**Executive Summary**
The Reserve Bank of India (RBI) released its January 2026 monthly Bulletin today, January 21, 2026. This bulletin features two articles: "State of the Economy" and "Financial Stocks and Flow of Funds of the Indian Economy 2023-24," along with three speeches and current statistics. The sectoral/sub-sectoral statements for the period 2011-12 to 2023-24 are also being released with the article.
**Key Points / Main Content**
* **State of the Economy:**
* Global growth remained resilient in 2025 despite uncertainties.
* First advance estimates of real GDP growth for 2025-26 reflected the resilience of the Indian economy.
* High-frequency indicators for December suggest continued buoyancy in growth impulses.
* Headline CPI inflation edged up in December but remained below the lower tolerance level.
* The flow of financial resources to the commercial sector has increased over the past year.
* **Financial Stocks and Flow of Funds of the Indian Economy 2023-24:** (By Suraj S, Ishu Thakur and Mousumi Priyadarshini)
* Presents underlying trends in financial stocks and flows (FSF) across the Indian economy's institutional sectors during 2023-24.
* The financial assets of domestic sectors grew by 13.9% in 2023-24, up from 9.9% in 2022-23.
* Financial liabilities increased by 12.7%, higher than 10.4% in the previous year.
* The financial resource balance of the domestic economy indicates reduction of deficit to 0.9% of GDP in 2023-24 from 2.3% of GDP in 2022-23.
* Households and financial corporations remained surplus sectors, financing the deficits of the general government and non-financial corporations.
* Net financial wealth of domestic sectors rose to 28.6% of GDP in 2023-24 from 24.8% in 2022-23.
* Despite global uncertainties, financial assets and liabilities of the rest of the world (RoW) increased in 2023-24.
* Currency and deposits, loans and advances, and debt securities accounted for nearly two-thirds of total financial assets and liabilities at end-March 2024.
**Impact Analysis**
**Stakeholder: Domestic Sectors**
* **Impact:** Experienced growth in financial assets and liabilities, indicating increased economic activity and financial deepening. Net financial wealth increased.
* **Action Required:** Monitor financial performance, manage assets and liabilities effectively, and leverage surplus sectors for financing deficits.
**Stakeholder: Government and Non-Financial Corporations**
* **Impact:** Rely on households and financial corporations for financing deficits.
* **Action Required:** Implement policies to reduce deficits and improve financial health.
**Stakeholder: Rest of the World (RoW)**
* **Impact:** Increased financial assets and liabilities with the Indian economy, indicating greater integration and openness.
* **Action Required:** Monitor trends in financial flows, assess external vulnerabilities, and manage exposure to global uncertainties.
Key Entities Referenced
RBI Bulletin: A monthly publication by the Reserve Bank of India (RBI) that includes articles on the state of the economy, financial markets, and other relevant topics.
Reserve Bank of India: The central bank of India, responsible for monetary policy and regulation of the financial system.
Financial Stocks and Flow of Funds of the Indian Economy 2023-24: An article analyzing the financial stocks and flows across institutional sectors of the Indian economy.
State of the Economy: An article in the RBI Bulletin providing an overview of the current economic conditions.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
January 21, 2026
RBI Bulletin – January 2026
Today, the Reserve Bank released the January 2026 issue of its monthly Bulletin.
The Bulletin includes three speeches, two articles and current statistics.
The two articles are: I. State of the Economy; and II. Financial Stocks and Flow of
Funds of the Indian Economy 2023-24.
I. State of the Economy
Global growth remained resilient in 2025 despite heightened uncertainties. Though
elevated, global uncertainty witnessed further moderation in December. The first
advance estimates of real GDP growth for 2025-26 reflected the resilience of the
Indian economy, driven by domestic factors amidst a challenging external
environment. High-frequency indicators for December suggest continued buoyancy in
growth impulses with demand conditions remaining upbeat. Headline CPI inflation
edged up in December but remained below the lower tolerance level. The flow of
financial resources to the commercial sector has increased over the past year, with
both non-bank and bank sources contributing to the credit pick-up.
II. Financial Stocks and Flow of Funds of the Indian Economy 2023-24
By Suraj S, Ishu Thakur and Mousumi Priyadarshini
This article presents underlying trends in the financial stocks and flows (FSF) across
the institutional sectors of the Indian economy during 2023-24 on a from-whom-to-
whom (FWTW) basis. The analysis of financial flows provides insights into inter-
linkages across sectors by tracking the sources and uses of funds reflecting the
macroeconomic trends. The sectoral/sub-sectoral statements for the period 2011-12
to 2023-24 are also being released with the article.
Highlights:
• The financial assets of the domestic sectors registered a growth of 13.9 per cent
in 2023-24, up from 9.9 per cent in 2022-23, while financial liabilities increased by
12.7 per cent higher than that of 10.4 per cent in the previous year.
• The financial resource balance of the domestic economy indicates reduction of
deficit to 0.9 per cent of GDP in 2023-24 from 2.3 per cent of GDP in 2022-23.
• Households and financial corporations remained as surplus sectors, financing the
general government's and non-financial corporations' deficits.
• Net financial wealth of domestic sectors rose to 28.6 per cent of GDP in 2023-24
from 24.8 per cent in 2022-23, signalling a broad-based strengthening of financial2
balance sheets of households, general government, and non-financial
corporations.
• Despite global uncertainties, financial assets and liabilities of the rest of the world
(RoW) increased in 2023-24, indicating the increased openness on the external
front.
• Currency and deposits, loans and advances, and debt securities accounted for
nearly two-thirds of the total financial assets and liabilities at end-March 2024.
The views expressed in the Bulletin articles are of the authors and do not
represent the views of the Reserve Bank of India.
(Brij Raj)
Press Release: 2025-2026/1962 Chief General Manager