 Services 93406 48945 44461 101622 50734 50888

1.2.1.1 Travel 7635 9367 -1732 6813 9457 -2645

1.2.1.2 Transportation 8668 9188 -520 7768 8726 -958

1.2.1.3 Insurance 885 786 100 964 724 240

1.2.1.4 G.n.i.e. 147 316 -169 154 306 -152

1.2.1.5 Miscellaneous 76070 29288 46782 85923 31520 54402

1.2.1.5.1 Software Services 44164 4539 39624 49523 5640 43883

1.2.1.5.2 Business Services 25176 15548 9628 29471 16129 13342

1.2.1.5.3 Financial Services 2190 1265 926 1816 615 1200

1.2.1.5.4 Communication Services 519 497 21 732 548 184

1.2.2 Transfers 35275 2875 32400 39041 2603 36438

1.2.2.1 Official 28 311 -283 35 225 -190

1.2.2.2 Private 35247 2564 32683 39006 2378 36628

1.2.3 Income 16472 25665 -9193 16677 28870 -12193

1.2.3.1 Investment Income 14477 24643 -10166 14518 27759 -13241

1.2.3.2 Compensation of Employees 1995 1023 972 2159 1111 1048 2 Capital Account (2.1+2.2+2.3+2.4+2.5) 317384 277459 39924 373261 372686 575

2.1 Foreign Investment (2.1.1+2.1.2) 203245 186216 17029 161520 164391 -2871

2.1.1 Foreign Direct Investment 21137 23958 -2821 25940 23065 2876

2.1.1.1 In India 20589 15622 4967 25155 13839 11317

2.1.1.1.1 Equity 13846 15016 -1171 17373 13265 4107

2.1.1.1.2 Reinvested Earnings 5435 5435 6073 6073

2.1.1.1.3 Other Capital 1309 606 702 1709 573 1136

2.1.1.2 Abroad 548 8336 -7788 785 9226 -8441

2.1.1.2.1 Equity 548 4583 -4035 785 5373 -4588

2.1.1.2.2 Reinvested Earnings 0 1712 -1712 0 1902 -1902

2.1.1.2.3 Other Capital 0 2041 -2041 0 1951 -1951

2.1.2 Portfolio Investment 182108 162258 19850 135580 141327 -5747

2.1.2.1 In India 181433 161618 19815 134786 140255 -5468

2.1.2.1.1 FIIs 181433 161618 19815 134786 140255 -5468

2.1.2.1.1.1 Equity 160273 149590 10683 113496 122643 -9147

2.1.2.1.1.2 Debt 21160 12028 9132 21290 17612 3678

2.1.2.1.2 ADR/GDRs 0 0 0 0 0 0

2.1.2.2 Abroad 675 640 35 794 1072 -279

2.2 Loans (2.2.1+2.2.2+2.2.3) 40856 31392 9464 167163 163783 3379

2.2.1 External Assistance 3726 1577 2148 2182 1695 486

2.2.1.1 By India 6 26 -20 6 11 -5

2.2.1.2 To India 3720 1551 2168 2176 1685 491

2.2.2 Commercial Borrowings 17481 15485 1995 147344 147389 -45

2.2.2.1 By India 5059 8028 -2969 140445 142094 -1649

2.2.2.2 To India 12421 7457 4964 6899 5295 1604

2.2.3 Short Term to India 19650 14330 5320 17638 14699 2938

2.2.3.1 Buyers' credit & Suppliers' Credit >180 days 15107 14330 777 15831 14699 1132

2.2.3.2 Suppliers' Credit up to 180 days 4543 0 4543 1807 0 1807

2.3 Banking Capital (2.3.1+2.3.2) 52432 46345 6087 34260 32370 1891

2.3.1 Commercial Banks 52112 46345 5767 34260 32317 1943

2.3.1.1 Assets 17627 18853 -1226 10699 7986 2714

2.3.1.2 Liabilities 34485 27492 6993 23561 24332 -771

2.3.1.2.1 Non-Resident Deposits 28921 22753 6167 23330 20876 2454

2.3.2 Others 319 0 319 0 52 -52

2.4 Rupee Debt Service 0 2 -2 0 1 -1

2.5 Other Capital 20850 13504 7346 10318 12140 -1822 3 Errors & Omissions 0 448 -448 818 0 818 4 Monetary Movements (4.1+ 4.2) 0 18614 -18614 10917 0 10917

4.1 I.M.F. 0 0 0 0 0 0

4.2 Foreign Exchange Reserves (Increase - / Decrease +) 0 18614 -18614 10917 0 10917

Note: P: Preliminary.

RBI Bulletin January 2026 97CURRENT STATISTICS No. 41: India’s Overall Balance of Payments (₹ Crore) Jul-Sep 2024 Jul-Sep 2025 (P) Credit Debit Net Credit Debit Net Item 1 2 3 4 5 6 Overall Balance Of Payments (1+2+3) 4717571 4561652 155919 5595501 5690827 -95326 1 Current Account (1.1+ 1.2) 2058962 2233718 -174756 2329098 2436589 -107491

1.1 Merchandise 843069 1584657 -741588 955235 1718776 -763542

1.2 Invisibles (1.2.1+1.2.2+1.2.3) 1215892 649061 566832 1373864 717813 656050

1.2.1 Services 782427 409991 372436 887346 443000 444345

1.2.1.1 Travel 63958 78464 -14506 59486 82579 -23093

1.2.1.2 Transportation 72610 76965 -4355 67832 76194 -8362

1.2.1.3 Insurance 7417 6581 836 8416 6323 2093

1.2.1.4 G.n.i.e. 1228 2643 -1415 1348 2675 -1326

1.2.1.5 Miscellaneous 637214 245338 391875 750263 275229 475034

1.2.1.5.1 Software Services 369945 38026 331920 432424 49247 383177

1.2.1.5.2 Business Services 210894 130244 80650 257337 140839 116498

1.2.1.5.3 Financial Services 18349 10595 7754 15855 5374 10482

1.2.1.5.4 Communication Services 4345 4167 177 6394 4787 1607

1.2.2 Transfers 295485 24079 271406 340897 22726 318171

1.2.2.1 Official 232 2601 -2369 304 1964 -1660

1.2.2.2 Private 295252 21478 273775 340593 20762 319831

1.2.3 Income 137980 214990 -77010 145621 252086 -106466

1.2.3.1 Investment Income 121268 206423 -85155 126769 242388 -115619

1.2.3.2 Compensation of Employees 16712 8568 8145 18851 9698 9153 2 Capital Account (2.1+2.2+2.3+2.4+2.5) 2658609 2324178 334431 3259261 3254238 5024

2.1 Foreign Investment (2.1.1+2.1.2) 1702512 1559865 142647 1410371 1435441 -25070

2.1.1 Foreign Direct Investment 177057 200687 -23630 226507 201396 25112

2.1.1.1 In India 172466 130862 41604 219652 120836 98816

2.1.1.1.1 Equity 115979 125784 -9805 151696 115832 35864

2.1.1.1.2 Reinvested Earnings 45525 0 45525 53031 0 53031

2.1.1.1.3 Other Capital 10961 5078 5884 14926 5004 9922

2.1.1.2 Abroad 4591 69825 -65234 6855 80560 -73705

2.1.1.2.1 Equity 4591 38393 -33802 6855 46915 -40060

2.1.1.2.2 Reinvested Earnings 0 14337 -14337 0 16612 -16612

2.1.1.2.3 Other Capital 0 17095 -17095 0 17033 -17033

2.1.2 Portfolio Investment 1525455 1359178 166277 1183864 1234045 -50181

2.1.2.1 In India 1519799 1353816 165984 1176935 1224684 -47749

2.1.2.1.1 FIIs 1519799 1353816 165984 1176935 1224684 -47749

2.1.2.1.1.1 Equity 1342550 1253064 89486 991031 1070898 -79866

2.1.2.1.1.2 Debt 177250 100752 76498 185903 153786 32117

2.1.2.1.2 ADR/GDRs 0 0 0 0 0 0

2.1.2.2 Abroad 5656 5363 293 6929 9361 -2432

2.2 Loans (2.2.1+2.2.2+2.2.3) 342239 262961 79279 1459640 1430132 29508

2.2.1 External Assistance 31210 13212 17997 19050 14804 4246

2.2.1.1 By India 52 217 -166 52 94 -42

2.2.1.2 To India 31158 12995 18163 18998 14710 4288

2.2.2 Commercial Borrowings 146429 129714 16715 1286582 1286978 -396

2.2.2.1 By India 42379 67249 -24870 1226344 1240743 -14399

2.2.2.2 To India 104050 62465 41585 60238 46235 14003

2.2.3 Short Term to India 164601 120034 44566 154008 128350 25658

2.2.3.1 Buyers' credit & Suppliers' Credit >180 days 126546 120034 6511 138232 128350 9882

2.2.3.2 Suppliers' Credit up to 180 days 38055 0 38055 15776 0 15776

2.3 Banking Capital (2.3.1+2.3.2) 439202 388217 50985 299155 282647 16508

2.3.1 Commercial Banks 436527 388217 48311 299155 282190 16965

2.3.1.1 Assets 147657 157925 -10268 93424 69730 23694

2.3.1.2 Liabilities 288870 230292 58579 205730 212460 -6729

2.3.1.2.1 Non-Resident Deposits 242259 190597 51662 203712 182285 21427

2.3.2 Others 2675 0 2675 0 457 -457

2.4 Rupee Debt Service 0 15 -15 0 13 -13

2.5 Other Capital 174656 113120 61536 90095 106005 -15909 3 Errors & Omissions 0 3756 -3756 7142 0 7142 4 Monetary Movements (4.1+ 4.2) 0 155919 -155919 95326 0 95326

4.1 I.M.F. 0 0 0 0 0 0

4.2 Foreign Exchange Reserves (Increase - / Decrease +) 0 155919 -155919 95326 0 95326

Note: P: Preliminary.

