**Executive Summary**
This document is the Reserve Bank of India's (RBI) monthly bulletin for January 2026, released on January 21, 2026. It includes three speeches, two articles, and current statistics. The articles focus on the State of the Economy and the Financial Stocks and Flow of Funds of the Indian Economy for 2023-24.
**Key Points / Main Content**
**I. State of the Economy**
* Global growth remained resilient in 2025 despite uncertainties.
* Global uncertainty moderated in December.
* First advance estimates for 2025-26 GDP growth reflected resilience in the Indian economy.
* High-frequency indicators for December suggest buoyancy in growth.
* Headline CPI inflation edged up in December, but remained below tolerance level.
* Financial resource flow to the commercial sector has increased.
**II. Financial Stocks and Flow of Funds of the Indian Economy 2023-24**
* The article presents trends in financial stocks and flows (FSF) across institutional sectors of the Indian economy during 2023-24.
* Financial assets of domestic sectors registered 13.9% growth in 2023-24, up from 9.9% in 2022-23.
* Financial liabilities increased by 12.7% in 2023-24, higher than the 10.4% increase in the previous year.
* The financial resource balance of the domestic economy indicates a deficit reduction to 0.9% of GDP in 2023-24 from 2.3% in 2022-23.
* Households and financial corporations remained surplus sectors.
* Net financial wealth of domestic sectors rose to 28.6% of GDP in 2023-24, up from 24.8% in 2022-23.
* 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 the total financial assets and liabilities at end-March 2024.
**Impact Analysis**
**Domestic Sectors**
*Impact:* Domestic sectors experienced growth in financial assets and liabilities. Net financial wealth has risen, signaling strengthened balance sheets.
*Action Required:* No specific action required is stated in the document
**Households and Financial Corporations**
*Impact:* These sectors remained as surplus sectors, financing deficits elsewhere.
*Action Required:* No specific action required is stated in the document
**General Government and Non-Financial Corporations**
*Impact:* These sectors experienced deficits, financed by surplus sectors.
*Action Required:* No specific action required is stated in the document
**Rest of the World (RoW)**
*Impact:* Increased openness on the external front is indicated by increased financial assets and liabilities.
*Action Required:* No specific action required is stated in the document.
Key Entities Referenced
Reserve Bank of India: Central bank of India, issuer of the monthly Bulletin.
RBI Bulletin: Monthly publication released by the Reserve Bank of India containing articles and current statistics.
Financial Stocks and Flow of Funds of the Indian Economy 2023-24: Article in the RBI Bulletin analyzing financial flows in the Indian economy during 2023-24.
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