98 RBI Bulletin January 2026CURRENT STATISTICS No. 42: Standard Presentation of BoP in India as per BPM6 (US$ Million) Item Jul-Sep 2024 Jul-Sep 2025 (P) Credit Debit Net Credit Debit Net 1 2 3 4 5 6 1 Current Account (1.A+1.B+1.C) 245798 266630 -20832 266735 279027 -12292

1.A Goods and Services (1.A.a+1.A.b) 194051 238120 -44069 211018 247574 -36555

1.A.a Goods (1.A.a.1 to 1.A.a.3) 100645 189176 -88530 109397 196840 -87443

1.A.a.1 General merchandise on a BOP basis 100660 168484 -67825 109128 177811 -68683

1.A.a.2 Net exports of goods under merchanting -14 0 -14 268 0 268

1.A.a.3 Nonmonetary gold 20691 -20691 19029 -19029

1.A.b Services (1.A.b.1 to 1.A.b.13) 93406 48945 44461 101622 50734 50888

1.A.b.1 Manufacturing services on physical inputs owned by others 276 20 256 193 29 164

1.A.b.2 Maintenance and repair services n.i.e. 90 263 -172 102 359 -258

1.A.b.3 Transport 8668 9188 -520 7768 8726 -958

1.A.b.4 Travel 7635 9367 -1732 6813 9457 -2645

1.A.b.5 Construction 1263 951 312 1317 959 358

1.A.b.6 Insurance and pension services 885 786 100 964 724 240

1.A.b.7 Financial services 2190 1265 926 1816 615 1200

1.A.b.8 Charges for the use of intellectual property n.i.e. 448 3877 -3428 423 4493 -4070

1.A.b.9 Telecommunications, computer, and information services 44772 5333 39439 50359 6398 43961

1.A.b.10 Other business services 25176 15548 9628 29471 16129 13342

1.A.b.11 Personal, cultural, and recreational services 1107 1794 -688 1363 1591 -228

1.A.b.12 Government goods and services n.i.e. 147 316 -169 154 306 -152

1.A.b.13 Others n.i.e. 747 238 509 879 945 -66

1.B Primary Income (1.B.1 to 1.B.3) 16472 25665 -9193 16677 28870 -12193

1.B.1 Compensation of employees 1995 1023 972 2159 1111 1048

1.B.2 Investment income 13047 24205 -11158 12257 26432 -14174

1.B.2.1 Direct investment 2923 12884 -9961 2965 15098 -12133

1.B.2.2 Portfolio investment 78 4152 -4074 103 4444 -4341

1.B.2.3 Other investment 1168 6945 -5778 1106 6723 -5617

1.B.2.4 Reserve assets 8878 223 8655 8084 168 7916

1.B.3 Other primary income 1430 438 992 2261 1327 933

1.C Secondary Income (1.C.1+1.C.2) 35275 2844 32430 39040 2584 36456

1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs 35247 2564 32683 39006 2378 36628

1.C.1.1 Personal transfers (Current transfers between resident and/non-resident households) 34422 1803 32619 38157 1748 36410

1.C.1.2 Other current transfers 826 761 64 848 630 218

1.C.2 General government 27 280 -253 34 206 -172 2 Capital Account (2.1+2.2) 186 197 -11 213 370 -157

2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets 7 68 -61 25 268 -242

2.2 Capital transfers 179 129 50 188 103 86 3 Financial Account (3.1 to 3.5) 317198 295906 21292 383966 372334 11631

3.1 Direct Investment (3.1A+3.1B) 21137 23958 -2821 25940 23065 2876

3.1.A Direct Investment in India 20589 15622 4967 25155 13839 11317

3.1.A.1 Equity and investment fund shares 19280 15016 4264 23446 13265 10180

3.1.A.1.1 Equity other than reinvestment of earnings 13846 15016 -1171 17373 13265 4107

3.1.A.1.2 Reinvestment of earnings 5435 5435 6073 6073

3.1.A.2 Debt instruments 1309 606 702 1709 573 1136

3.1.A.2.1 Direct investor in direct investment enterprises 1309 606 702 1709 573 1136

3.1.B Direct Investment by India 548 8336 -7788 785 9226 -8441

3.1.B.1 Equity and investment fund shares 548 6295 -5747 785 7275 -6490

3.1.B.1.1 Equity other than reinvestment of earnings 548 4583 -4035 785 5373 -4588

3.1.B.1.2 Reinvestment of earnings 1712 -1712 1902 -1902

3.1.B.2 Debt instruments 0 2041 -2041 0 1951 -1951

3.1.B.2.1 Direct investor in direct investment enterprises 2041 -2041 1951 -1951

3.2 Portfolio Investment 182108 162258 19850 135580 141327 -5747

3.2.A Portfolio Investment in India 181433 161618 19815 134786 140255 -5468

3.2.1 Equity and investment fund shares 160273 149590 10683 113496 122643 -9147

3.2.2 Debt securities 21160 12028 9132 21290 17612 3678

3.2.B Portfolio Investment by India 675 640 35 794 1072 -279

3.3 Financial derivatives (other than reserves) and employee stock options 6359 11892 -5533 5820 9441 -3621

3.4 Other investment 107594 79185 28409 205708 198502 7206

3.4.1 Other equity (ADRs/GDRs) 0 0 0 0 0 0

3.4.2 Currency and deposits 29240 22753 6487 23330 20928 2402

3.4.2.1 Central bank (Rupee Debt Movements; NRG) 319 0 319 0 52 -52

3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits) 28921 22753 6167 23330 20876 2454

3.4.2.3 General government 0 0

3.4.2.4 Other sectors 0 0

3.4.3 Loans (External Assistance, ECBs and Banking Capital) 44398 40654 3744 160456 160526 -70

3.4.3.A Loans to India 39333 32600 6733 20005 18421 1584

3.4.3.B Loans by India 5065 8054 -2989 140451 142105 -1654

3.4.4 Insurance, pension, and standardized guarantee schemes 47 3 44 45 65 -21

3.4.5 Trade credit and advances 19650 14330 5320 17638 14699 2938

3.4.6 Other accounts receivable/payable - other 14259 1444 12814 4241 2284 1957

3.4.7 Special drawing rights 0 0 0 0

3.5 Reserve assets 0 18614 -18614 10917 0 10917

3.5.1 Monetary gold 0 0

3.5.2 Special drawing rights n.a. 0 0 0 0

3.5.3 Reserve position in the IMF n.a. 0 0

3.5.4 Other reserve assets (Foreign Currency Assets) 0 18614 -18614 10917 0 10917 4 Total assets/liabilities 317198 295906 21292 383966 372334 11631

4.1 Equity and investment fund shares 187183 183437 3746 144385 153761 -9376

4.2 Debt instruments 115757 92412 23345 224422 216289 8134

4.3 Other financial assets and liabilities 14259 20058 -5799 15158 2284 12874 5 Net errors and omissions 0 448 -448 818 0 818

Note: P: Preliminary.

RBI Bulletin January 2026 99CURRENT STATISTICS No. 43: Standard Presentation of BoP in India as per BPM6 (₹ Crore) Jul-Sep 2024 Jul-Sep 2025 (P) Item Credit Debit Net Credit Debit Net 1 2 3 4 5 6 1 Current Account (1.A+1.B+1.C) 2058959 2233464 -174505 2329091 2436427 -107336

1.A Goods and Services (1.A.a+1.A.b) 1625497 1994649 -369152 1842580 2161777 -319196

1.A.a Goods (1.A.a.1 to 1.A.a.3) 843069 1584657 -741588 955235 1718776 -763542

1.A.a.1 General merchandise on a BOP basis 843190 1411333 -568142 952892 1552621 -599729

1.A.a.2 Net exports of goods under merchanting -121 0 -121 2342 0 2342

1.A.a.3 Nonmonetary gold 0 173325 -173325 0 166155 -166155

1.A.b Services (1.A.b.1 to 1.A.b.13) 782427 409991 372436 887346 443000 444345

1.A.b.1 Manufacturing services on physical inputs owned by others 2316 169 2147 1683 253 1430

1.A.b.2 Maintenance and repair services n.i.e. 755 2199 -1444 890 3139 -2249

1.A.b.3 Transport 72610 76965 -4355 67832 76194 -8362

1.A.b.4 Travel 63958 78464 -14506 59486 82579 -23093

1.A.b.5 Construction 10580 7963 2616 11499 8374 3125

1.A.b.6 Insurance and pension services 7417 6581 836 8416 6323 2093

1.A.b.7 Financial services 18349 10595 7754 15855 5374 10482

1.A.b.8 Charges for the use of intellectual property n.i.e. 3754 32473 -28719 3693 39235 -35543

1.A.b.9 Telecommunications, computer, and information services 375037 44672 330366 439727 55864 383863

1.A.b.10 Other business services 210894 130244 80650 257337 140839 116498

1.A.b.11 Personal, cultural, and recreational services 9269 15029 -5760 11899 13895 -1995

1.A.b.12 Government goods and services n.i.e. 1228 2643 -1415 1348 2675 -1326

1.A.b.13 Others n.i.e. 6260 1994 4266 7679 8256 -577

1.B Primary Income (1.B.1 to 1.B.3) 137980 214990 -77010 145621 252086 -106466

1.B.1 Compensation of employees 16712 8568 8145 18851 9698 9153

1.B.2 Investment income 109290 202753 -93463 107030 230798 -123768

1.B.2.1 Direct investment 24485 107928 -83443 25888 131832 -105944

1.B.2.2 Portfolio investment 653 34776 -34123 901 38803 -37902

1.B.2.3 Other investment 9783 58180 -48396 9655 58701 -49046

1.B.2.4 Reserve assets 74369 1870 72499 70587 1463 69124

1.B.3 Other primary income 11978 3669 8309 19739 11590 8149

1.C Secondary Income (1.C.1+1.C.2) 295482 23825 271657 340890 22564 318327

1.C.1 Financial corporations, nonfinancial corporations, households, and NPISHs 295252 21478 273775 340593 20762 319831

1.C.1.1 Personal transfers (Current transfers between resident and/non-resident households) 288337 15102 273235 333185 15259 317926

1.C.1.2 Other current transfers 6915 6376 539 7408 5503 1905

1.C.2 General government 230 2347 -2117 297 1801 -1504 2 Capital Account (2.1+2.2) 1558 1649 -91 1863 3233 -1370

2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonfinancial assets 57 570 -513 220 2338 -2117

2.2 Capital transfers 1501 1079 422 1642 895 747 3 Financial Account (3.1 to 3.5) 2657054 2478702 178352 3352732 3251167 101565

3.1 Direct Investment (3.1A+3.1B) 177057 200687 -23630 226507 201396 25112

3.1.A Direct Investment in India 172466 130862 41604 219652 120836 98816

3.1.A.1 Equity and investment fund shares 161505 125784 35720 204726 115832 88894

3.1.A.1.1 Equity other than reinvestment of earnings 115979 125784 -9805 151696 115832 35864

3.1.A.1.2 Reinvestment of earnings 45525 0 45525 53031 0 53031

3.1.A.2 Debt instruments 10961 5078 5884 14926 5004 9922

3.1.A.2.1 Direct investor in direct investment enterprises 10961 5078 5884 14926 5004 9922

3.1.B Direct Investment by India 4591 69825 -65234 6855 80560 -73705

3.1.B.1 Equity and investment fund shares 4591 52730 -48139 6855 63527 -56672

3.1.B.1.1 Equity other than reinvestment of earnings 4591 38393 -33802 6855 46915 -40060

3.1.B.1.2 Reinvestment of earnings 0 14337 -14337 0 16612 -16612

3.1.B.2 Debt instruments 0 17095 -17095 0 17033 -17033

3.1.B.2.1 Direct investor in direct investment enterprises 0 17095 -17095 0 17033 -17033

3.2 Portfolio Investment 1525455 1359178 166277 1183864 1234045 -50181

3.2.A Portfolio Investment in India 1519799 1353816 165984 1176935 1224684 -47749

3.2.1 Equity and investment fund shares 1342550 1253064 89486 991031 1070898 -79866

3.2.2 Debt securities 177250 100752 76498 185903 153786 32117

3.2.B Portfolio Investment by India 5656 5363 293 6929 9361 -2432

3.3 Financial derivatives (other than reserves) and employee stock options 53269 99618 -46349 50820 82434 -31614

3.4 Other investment 901273 663300 237973 1796215 1733292 62922

3.4.1 Other equity (ADRs/GDRs) 0 0 0 0 0 0

3.4.2 Currency and deposits 244933 190597 54337 203712 182742 20971

3.4.2.1 Central bank (Rupee Debt Movements; NRG) 2675 0 2675 0 457 -457

3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits) 242259 190597 51662 203712 182285 21427

3.4.2.3 General government 0 0 0 0 0 0

3.4.2.4 Other sectors 0 0 0 0 0 0

3.4.3 Loans (External Assistance, ECBs and Banking Capital) 371907 340546 31361 1401074 1401687 -613

3.4.3.A Loans to India 329476 273079 56397 174678 160850 13828

3.4.3.B Loans by India 42431 67467 -25036 1226396 1240837 -14441

3.4.4 Insurance, pension, and standardized guarantee schemes 393 25 368 389 569 -180

3.4.5 Trade credit and advances 164601 120034 44566 154008 128350 25658

3.4.6 Other accounts receivable/payable - other 119439 12098 107341 37031 19945 17086

3.4.7 Special drawing rights 0 0 0 0 0 0

3.5 Reserve assets 0 155919 -155919 95326 0 95326

3.5.1 Monetary gold 0 0 0 0 0 0

3.5.2 Special drawing rights n.a. 0 0 0 0 0 0

3.5.3 Reserve position in the IMF n.a. 0 0 0 0 0 0

3.5.4 Other reserve assets (Foreign Currency Assets) 0 155919 -155919 95326 0 95326 4 Total assets/liabilities 2657054 2478702 178352 3352732 3251167 101565

4.1 Equity and investment fund shares 1567963 1536583 31380 1260751 1342621 -81870

4.2 Debt instruments 969652 774102 195550 1959624 1888601 71023

4.3 Other financial assets and liabilities 119439 168016 -48578 132357 19945 112412 5 Net errors and omissions 0 3756 -3756 7142 0 7142

Note: P: Preliminary.

100 RBI Bulletin January 2026CURRENT STATISTICS No. 44: India’s International Investment Position (US$ Million) Item As on Financial Year/Quarter End 2024-25 2024 2025 Sep. Jun. Sep.

Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities 1 2 3 4 5 6 7 8

1. Direct investment Abroad/in India 270441 556981 254440 555427 279381 571150 287822 562167

1.1 Equity Capital* 173559 521931 162382 522784 179652 535345 186142 525772

1.2 Other Capital 96882 35050 92058 32643 99729 35804 101679 36395

2. Portfolio investment 15426 272037 12366 294342 16305 272551 13352 258740

2.1 Equity 10391 141938 11073 170934 13111 147392 9285 133005

2.2 Debt 5034 130098 1293 123408 3193 125159 4067 125735

3. Other investment 179744 633985 151739 627923 187449 650275 188635 643296

3.1 Trade credit 33680 131163 32997 131221 33680 131087 32206 133987

3.2 Loan 26865 250440 22904 239374 25439 260183 25651 258308

3.3 Currency and Deposits 80425 167598 57076 164076 83622 171749 80770 168875

3.4 Other Assets/Liabilities 38774 62797 38762 70807 44708 64520 50009 59440

3.5 Special drawing rights (Net 21987 22445 22737 22687

4. Reserves 668326 705782 698118 700089

5. Total Assets/ Liabilities 1133937 1463003 1124327 1477692 1181253 1493976 1189897 1464202

6. Net IIP (Assets - Liabilities) -329066 -353364 -312723 -274305

Note: * Equity capital includes share of investment funds and reinvested earnings.

RBI Bulletin January 2026 101CURRENT STATISTICS Payment and Settlement Systems No. 45: Payment System Indicators PART I - Payment System Indicators - Payment & Settlement System Statistics System Volume (Lakh) Value (₹ Crore) FY 2024-25 2024 2025 FY 2024-25 2024 2025 Nov. Oct. Nov. Nov. Oct. Nov.

1 2 3 4 5 6 7 8 A. Settlement Systems Financial Market Infrastructures (FMIs) 1 CCIL Operated Systems (1.1 to 1.3) 47.40 2.61 4.25 4.08 296218030 20592498 30434601 28209256

1.1 Govt. Securities Clearing (1.1.1 to 1.1.3) 17.87 1.10 1.63 1.53 185733719 13954925 18365111 17161813

1.1.1 Outright 10.56 0.54 0.95 0.88 16056018 847485 1439939 1226375

1.1.2 Repo 4.72 0.35 0.46 0.44 77286611 5366007 8365990 7838569

1.1.3 Tri-party Repo 2.58 0.20 0.23 0.21 92391091 7741434 8559182 8096869

1.2 Forex Clearing 28.06 1.40 2.51 2.46 100639565 5972544 11161871 10100567

1.3 Rupee Derivatives @ 1.46 0.11 0.11 0.08 9844746 665029 907620 946876 B. Payment Systems I Financial Market Infrastructures (FMIs) - - - - - - - - 1 Credit Transfers - RTGS (1.1 to 1.2) 3024.55 240.29 296.76 284.89 201387682 14826882 18732702 16881605

1.1 Customer Transactions 3010.32 239.16 295.56 283.75 181153129 13504833 17108666 15505696

1.2 Interbank Transactions 14.23 1.12 1.20 1.14 20234553 1322050 1624036 1375908 II Retail 2 Credit Transfers - Retail (2.1 to 2.6) 2061014.91 170358.50 224318.23 221600.52 79881976 6274182 7851867 7313610

2.1 AePS (Fund Transfers) @ 3.64 0.30 0.27 0.26 190 14 12 11

2.2 APBS $ 32964.43 2250.97 2745.64 3375.31 554034 32384 43353 69483

2.3 IMPS 56249.68 4079.18 4035.88 3689.31 7139110 558328 641964 615177

2.4 NACH Cr $ 16938.86 1438.33 1736.26 1690.81 1670223 147385 165141 163208

2.5 NEFT 96198.05 7769.51 8790.97 8175.04 44461464 3380884 4273608 3834099

2.6 UPI @ 1858660.25 154820.21 207009.21 204669.79 26056955 2155187 2727791 2631633

2.6.1 of which USSD @ 17.24 1.56 1.14 0.56 185 16 13 7 3 Debit Transfers and Direct Debits (3.1 to 3.3) 21659.95 1894.74 1964.66 1987.04 2208583 185643 223881 226304

3.1 BHIM Aadhaar Pay @ 230.08 19.29 20.58 19.28 6907 629 661 609

3.2 NACH Dr $ 19762.28 1732.94 1812.26 1835.73 2199327 184814 223048 225517

3.3 NETC (linked to bank account) @ 1667.59 142.51 131.82 132.03 2349 200 172 178 4 Card Payments (4.1 to 4.2) 63861.15 5167.93 6279.14 6041.95 2605110 208308 256373 222942

4.1 Credit Cards (4.1.1 to 4.1.2) 47740.76 3936.04 5182.90 5029.84 2109197 169298 214230 188799

4.1.1 PoS based $ 24571.10 2036.02 2609.42 2538.40 795022 68233 88357 75640

4.1.2 Others $ 23169.66 1900.02 2573.48 2491.45 1314175 101065 125873 113159

4.2 Debit Cards (4.2.1 to 4.2.1 ) 16120.39 1231.89 1096.25 1012.11 495914 39010 42143 34143

4.2.1 PoS based $ 11980.32 916.24 828.79 763.31 332556 26677 29104 22754

4.2.2 Others $ 4140.06 315.65 267.46 248.80 163358 12333 13039 11389 5 Prepaid Payment Instruments (5.1 to 5.2) 70254.08 5847.81 8939.26 8973.35 216751 19214 24227 24639

5.1 Wallets 52898.40 4462.09 7281.56 7347.33 154066 13130 18515 19265

5.2 Cards (5.2.1 to 5.2.2) 17355.68 1385.72 1657.70 1626.02 62686 6083 5712 5374

5.2.1 PoS based $ 8240.14 663.27 649.16 682.35 11512 915 1274 1365

5.2.2 Others $ 9115.54 722.45 1008.54 943.66 51174 5168 4437 4010 6 Paper-based Instruments (6.1 to 6.2) 6095.38 472.48 452.12 448.60 7113350 537849 574554 570251

6.1 CTS (NPCI Managed) 6095.38 472.48 452.12 448.60 7113350 537849 574554 570251

6.2 Others 0.00 – – – – – – – Total - Retail Payments (2+3+4+5+6) 2222885.46 183741.46 241953.42 239051.46 92025771 7225196 8930903 8357746 Total Payments (1+2+3+4+5+6) 2225910.01 183981.74 242250.18 239336.34 293413453 22052079 27663605 25239350 Total Digital Payments (1+2+3+4+5) 2219814.63 183509.26 241798.06 238887.74 286300103 21514230 27089051 24669100 102 RBI Bulletin January 2026CURRENT STATISTICS PART II - Payment Modes and Channels System Volume (Lakh) Value (₹ Crore) FY 2024-25 2024 2025 FY 2024-25 2024 2025 Nov. Oct. Nov. Nov. Oct. Nov.

1 2 3 4 5 6 7 8 A. Other Payment Channels 1 Mobile Payments (mobile app based) (1.1 to 1.2) 1756976.91 144940.69 190010.12 187787.15 39206221 3215536 3908175 3769435

1.1 Intra-bank $ 110801.96 8518.57 10880.39 10306.94 7207439 598559 685229 637713

1.2 Inter-bank $ 1646174.95 136422.12 179129.73 177480.21 31998782 2616978 3222946 3131722 2 Internet Payments (Netbanking / Internet Browser Based) @ (2.1 to 2.2) 47478.09 3659.77 3803.42 3527.10 131858133 9925228 13199799 11864143

2.1 Intra-bank @ 13056.37 1025.12 872.08 809.63 69086996 5097948 6840494 6241771

2.2 Inter-bank @ 34421.72 2634.64 2931.34 2717.48 62771136 4827279 6359305 5622372 B. ATMs 3 Cash Withdrawal at ATMs $ (3.1 to 3.3) 60308.11 4760.71 4661.98 4404.78 3063077 241717 251643 235313

3.1 Using Credit Cards $ 97.25 7.75 7.12 6.72 5084 410 404 378

3.2 Using Debit Cards $ 59965.70 4734.61 4636.34 4380.23 3046987 240471 250321 234055

3.3 Using Pre-paid Cards $ 245.16 18.35 18.53 17.83 11005 837 917 880 4 Cash Withdrawal at PoS $ (4.1 to 4.2) 3.58 0.28 0.15 0.14 37 3 2 2

4.1 Using Debit Cards $ 3.32 0.27 0.13 0.12 35 3 2 2

4.2 Using Pre-paid Cards $ 0.25 0.02 0.02 0.02 3 0 0 0 5 Cash Withrawal at Micro ATMs @ 11640.55 898.33 1084.34 1048.96 296622 22981 29379 27358

5.1 AePS @ 11640.55 898.33 1084.34 1048.96 296622 22981 29379 27358 PART III - Payment Infrastructures (Lakh) System As on March 2024 2025 2025 Nov. Oct. Nov.

1 2 3 4 Payment System Infrastructures 1 Number of Cards (1.1 to 1.2) 11006.97 10868.11 11411.69 11448.62

1.1 Credit Cards 1098.85 1072.40 1140.18 1148.66

1.2 Debit Cards 9908.12 9795.72 10271.50 10299.96 2 Number of PPIs @ (2.1 to 2.2) 13401.46 15627.20 17710.95 19107.13

2.1 Wallets @ 8678.44 11463.53 12993.66 14410.18

2.2 Cards @ 4723.02 4163.66 4717.28 4696.94 3 Number of ATMs (3.1 to 3.2) 2.56 2.55 2.50 2.51

3.1 Bank owned ATMs $ 2.20 2.20 2.13 2.13

3.2 White Label ATMs $ 0.36 0.35 0.37 0.37 4 Number of Micro ATMs @ 14.82 14.52 14.65 14.27 5 Number of PoS Terminals 110.98 96.91 123.08 112.54 6 Bharat QR @ 67.18 63.60 60.48 59.53 7 UPI QR * 6579.30 6261.80 7175.25 7282.89 @: New inclusion w.e.f. November 2019 #: Data reported by Co-operative Banks, LABs and RRBs included with effect from December 2021.

$ : Inclusion separately initiated from November 2019 - would have been part of other items hitherto. *: New inclusion w.e.f. September 2020; Includes only static UPI QR Code

Note : 1. Data is provisional.

2. ECS (Debit and Credit) has been merged with NACH with effect from January 31, 2020.

3. The data from November 2019 onwards for card payments (Debit/Credit cards) and Prepaid Payment Instruments (PPIs) may not be comparable with earlier months/ periods, as more granular data is being published along with revision in data definitions.

4. Only domestic financial transactions are considered. The new format captures e-commerce transactions; transactions using FASTags, digital bill payments and card-to-card transfer through ATMs, etc..

Also, failed transactions, chargebacks, reversals, expired cards/ wallets, are excluded.

Part I-A. Settlement systems

1.1.3: Tri- party Repo under the securities segment has been operationalised from November 05, 2018.

Part I-B. Payments systems

4.1.2: ‘Others’ includes e-commerce transactions and digital bill payments through ATMs, etc.

4.2.2: ‘Others’ includes e-commerce transactions, card to card transfers and digital bill payments through ATMs, etc.

5: Available from December 2010.

5.1: includes purchase of goods and services and fund transfer through wallets.

5.2.2: includes usage of PPI Cards for online transactions and other transactions.

6.1: Pertain to three grids – Mumbai, New Delhi and Chennai.

6.2: ‘Others’ comprises of Non-MICR transactions which pertains to clearing houses managed by 21 banks.

Part II-A. Other payment channels 1: Mobile Payments – o Include transactions done through mobile apps of banks and UPI apps. o The data from July 2017 includes only individual payments and corporate payments initiated, processed, and authorised using mobile device. Other corporate payments which are not initiated, processed, and authorised using mobile device areexcluded.

2: Internet Payments – includes only e-commerce transactions through ‘netbanking’ and any financial transaction using internet banking website of the bank.

Part II-B. ATMs

3.3 and 4.2: only relates to transactions using bank issued PPIs.

Part III. Payment systems infrastructure 3: Includes ATMs deployed by Scheduled Commercial Banks (SCBs) and White Label ATM Operators (WLAOs). WLAs are included from April 2014 onwards.

RBI Bulletin January 2026 103CURRENT STATISTICS Occasional Series No. 46: Small Savings (₹ Crore) Scheme 2024-25 2024 2025 May Mar. Apr. May 1 2 3 4 5 1 Small Savings Receipts 192292 15054 47059 14992 12506 Outstanding 2052408 1896249 2052408 2066898 2078978

1.1 Total Deposits Receipts 144769 11554 30822 15288 10971 Outstanding 1443556 1324921 1443556 1458844 1469815

1.1.1 Post Office Saving Bank Deposits Receipts 20641 -332 6817 1649 -3571 Outstanding 212332 195445 212332 213981 210410

1.1.2 Sukanya Samriddhi Yojna Receipts 41391 2348 17365 3521 2374 Outstanding 199001 162980 199001 202522 204896

1.1.3 National Saving Scheme, 1987 Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.1.4 National Saving Scheme, 1992 Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.1.5 Monthly Income Scheme Receipts 16620 2048 1160 1786 2209 Outstanding 285630 272755 285630 287416 289625

1.1.6 Senior Citizen Scheme 2004 Receipts 24859 2475 1852 2327 2679 Outstanding 200326 180150 200326 202653 205332

1.1.7 Post Office Time Deposits Receipts 32755 3724 2658 3112 4489 Outstanding 338531 312186 338531 341643 346132

1.1.7.1 1 year Time Deposits Outstanding 165641 145006 165641 167697 170779

1.1.7.2 2 year Time Deposits Outstanding 14819 12538 14819 15056 15451

1.1.7.3 3 year Time Deposits Outstanding 10816 9263 10816 10991 11218

1.1.7.4 5 year Time Deposits Outstanding 147255 145379 147255 147899 148684

1.1.8 Post Office Recurring Deposits Receipts 9171 1335 892 3146 3021 Outstanding 206307 199378 206307 209453 212474

1.1.9 Post Office Cumulative Time Deposits Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.1.10 Other Deposits Receipts -676 -44 78 -253 -231 Outstanding 1071 1677 1071 818 587

1.1.11 PM Care for children Receipts 8 0 0 0 1 Outstanding 358 350 358 358 359

1.2 Saving Certificates Receipts 32992 3486 3228 1786 1920 Outstanding 446106 423527 446106 447390 448884

1.2.1 National Savings Certificate VIII issue Receipts 10891 1404 619 1058 1780 Outstanding 194798 186360 194798 195856 197636

1.2.2 Indira Vikas Patras Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.2.3 Kisan Vikas Patras Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.2.4 Kisan Vikas Patras - 2014 Receipts 12166 1115 1396 1270 1675 Outstanding 232726 222698 232726 233996 235671

1.2.5 National Saving Certificate VI issue Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.2.6 National Saving Certificate VII issue Receipts 0 0 0 0 0 Outstanding 0 0 0 0 0

1.2.7 M.S. Certificates Receipts 9935 967 1213 -542 -1535 Outstanding 28212 20056 28212 27670 26135

1.2.8 Other Certificates Outstanding -9630 -5587 -9630 -10132 -10558

1.3 Public Provident Fund Receipts 14531 14 13009 -2082 -385 Outstanding 162746 147801 162746 160664 160279

Note : Data on receipts from April 2017 are net receipts, i.e., gross receipt minus gross payment.

Source: Accountant General, Post and Telegraphs.

104 RBI Bulletin January 2026CURRENT STATISTICS No. 47 : Ownership Pattern of Central and State Governments Securities (Per cent) Central Government Dated Securities 2024 2025 Category Sep. Dec. Mar. Jun. Sep.

1 2 3 4 5

(A) Total (in ₹. Crore) 11271589 11422728 11642652 11854200 12137000 1 Commercial Banks 37.55 37.98 36.18 35.28 35.43 2 Co-operative Banks 1.35 1.36 1.29 1.29 1.32 3 Non-Bank PDs 0.77 0.65 0.76 0.59 0.60 4 Insurance Companies 25.95 26.14 25.81 25.95 25.81 5 Mutual Funds 3.14 3.11 2.68 2.46 2.77 6 Provident Funds 4.25 4.25 4.24 4.35 4.45 7 Pension Funds 4.86 5.05 4.91 4.96 4.90 8 Financial Institutions 0.63 0.64 0.71 0.74 0.76 9 Corporates 1.60 1.45 1.49 1.26 1.25 10 Foreign Portfolio Investors 2.80 2.81 3.12 2.80 2.97 11 RBI 11.16 10.55 12.78 14.21 13.54 12 Others 5.92 6.01 6.01 6.13 6.22

12.1 State Governments 2.19 2.21 2.25 2.29 2.37 State Governments Securities 2024 2025 Category Sep. Dec. Mar. Jun. Sep.

1 2 3 4 5

(B) Total (in ₹. Crore) 5909490 6055711 6399564 6524417 6721556 1 Commercial Banks 34.39 35.11 35.40 35.54 35.00 2 Co-operative Banks 3.29 3.22 3.08 3.02 3.06 3 Non-Bank PDs 0.60 0.53 0.61 0.60 0.65 4 Insurance Companies 25.56 25.16 24.07 24.12 24.12 5 Mutual Funds 1.93 1.89 1.93 1.84 2.16 6 Provident Funds 23.02 22.90 23.60 23.72 23.65 7 Pension Funds 4.87 4.82 5.07 4.96 5.10 8 Financial Institutions 1.57 1.58 1.48 1.59 1.61 9 Corporates 1.95 1.97 2.05 1.93 1.93 10 Foreign Portfolio Investors 0.04 0.03 0.05 0.02 0.02 11 RBI 0.60 0.58 0.55 0.54 0.53 12 Others 2.18 2.19 2.10 2.12 2.17

12.1 State Governments 0.26 0.26 0.25 0.25 0.27 Treasury Bills 2024 2025 Category Sep. Dec. Mar. Jun. Sep.

1 2 3 4 5

(C) Total (in ₹. Crore) 747242 760045 790381 784059 754280 1 Commercial Banks 44.74 40.45 46.58 42.87 39.45 2 Co-operative Banks 1.58 1.22 2.17 1.80 1.58 3 Non-Bank PDs 2.28 1.41 2.09 1.10 2.03 4 Insurance Companies 5.26 4.73 4.23 4.07 4.26 5 Mutual Funds 15.06 15.41 16.15 15.72 17.60 6 Provident Funds 0.26 0.04 0.20 0.09 0.07 7 Pension Funds 0.00 0.00 0.02 0.00 0.00 8 Financial Institutions 6.36 6.77 7.73 6.31 6.34 9 Corporates 4.66 4.56 4.50 3.77 3.80 10 Foreign Portfolio Investors 0.15 0.12 0.09 0.02 0.01 11 RBI 0.00 0.00 0.00 0.00 0.00 12 Others 19.65 25.29 16.23 24.26 24.85

12.1 State Governments 14.95 20.11 11.23 18.34 18.53

Notes: (1) The table format is revised since monthly Bulletin for the month of June 2023.

(2) Central Government Dated Securities include special securities and Sovereign Gold Bonds.

(3) State Government Securities include special bonds issued under Ujwal DISCOM Assurance Yojana (UDAY).

(4) Bank PDs are clubbed under Commercial Banks.

(5) The category ‘Others’ comprises State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals etc.

(6) Data since September 2023 includes the impact of the merger of a non-bank with a bank.

RBI Bulletin January 2026 105CURRENT STATISTICS No. 48: Combined Receipts and Disbursements of the Central and State Governments (₹ Crore) Item 2020-21 2021-22 2022-23 2023-24 2024-25 RE 2025-26 BE 1 2 3 4 5 6 1 Total Disbursements 6353359 7098451 7880522 8579810 9780079 10552103

1.1 Developmental 3823423 4189146 4701611 5080834 5902870 6267297

1.1.1 Revenue 3150221 3255207 3574503 3662324 4242036 4460702

1.1.2 Capital 550358 861777 1042159 1330917 1516738 1641425

1.1.3 Loans 122844 72163 84949 87593 144096 165170

1.2 Non-Developmental 2442941 2810388 3069896 3379466 3740051 4132065

1.2.1 Revenue 2271637 2602750 2895864 3182576 3547080 3867191

1.2.1.1 Interest Payments 1060602 1226672 1377807 1557492 1685503 1883576

1.2.2 Capital 169155 175519 171131 192384 187711 259891

1.2.3 Loans 2148 32119 2902 4506 5259 4983

1.3 Others 86995 98916 109015 119510 137158 152741 2 Total Receipts 6397162 7156342 7855370 8637956 9518133 10451896

2.1 Revenue Receipts 3688030 4823821 5447913 6105757 7125956 7875214

2.1.1 Tax Receipts 3193390 4160414 4809044 5407849 6080098 6808169

2.1.1.1 Taxes on commodities and services 2076013 2626553 2865541 3170243 3545348 3937254

2.1.1.2 Taxes on Income and Property 1114805 1530636 1939559 2233860 2530235 2866137

2.1.1.3 Taxes of Union Territories (Without Legislature) 2572 3225 3943 3745 4516 4778

2.1.2 Non-Tax Receipts 494640 663407 638870 697908 1045858 1067045

2.1.2.1 Interest Receipts 33448 35250 42975 53199 56247 70403

2.2 Non-debt Capital Receipts 64994 44077 62716 62275 62562 104103

2.2.1 Recovery of Loans & Advances 16951 27665 15970 28918 26747 32172

2.2.2 Disinvestment proceeds 48044 16412 46746 33357 35815 71931 3 Gross Fiscal Deficit [ 1 - ( 2.1 + 2.2 ) ] 2600335 2230553 2369892 2411778 2591561 2572787 3A Sources of Financing: Institution-wise 3A.1 Domestic Financing 2530155 2194406 2332768 2356657 2559568 2549296 3A.1.1 Net Bank Credit to Government 890012 627255 687904 438038 907254 ...

3A.1.1.1 Net RBI Credit to Government 107493 350911 529 -257913 314894 ...

3A.1.2 Non-Bank Credit to Government 1640143 1567151 1644864 1918619 1652314 ...

3A.2 External Financing 70180 36147 37124 55121 31992 23490 3B Sources of Financing: Instrument-wise 3B.1 Domestic Financing 2530155 2194406 2332768 2356657 2559568 2549296 3B.1.1 Market Borrowings (net) 1696012 1213169 1651076 1921529 1996297 2050268 3B.1.2 Small Savings (net) 458801 526693 358764 415472 437189 304076 3B.1.3 State Provident Funds (net) 41273 28100 13880 19847 16957 17531 3B.1.4 Reserve Funds 4545 42153 68803 90431 76177 42662 3B.1.5 Deposits and Advances 25682 42203 51989 22555 7954 48430 3B.1.6 Cash Balances -43802 -57891 25152 -58146 261946 100207 3B.1.7 Others 347643 399980 163104 -55032 -236951 -13878 3B.2 External Financing 70180 36147 37124 55121 31992 23490 4 Total Disbursements as per cent of GDP 32.0 30.1 29.3 28.5 29.6 29.6 5 Total Receipts as per cent of GDP 32.2 30.3 29.2 28.7 28.8 29.3 6 Revenue Receipts as per cent of GDP 18.6 20.4 20.3 20.3 21.5 22.1 7 Tax Receipts as per cent of GDP 16.1 17.6 17.9 18.0 18.4 19.1 8 Gross Fiscal Deficit as per cent of GDP 13.1 9.5 8.8 8.0 7.8 7.2 … : Not available; RE: Revised Estimates; BE: Budget Estimates

Source : Budget Documents of Central and State Governments.

Note: GDP data is based on 2011-12 base. GDP for 2025-26 is from Union Budget 2025-26.

Data pertains to 28 States and 8 Union Territories.

1 & 2: Data are net of repayments of the Central Government (including repayments to the NSSF) and State Governments.

1.3: Represents compensation and assignments by States to local bodies and Panchayati Raj institutions.

2:D ata are net of variation in cash balances of the Central and State Governments and includes borrowing receipts of the Central and State Governments.

2.2.2: From 2022-23 onwards, disinvestment receipts refer to miscellaneous capital receipts.

3A.1.1: Data as per RBI records.

3B.1.1:B orrowings through dated securities.

3B.1.2:R epresent net investment in Central and State Governments’ special securities by the National Small Savings Fund (NSSF).

This data may vary from previous publications due to adjustments across components with availability of new data.

3B.1.6:I nclude Ways and Means Advances by the Centre to the State Governments.

3B.1.7:I nclude Treasury Bills, loans from financial institutions, insurance and pension funds, remittances, cash balance investment account.

106 RBI Bulletin January 2026CURRENT STATISTICS No. 49: Financial Accommodation Availed by State Governments under various Facilities (₹ Crore) During November-2025 Sr. State/Union Territory Special Drawing Ways and Means Overdraft (OD) No Facility (SDF) Advances (WMA) Average Number Average Number Average Number amount of days amount of days amount of days availed availed availed availed availed availed 1 2 3 4 5 6 7 1 Andhra Pradesh 6974.14 30 1499.27 26 2667.23 6 2 Arunachal Pradesh - - - - - - 3 Assam 95.82 1 - - - - 4 Bihar - - - - - - 5 Chhattisgarh - - - - - - 6 Goa - - - - - - 7 Gujarat - - - - - - 8 Haryana 119.16 2 - - - - 9 Himachal Pradesh - - 652.53 28 338.64 16 10 Jammu & Kashmir UT 38.57 4 15.14 4 - - 11 Jharkhand - - - - - - 12 Karnataka - - - - - - 13 Kerala 1518.91 26 889.39 16 145.07 1 14 Madhya Pradesh - - - - - - 15 Maharashtra - - - - - - 16 Manipur 37.24 11 - - - - 17 Meghalaya 616.83 30 253.36 7 29.01 6 18 Mizoram - - - - - - 19 Nagaland 16.18 1 - - - - 20 Odisha - - - - - - 21 Puducherry - - - - - - 22 Punjab 5837.96 30 1059.06 23 - - 23 Rajasthan 3627.69 22 926.25 14 - - 24 Tamil Nadu - - - - - - 25 Telangana 5143.64 30 1710.49 24 1144.07 9 26 Tripura - - - - - - 27 Uttar Pradesh - - - - - - 28 Uttarakhand 1514.41 30 - - - - 29 West Bengal - - - - - -

Notes: 1. SDF is availed by State Governments against the collateral of Consolidated Sinking Fund (CSF), Guarantee Redemption Fund (GRF) & Auction Treasury Bills (ATBs) balances and other investments in government securities.

2. WMA is advance by Reserve Bank of India to State Governments for meeting temporary cash mismatches.

3. OD is advanced to State Governments beyond their WMA limits.

4. Average amount availed is the total accommodation (SDF/WMA/OD) availed divided by number of days for which accommodation was extended during the month.

5. - : Nil.

Source: Reserve Bank of India.

RBI Bulletin January 2026 107CURRENT STATISTICS No. 50: Investments by State Governments (₹ Crore) As on end of November 2025 Consolidated Guarantee Sr. State/Union Government Auction Treasury Sinking Fund Redemption Fund No Territory Securities Bills (ATBs)

(CSF) (GRF) 1 2 3 4 5 1 Andhra Pradesh 12249 1207 0 0 2 Arunachal Pradesh 3113 8 0 9100 3 Assam 8296 95 0 0 4 Bihar 15177 995 0 17000 5 Chhattisgarh 8703 1008 0 12935 6 Goa 1239 433 0 0 7 Gujarat 16114 540 0 4000 8 Haryana 2754 1803 0 0 9 Himachal Pradesh - - 0 0 10 Jammu & Kashmir UT 56 55 0 0 11 Jharkhand 3166 - 0 0 12 Karnataka 21899 2475 0 31413 13 Kerala 3417 0 0 0 14 Madhya Pradesh - 1351 0 1500 15 Maharashtra 74115 3261 0 0 16 Manipur 73 148 0 0 17 Meghalaya 1344 115 0 0 18 Mizoram 584 102 0 0 19 Nagaland 2000 49 0 0 20 Odisha 19278 2163 0 26174 21 Puducherry 614 - 0 2350 22 Punjab 10648 978 0 0 23 Rajasthan 2964 1458 0 6300 24 Tamil Nadu 3639 - 0 5755 25 Telangana 8352 1833 0 0 26 Tripura 1392 31 0 0 27 Uttarakhand 5994 322 0 0 28 Uttar Pradesh 24310 6064 0 25000 29 West Bengal 15127 1143 0 13000 Total 266614 27642 0 154528

Notes: 1. CSF and GRF are reserve funds maintained by some State Governments with the Reserve Bank of India.

2. ATBs include investment by State Governments in Treasury bills of 91 days, 182 days and 364 days in the primary market.

3. - : Not Applicable (not a member of the scheme).

108 RBI Bulletin January 2026CURRENT STATISTICS No. 51: Market Borrowings of State Governments (₹ Crore) 2025-26 Total amount 2023-24 2024-25 raised, so far in September October November 2025-26 Sr. No. State Gross Net Gross Net Gross Net Gross Net Gross Net Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Gross Net Raised Raised Raised Raised Raised Raised Raised Raised Raised Raised 1 2 3 4 5 6 7 8 9 10 11 12 13 1 Andhra Pradesh 68400 55330 78205 57123 5000 4000 3900 2400 3000 2450 49072 38022 2 Arunachal Pradesh 902 672 1010 704 - - - - 200 200 200 70 3 Assam 18500 16000 19000 13850 2300 1800 - -500 - -500 8304 5854 4 Bihar 47612 29910 47546 30890 14000 11922 5500 4000 3000 1000 34500 28922 5 Chhattisgarh 32000 26213 24500 16913 500 500 2000 - 3000 200 9470 3970 6 Goa 2550 1560 1050 250 200 - 200 200 100 -50 1100 250 7 Gujarat 30500 11947 38200 16280 3000 700 3000 700 4000 1700 26500 10840 8 Haryana 47500 28364 49500 31710 3500 1500 6000 6000 1000 200 26500 16170 9 Himachal Pradesh 8072 5856 7359 4725 - -200 200 -300 300 - 6919 4769 10 Jammu & Kashmir UT 16337 13904 13170 11416 700 700 1000 860 1150 850 7555 5665 11 Jharkhand 1000 -2505 3500 -2005 2000 2000 - -500 - -1000 2000 -500 12 Karnataka 81000 63003 92025 71525 - - - -3000 - -6000 - -10000 13 Kerala 42438 26638 53666 37966 5000 5000 2000 500 3500 2250 32488 19738 14 Madhya Pradesh 38500 26264 63400 47206 7000 5000 8200 8200 4000 500 43077 33577 15 Maharashtra 110000 79738 123000 90917 8500 5500 19000 16000 4000 - 89000 68000 16 Manipur 1426 1076 1500 1037 350 350 - - 150 75 1500 1075 17 Meghalaya 1364 912 1882 997 500 500 - -360 - -100 1650 670 18 Mizoram 901 641 1169 939 150 90 110 110 110 110 695 560 19 Nagaland 2551 2016 1550 950 400 250 - - - -100 400 -50 20 Odisha 0 -4658 20780 17780 1000 1000 1000 1000 - - 7000 7000 21 Puducherry 1100 475 1600 880 350 350 - -125 - -125 550 100 22 Punjab 42386 29517 40828 32466 2933 1521 4000 2500 517 17 29750 20096 23 Rajasthan 73624 49718 75185 49479 3000 500 10000 7980 6200 3450 54300 35968 24 Sikkim 1916 1701 1951 1621 500 500 500 500 500 275 1500 1275 25 Tamil Nadu 113001 75970 123625 89894 9000 7500 11000 6525 13000 8125 72300 45300 26 Telangana 49618 39385 56209 42199 12000 10800 5000 3798 9100 8100 60000 47650 27 Tripura 0 -550 0 -150 - - - - - -300 800 300 28 Uttar Pradesh 97650 85335 45000 23185 - -2000 5500 1524 6000 4000 23500 3291 29 Uttarakhand 6300 3800 10400 8000 - -500 1500 1250 1000 600 5500 3100 30 West Bengal 69910 48910 76500 54600 5500 4000 1500 500 2000 -700 27500 15300 Grand Total 1007058 717140 1073310 753345 87383 63283 91110 59763 65827 25227 623629 406982 - : Nil.

Note: The State of J&K has ceased to exist constitutionally from October 31, 2019 and the liabilities of the State continue to remain as liabilities of the new UT of Jammu and Kashmir.

Source: Reserve Bank of India.

RBI Bulletin January 2026 109CURRENT STATISTICS No. 52 (a): Flow of Financial Assets and Liabilities of Households - Instrument-wise (Amount in ` Crore) 2022-23 Item Q1 Q2 Q3 Q4 Annual Net Financial Assets (I-II) 287802.7 297217.6 293954.9 451660.3 1330635.4 Per cent of GDP 4.4 4.6 4.3 6.4 4.9 I. Financial Assets 577822.4 632335.6 748109.7 968986.1 2927253.7 Per cent of GDP 8.9 9.8 11.0 13.6 10.9

of which:

1.Total Deposits (a+b) 185429.1 317361.2 280233.1 325852.7 1108876.2

(a) Bank Deposits 163172.4 299532.7 256399.7 307866.8 1026971.5 i. Commercial Banks 158613.3 300565.0 248459.8 284968.0 992606.2 ii. Co-operative Banks 4559.0 -1032.4 7939.8 22898.9 34365.3

(b) Non-Bank Deposits 22256.8 17828.6 23833.5 17985.9 81904.7

of which:

Other Financial Institutions (i+ii) 6504.8 2076.7 8081.6 2234.0 18897.1 i. Non-Banking Financial Companies 4230.6 3267.2 3246.9 3945.8 14690.4 ii. Housing Finance Companies 2274.2 -1190.5 4834.7 -1711.8 4206.6

2. Life Insurance Funds 73357.5 151737.1 167581.7 156268.5 548944.9

3. Provident and Pension Funds (including PPF) 146719.1 118171.9 136388.4 216513.6 617793.1

4. Currency 66438.9 -54579.3 76760.1 148990.1 237609.7

5. Investments 51502.6 48530.1 49778.6 64150.6 213961.9

of which:

(a) Mutual Funds 35443.5 44484.0 40205.9 58954.5 179087.8

(b) Equity 13560.9 1378.2 6434.1 1664.9 23038.1

6. Small Savings (excluding PPF) 54375.1 51114.5 37367.7 57210.6 200068.0 II. Financial Liabilities 290019.7 335118.0 454154.8 517325.8 1596618.3 Per cent of GDP 4.5 5.2 6.7 7.3 5.9 Loans/Borrowings

1. Financial Corporations (a+b) 289781.5 334879.7 453916.6 517087.5 1595665.3

(a) Banking Sector 234235.0 263450.2 370782.9 383843.2 1252311.4

of which: i. Commercial Banks 230283.8 261265.3 368304.6 331291.0 1191144.8

(b) Other Financial Institutions 55546.4 71429.5 83133.7 133244.3 343353.9 i. Non-Banking Financial Companies 30531.7 36650.3 55791.7 94565.3 217539.1 ii. Housing Finance Companies 22336.7 33031.2 24903.3 36745.8 117017.0 iii. Insurance Corporations 2678.0 1747.9 2438.7 1933.2 8797.8

2. Non-Financial Corporations (Private Corporate Business) 33.7 33.7 33.7 33.7 135.0

3. General Government 204.5 204.5 204.5 204.5 818.0 110 RBI Bulletin January 2026CURRENT STATISTICS No. 52 (a): Flow of Financial Assets and Liabilities of Households - Instrument-wise (Contd.) (Amount in ` Crore) 2023-24 Item Q1 Q2 Q3 Q4 Annual Net Financial Assets (I-II) 349607.1 283994.4 294431.6 666547.4 1594580.4 Per cent of GDP 4.8 3.9 3.8 8.4 5.3 I. Financial Assets 671244.1 810128.8 805066.2 1187279.1 3473718.2 Per cent of GDP 9.3 11.2 10.4 14.9 11.5

of which:

1.Total Deposits (a+b) 266680.3 407948.0 296931.3 406706.9 1378266.4

(a) Bank Deposits 253004.1 501768.5 277432.0 390720.4 1422924.9 i. Commercial Banks 243833.9 502260.7 280096.7 383460.6 1409651.9 ii. Co-operative Banks 9170.2 -492.2 -2664.7 7259.8 13273.0

(b) Non-Bank Deposits 13676.2 -93820.5 19499.4 15986.5 -44658.5

of which:

Other Financial Institutions (i+ii) -485.4 -107982.1 5337.7 1824.9 -101304.9 i. Non-Banking Financial Companies 6119.3 4782.3 4895.8 1942.9 17740.3 ii. Housing Finance Companies -6604.7 -112764.4 441.9 -118.0 -119045.2

2. Life Insurance Funds 157301.9 140356.8 160135.2 189267.6 647061.4

3. Provident and Pension Funds (including PPF) 163686.0 148356.1 153435.1 253882.9 719360.2

4. Currency -48636.2 -36700.8 56719.0 146643.8 118025.7

5. Investments 41014.3 72664.6 79238.2 108336.6 301253.8

of which:

(a) Mutual Funds 32085.6 55768.8 60134.6 90973.0 238962.1

(b) Equity 3756.7 7146.3 9941.1 8236.1 29080.1

6. Small Savings (excluding PPF) 91197.8 77504.1 58607.4 82441.4 309750.7 II. Financial Liabilities 321637.1 526134.4 510634.6 520731.7 1879137.8 Per cent of GDP 4.5 7.3 6.6 6.5 6.2 Loans/Borrowings

1. Financial Corporations (a+b) 321519.8 526016.2 510516.4 520613.5 1878665.8

(a) Banking Sector 213606.3 868873.9 402647.1 392330.5 1877457.7

of which: i. Commercial Banks 208026.5 875654.0 389898.0 382557.9 1856136.4

(b) Other Financial Institutions 107913.6 -342857.7 107869.2 128283.0 1208.0 i. Non-Banking Financial Companies 81448.8 59683.7 85031.8 100836.5 327000.7 ii. Housing Finance Companies 23784.0 -404294.0 21233.4 25852.9 -333423.7 iii. Insurance Corporations 2680.7 1752.6 1604.0 1593.6 7631.0

2. Non-Financial Corporations (Private Corporate Business) 33.7 34.7 34.7 34.7 138.0

3. General Government 83.5 83.5 83.5 83.5 334.0 RBI Bulletin January 2026 111CURRENT STATISTICS No. 52 (a): Flow of Financial Assets and Liabilities of Households - Instrument-wise (Concld.) (Amount in ` Crore) 2024-25 Item Q1 Q2 Q3 Q4 Annual Net Financial Assets (I-II) 551994.2 496676.1 271043.1 674489.0 1994202.4 Per cent of GDP 7.0 6.3 3.2 7.6 6.0 I. Financial Assets 840665.3 901135.4 689663.5 1129381.1 3560845.4 Per cent of GDP 10.6 11.5 8.1 12.8 10.8

of which:

1.Total Deposits (a+b) 274567.9 403591.4 158320.8 418183.6 1254663.6

(a) Bank Deposits 254885.4 388328.6 141290.0 401577.5 1186081.4 i. Commercial Banks 251171.1 389734.0 147864.7 395337.4 1184107.2 ii. Co-operative Banks 3714.3 -1405.4 -6574.7 6240.0 1974.2

(b) Non-Bank Deposits 19682.4 15262.8 17030.8 16606.1 68582.2

of which:

Other Financial Institutions (i+ii) 7461.4 3041.8 4809.8 4385.1 19698.2 i. Non-Banking Financial Companies 6289.7 3230.0 4444.5 4220.0 18184.2 ii. Housing Finance Companies 1171.7 -188.2 365.4 165.1 1514.0

2. Life Insurance Funds 175427.0 178835.2 90159.4 90393.0 534814.6

3. Provident and Pension Funds (including PPF) 170218.2 170219.6 170758.3 281332.6 792528.6

4. Currency 34212.5 -57615.2 70840.8 162236.1 209674.1

5. Investments 120638.2 152637.1 159255.2 103720.8 536251.4

of which:

(a) Mutual Funds 106987.0 137618.0 124132.0 97193.0 465930.0

(b) Equity 14448.0 15645.0 36063.1 7410.3 73566.5

6. Small Savings (excluding PPF) 65601.6 53467.4 40329.0 73515.0 232913.0 II. Financial Liabilities 288671.1 404459.3 418620.4 454892.1 1566642.9 Per cent of GDP 3.7 5.2 4.9 5.2 4.7 Loans/Borrowings

1. Financial Corporations (a+b) 288492.4 404280.6 418441.7 454713.3 1565928.0

(a) Banking Sector 205040.4 322147.7 319626.6 387045.6 1233860.3

of which: i. Commercial Banks 208525.3 321241.4 302569.3 379856.5 1212192.4

(b) Other Financial Institutions 83452.0 82132.9 98815.0 67667.7 332067.7 i. Non-Banking Financial Companies 65813.7 65488.7 75764.5 39833.9 246900.8 ii. Housing Finance Companies 15125.2 14233.6 20561.4 25756.8 75677.0 iii. Insurance Corporations 2513.1 2410.7 2489.1 2077.1 9489.9

2. Non-Financial Corporations (Private Corporate Business) 34.7 34.7 34.7 34.7 139.0

3. General Government 144.0 144.0 144.0 144.0 576.0

Notes :

1. Net Financial Savings of households refer to the net financial assets, which are measured as difference of financial asset and liabilities flows.

2. Preliminary estimates for 2024-25 and revised estimates for 2022-23 and 2023-24.

3. The preliminary estimates for 2024-25 will undergo revision with the release of first revised estimates of national income, consumption expenditure, savings, and capital formation, 2024-25 by the NSO.

4. Non-bank deposits apart from other financial institutions, comprises state power utilities, co-operative non credit societies etc.

5. Figures in the columns may not add up to the total due to rounding off.

112 RBI Bulletin January 2026CURRENT STATISTICS No. 52 (b): Stocks of Financial Assets and Liabilities of Households- Select Indicators (Amount in ` Crore) Item Jun-2022 Sep-2022 Dec-2022 Mar-2023 Financial Assets (a+b+c+d+e+f+g+h) 25621348.1 26423992.1 27187715.6 27844981.1 Per cent of GDP 102.8 102.6 103.3 103.5

(a) Bank Deposits (i+ii) 11843527.1 12143059.7 12399459.4 12707326.2 i. Commercial Banks 10987692.1 11288257.2 11536717.0 11821685.0 ii. Co-operative Banks 855834.9 854802.6 862742.4 885641.2

(b) Non-Bank Deposits

of which:

Other Financial Institutions 216170.0 218246.7 226328.2 228562.2 i. Non-Banking Financial Companies 74794.2 78061.4 81308.3 85254.0 ii. Housing Finance Companies 141375.8 140185.3 145020.0 143308.2

(c) Life Insurance Funds 5325967.3 5559681.9 5786592.6 5795430.6

(d) Currency 2950343.2 2895763.9 2972524.0 3121514.1

(e) Mutual funds 2048097.3 2260209.7 2355315.8 2367792.5

(f) Public Provident Fund (PPF) 851913.4 858591.1 864730.6 939449.0

(g) Pension Funds 744459.2 796454.0 853412.0 898343.0

(h) Small Savings (excluding PPF) 1640870.6 1691985.1 1729352.9 1786563.5 Financial Liabilities (a+b) 8911860.9 9246740.6 9700657.2 10217744.7 Per cent of GDP 35.8 35.9 36.9 38.0 Loans/Borrowings

(a) Banking Sector 7095467.7 7358918.0 7729700.9 8113544.1

of which: i. Commercial Banks 6620073.1 6881338.5 7249643.0 7580934.1 ii. Co-operative Banks 473897.0 476024.8 478486.9 530915.0

(b) Other Financial Institutions 1816393.1 1887822.6 1970956.3 2104200.7

of which: i. Non-Banking Financial Companies 869174.9 905825.3 961617.0 1056182.3 ii. Housing Finance Companies 835181.3 868212.5 893115.8 929861.7 iii. Insurance Corporations 112036.9 113784.8 116223.5 118156.7 RBI Bulletin January 2026 113CURRENT STATISTICS No. 52 (b): Stocks of Financial Assets and Liabilities of Households- Select Indicators (Contd.) (Amount in ` Crore) Item Jun-2023 Sep-2023 Dec-2023 Mar-2024 Financial Assets (a+b+c+d+e+f+g+h) 28754605.9 29637615.0 30737884.8 32025210.0 Per cent of GDP 104.2 104.4 105.0 106.3

(a) Bank Deposits (i+ii) 12960330.3 13462098.8 13739530.7 14130251.1 i. Commercial Banks 12065518.9 12567779.6 12847876.2 13231336.9 ii. Co-operative Banks 894811.4 894319.2 891654.5 898914.3

(b) Non-Bank Deposits

of which:

Other Financial Institutions 228076.8 120094.7 125432.4 127257.3 i. Non-Banking Financial Companies 91373.3 96155.6 101051.4 102994.3 ii. Housing Finance Companies 136703.5 23939.1 24381.0 24263.0

(c) Life Insurance Funds 6064436.9 6255801.1 6553726.0 6820611.8

(d) Currency 3072877.9 3036177.0 3092896.0 3239539.8

(e) Mutual funds 2626046.1 2829859.3 3156299.3 3387208.3

(f) Public Provident Fund (PPF) 955060.6 960343.6 964851.5 1051376.5

(g) Pension Funds 970016.0 1017975.0 1091276.0 1172651.0

(h) Small Savings (excluding PPF) 1877761.2 1955265.4 2013872.8 2096314.2 Financial Liabilities (a+b) 10539264.5 11065280.7 11575797.1 12096410.5 Per cent of GDP 38.2 39.0 39.6 40.2 Loans/Borrowings

(a) Banking Sector 8327150.3 9196024.2 9598671.3 9991001.8

of which: i. Commercial Banks 7788960.6 8664614.6 9054512.6 9437070.5 ii. Co-operative Banks 536409.2 529527.7 542240.6 551852.1

(b) Other Financial Institutions 2212114.2 1869256.5 1977125.7 2105408.7

of which: i. Non-Banking Financial Companies 1137631.1 1197314.8 1282346.6 1383183.0 ii. Housing Finance Companies 953645.7 549351.7 570585.1 596438.0 iii. Insurance Corporations 120837.4 122590.0 124194.0 125787.7 114 RBI Bulletin January 2026CURRENT STATISTICS No. 52 (b): Stocks of Financial Assets and Liabilities of Households- Select Indicators (Concld.) (Amount in ` Crore) Item Jun-2024 Sep-2024 Dec-2024 Mar-2025 Financial Assets (a+b+c+d+e+f+g+h) 33253098.6 34421189.5 34532805.6 35264710.9 Per cent of GDP 107.9 109.6 107.2 106.6

(a) Bank Deposits (i+ii) 14385136.5 14773465.1 14914755.1 15316332.6 i. Commercial Banks 13482508.0 13872242.0 14020106.6 14415444.1 ii. Co-operative Banks 902628.6 901223.2 894648.5 900888.5

(b) Non-Bank Deposits

of which:

Other Financial Institutions 134718.7 137760.5 142570.3 146955.5 i. Non-Banking Financial Companies 109284.0 112514.0 116958.5 121178.5 ii. Housing Finance Companies 25434.7 25246.5 25611.9 25777.0

(c) Life Insurance Funds 7123527.6 7385938.1 7272871.3 7293099.1

(d) Currency 3273752.3 3216137.1 3286977.8 3449213.9

(e) Mutual funds 3866386.1 4291914.4 4224091.7 4128924.5

(f) Public Provident Fund (PPF) 1059829.5 1063056.1 1064212.0 1157449.2

(g) Pension Funds 1247832.0 1337535.0 1371615.0 1443509.0

(h) Small Savings (excluding PPF) 2161915.8 2215383.2 2255712.2 2329227.2 Financial Liabilities (a+b) 12384902.9 12789183.5 13207625.1 13662338.5 Per cent of GDP 40.2 40.7 41.0 41.3 Loans/Borrowings

(a) Banking Sector 10196042.2 10518189.9 10837816.5 11224862.1

of which: i. Commercial Banks 9645595.7 9966837.1 10269406.4 10649262.8 ii. Co-operative Banks 548284.4 549069.4 566104.4 573131.8

(b) Other Financial Institutions 2188860.7 2270993.6 2369808.7 2437476.4

of which: i. Non-Banking Financial Companies 1448996.8 1514485.5 1590250.0 1630083.9 ii. Housing Finance Companies 611563.2 625796.8 646358.2 672115.0 iii. Insurance Corporations 128300.7 130711.4 133200.5 135277.5

Notes :

1. Data as ratios to GDP have been calculated based on the Provisional Estimates of National Income 2024-25, released by NSO on May 30, 2025.

2. Pension funds comprises funds with the National Pension Scheme.

3. Outstanding deposits with Small Savings are sourced from the Controller General of Accounts, Government of India.

4. Non-bank deposits apart from other financial institutions, comprises state power utilities, co-operative non credit societies etc. Data for outstanding deposits are available only for other financial institutions.

5. Figures in the columns may not add up to the total due to rounding off.

RBI Bulletin January 2026 115Explanatory Notes to the Current Statistics Table No. 1

1.2& 6: Annual data are average of months.

3.5 & 3.7: Relate to ratios of increments over financial year so far.

4.1 to 4.4, 4.8,4.9 &5: Relate to the last friday of the month/financial year.

4.5, 4.6 & 4.7: Relate to five major banks on the last Friday of the month/financial year.

4.10 to 4.12: Relate to the last auction day of the month/financial year.

4.13: Relate to last day of the month/ financial year

7.1&7.2: Relate to Foreign trade in US Dollar.

Table No. 2

2.1.2: Include paid-up capital, reserve fund and Long-Term Operations Funds.

2.2.2: Include cash, fixed deposits and short-term securities/bonds, e.g., issued by IIFC (UK).

Table No. 4 Maturity-wise position of outstanding forward contracts is available at http://nsdp.rbi.org.in under ‘‘Reserves Template’’.

Table No. 5 Special refinance facility to Others, i.e. to the EXIM Bank, is closed since March 31, 2013.

Table No. 6 For scheduled banks, March-end data pertain to the last reporting Friday.

1.1: Notes in Circulation include CBDC-Retail (R) and CBDC-Wholesale (W).

1.4: Cash on Hand with Banks includes CBDC-W.

2.2: Exclude balances held in IMF Account No.1, RBI employees’ provident fund, pension fund, gratuity and superannuation fund.

Table Nos. 7 & 11

3.1 in Table 7 and 2.4 in Table 11: Include foreign currency denominated bonds issued by IIFC (UK).

Table No. 8 NM and NM do not include FCNR (B) deposits.

2 3

2.4: Consist of paid-up capital and reserves.

2.5: includes other demand and time liabilities of the banking system.

Table No. 9 Financial institutions comprise EXIM Bank, SIDBI, NABARD and NHB.

L and L are compiled monthly and L quarterly.

1 2 3 Wherever data are not available, the last available data have been repeated.

Table No. 13 Data against column Nos. (1), (2) & (3) are Final and for column Nos. (4) & (5) data are Provisional.

116 RBI Bulletin January 2026CURRENT STATISTICS Table No. 14 Data in column Nos. (4) & (8) are Provisional.

Table No. 17

2.1.1: Exclude reserve fund maintained by co-operative societies with State Co-operative Banks

2.1.2: Exclude borrowings from RBI, SBI, IDBI, NABARD, notified banks and State Governments.

4: Include borrowings from IDBI and NABARD.

Table No. 25 Primary Dealers (PDs) include banks undertaking PD business.

Table No. 31 Exclude private placement and offer for sale.

1: Exclude bonus shares.

2: Include cumulative convertible preference shares and equi-preference shares.

Table No. 33 Exclude investment in foreign currency denominated bonds issued by IIFC (UK), SDRs transferred by Government of India to RBI and foreign currency received under SAARC and ACU currency swap arrangements. Foreign currency assets in US dollar take into account appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen and Australian Dollar) held in reserves. Foreign exchange holdings are converted into rupees at rupee-US dollar RBI holding rates.

Table No. 35

1.1.1.1.2 & 1.1.1.1.1.4: Estimates.

1.1.1.2: Estimates for latest months. ‘Other capital’ pertains to debt transactions between parent and subsidiaries/branches of FDI enterprises.

Data may not tally with the BoP data due to lag in reporting.

Table No. 36

1.10: Include items such as subscription to journals, maintenance of investment abroad, student loan repayments and credit card payments.

Table No. 37 Increase in indices indicates appreciation of rupee and vice versa. For 6-Currency index, base year 2022-23 is a moving one, which gets updated every year. REER figures are based on Consumer Price Index (combined). The details on methodology used for compilation of NEER/REER indices are available in December 2005, April 2014 and January 2021 issues of the RBI Bulletin.

Table No. 38 Based on applications for ECB/Foreign Currency Convertible Bonds (FCCBs) which have been allotted loan registration number during the period.

RBI Bulletin January 2026 117CURRENT STATISTICS Table Nos. 40, 41, 42, 43 & 44 Explanatory notes on these tables are available in December issue of RBI Bulletin, 2012.

Table No. 45 Part I-A. Settlement systems

1.1.3: Tri- party Repo under the securities segment has been operationalised from November 05, 2018.

Part I-B. Payments systems

4.1.2: ‘Others’ includes e-commerce transactions and digital bill payments through ATMs, etc.

4.2.2: ‘Others’ includes e-commerce transactions, card to card transfers and digital bill payments through ATMs, etc.

5: Available from December 2010.

5.1: includes purchase of goods and services and fund transfer through wallets.

5.2.2: includes usage of PPI Cards for online transactions and other transactions.

6.1: Pertain to three grids – Mumbai, New Delhi and Chennai.

6.2: ‘Others’ comprises of Non-MICR transactions which pertains to clearing houses managed by 21 banks.

Part II-A. Other payment channels 1: Mobile Payments – Include transactions done through mobile apps of banks and UPI apps. o The data from July 2017 includes only individual payments and corporate payments initiated, o processed, and authorised using mobile device. Other corporate payments which are not initiated, processed, and authorised using mobile device are excluded.

2: Internet Payments – includes only e-commerce transactions through ‘netbanking’ and any financial transaction using internet banking website of the bank.

Part II-B. ATMs

3.3 and 4.2: only relates to transactions using bank issued PPIs.

Part III. Payment systems infrastructure 3: Includes ATMs deployed by Scheduled Commercial Banks (SCBs) and White Label ATM Operators

(WLAOs). WLAs are included from April 2014 onwards.

Table No. 47 (-) represents nil or negligible The table format is revised since monthly Bulletin for the month of June 2023.

Central Government Dated Securities include special securities and Sovereign Gold Bonds.

State Government Securities include special bonds issued under Ujwal DISCOM Assurance Yojana (UDAY).

Bank PDs are clubbed under Commercial Banks.

The category ‘Others’ comprises State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals etc.

Data since September 2023 includes the impact of the merger of a non-bank with a bank.

118 RBI Bulletin January 2026CURRENT STATISTICS Table No. 48 GDP data is based on 2011-12 base. GDP for 2023-24 is from Union Budget 2023-24.

Data pertains to all States and Union Territories.

1 & 2: Data are net of repayments of the Central Government (including repayments to the NSSF) and State Governments.

1.3: Represents compensation and assignments by States to local bodies and Panchayati Raj institutions.

2: Data are net of variation in cash balances of the Central and State Governments and includes borrowing receipts of the Central and State Governments.

3A.1.1: Data as per RBI records.

3B.1.1: Borrowings through dated securities.

3B.1.2: Represent net investment in Central and State Governments’ special securities by the National Small Savings Fund (NSSF).

This data may vary from previous publications due to adjustments across components with availability of new data.

3B.1.6: Include Ways and Means Advances by the Centre to the State Governments.

3B.1.7: Include Treasury Bills, loans from financial institutions, insurance and pension funds, remittances, cash balance investment account.

Table No. 49 SDF is availed by State Governments against the collateral of Consolidated Sinking Fund (CSF), Guarantee Redemption Fund (GRF) & Auction Treasury Bills (ATBs) balances and other investments in government securities.

WMA is advance by Reserve Bank of India to State Governments for meeting temporary cash mismatches.

OD is advanced to State Governments beyond their WMA limits.

Average amount Availed is the total accommodation (SDF/WMA/OD) availed divided by number of days for which accommodation was extended during the month. - : Nil.

Table No. 50 CSF and GRF are reserve funds maintained by some State Governments with the Reserve Bank of India.

ATBs include Treasury bills of 91 days, 182 days and 364 days invested by State Governments in the primary market. --: Not Applicable (not a member of the scheme).

The concepts and methodologies for Current Statistics are available in Comprehensive Guide for Current Statistics of the RBI Monthly Bulletin (https://rbi.org.in/Scripts/PublicationsView.aspx?id=17618) Time series data of ‘Current Statistics’ is available at https://data.rbi.org.in.

Detailed explanatory notes are available in the relevant press releases issued by RBI and other publications/releases of the Bank such as Handbook of Statistics on the Indian Economy.

RBI Bulletin January 2026 119RREECCEENNTT PPUUBBLLIICCAATTIIOONNSS Recent Publications of the Reserve Bank of India Name of Publication Price India Abroad

1. Reserve Bank of India Bulletin2026 `350 per copy US$ 15 per copy `250 per copy (concessional rate*) US$ 150 (one-year subscription) `4,000 (one year subscription) (inclusive of air mail courier charges) `3,000 (one year concessional rate*)

2. Handbook of Statistics on theIndian `550 (Normal) US$ 24 States 2024-25 `600 (inclusive of postage) (inclusive of air mail courier charges)

3. Handbook of Statistics on theIndian `600 (Normal) US$ 50 Economy 2024-25 `650 (inclusive of postage) (inclusive of air mail courier charges) `450 (concessional) `500 (concessional with postage)

4. State Finances - `600 per copy (over the counter) US$ 24 per copy A Study of Budgets of 2024-25 `650 per copy (inclusive of postal charges) (inclusive of air mail courier charges)

5. Report on Currency and Finance `575 per copy (over the counter) US$ 22 per copy 2023-24 `625 per copy (inclusive of postal charges) (inclusive of air mail courier charges)

6. Reserve Bank of India `200 per copy (over the counter) US$ 18 per copy Occasional Papers Vol. 45, No. 1, 2024 `250 per copy (inclusive of postal charges) (inclusive of air mail courier charges)

7. Finances of Panchayati Raj Institutions `300 per copy (over the counter) US$ 16 per copy `350 per copy (inclusive of postal charges) (inclusive of air mail courier charges)

8. Report on Trend and Progress of Issued as Supplement to RBI Bulletin Banking in India 2024-25 January, 2026

9. Annual Report 2024-25 Issued as Supplement to RBI Bulletin June, 2025

10. Financial Stability Report, Issued as Supplement to RBI Bulletin December 2025 January, 2026

11. Monetary Policy Report - October 2025 Included in RBI Bulletin October 2025

12. Report on Municipal Finances - `300 per copy (over the counter) US$ 16 per copy November 2024 `350 per copy (inclusive of postal charges) (inclusive of air mail courier charges)

13. Banking Glossary (English-Hindi) `100 per copy (over the counter) `150 per copy (inclusive of postal charges) Notes

1. Many of the above publications are available at the RBI website (www.rbi.org.in).

2. Time Series data are available at the Database on Indian Economy (https://data.rbi.org.in).

3. The Reserve Bank of India History 1935-2008 (5 Volumes) are available at leading book stores in India. * Concession is available for students, teachers/lecturers, academic/education institutions, public libraries and Booksellers in India provided the proof of eligibility is submitted.

120 RBI Bulletin January 2026RREECCEENNTT PPUUBBLLIICCAATTIIOONNSS General Instructions

1. All communications should be addressed to:

Director, Division of Reports and Knowledge Dissemination, Department of Economic and Policy Research (DRKD, DEPR), Reserve Bank of India, Amar Building, Ground Floor, Sir P. M. Road, Fort, P. B. No.1036, Mumbai - 400 001.

Telephone: 022- 2260 3000 Extn: 4002, Email: spsdepr@rbi.org.in.

2. Publications are available for sale between 10:30 am to 3:00 pm (Monday to Friday).

3. Publications will not be supplied on a cash-on-delivery basis.

4. Publications once sold will not be taken back.

5. Back issues of the publication are generally not available.

6. Wherever concessional price is not indicated, a discount of 25 per cent is available for students, faculty, academic/education institutions, public libraries, and book sellers in India provided the proof of eligibility is submitted.

7. Subscription should be made preferably by NEFT and transaction details including payer’s name, subscription number (if any), account number, date and amount should be emailed to spsdepr@rbi.org.in, or sent by post.

a. Details required for NEFT transfer are as follows:

Beneficiary Name Department of Economic and Policy Research, RBI Name of the Bank Reserve Bank of India Branch and address Fort, Mumbai IFSC of Bank Branch RBIS0MBPA04 Type of Account Current Account Account Number 41-8024129-19 b. In case of subscription through non-digital modes, please send the demand draft/cheque payable at Mumbai in favour of Reserve Bank of India, Mumbai.

8. Complaints regarding ‘non-receipt of publication’ may be sent within a period of two months.

RBI Bulletin January 2026 121