Devolution of share of taxes rose, reshaping central receipts and the allocation between revenue and capital expenditure.
Monthly fiscal consolidation up to February 2024 reports central receipts from Tax Revenue, Non Tax Revenue and Non Debt Capital Receipts relative to revised estimates, and records the Devolution of Share of Taxes transferred to States. It presents Total Expenditure and its split into Revenue and Capital Expenditure, with Interest Payments and Major Subsidies identified as significant components of revenue outlays.

Treasury bill issuance calendar published; auctions scheduled with notified amounts and government reserve flexibility to modify.
The Government of India, in consultation with the Reserve Bank of India, notifies a quarterly Treasury Bill issuance schedule with specified auction and issue dates and notified amounts by tenor. The Government and Reserve Bank retain flexibility to modify notified amounts and timing in response to market conditions, after giving notice, and all auctions are subject to the terms of the Government's General Notification; changes will be communicated via press releases.

Issuance calendar for government dated securities announces a new 15 year tenor and retail non competitive allocation.
The Government of India issued an indicative issuance calendar for April-September 2024 detailing weekly auctions of marketable dated securities, introducing a 15 year tenor, including Sovereign Green Bonds, and maintaining a non competitive bidding facility that reserves five per cent of the notified amount for specified retail investors. The Government and the Reserve Bank of India retain flexibility to modify amounts, maturities and instrument types, may exercise a greenshoe option to retain additional subscription against each security, and will conduct monthly switch auctions according to the published schedule; auctions follow the governing General Notification and market notices.

Government borrowing programme: issuance across dated tenors, new 15-year security and treasury-bill cash management measures.
H1 borrowing will be conducted via 26 weekly auctions across 3, 5, 7, 10, 15, 30, 40 and 50 year dated securities, including issuance of Sovereign Green Bonds and the introduction of a 15-year tenor; issuance shares by maturity are specified, with switching of securities and a greenshoe option available, while Q1 Treasury Bill issuance is set on a weekly schedule and the RBI Ways and Means Advances limit for H1 is fixed to manage temporary cash mismatches.

Digital payment security requires multi-factor authentication and disclosures to protect consumers and limit liability.
Regulation requires robust controls for electronic payments, including multi-factor authentication, security measures for internet and mobile banking, ongoing risk assessments for digital payment products, and transaction monitoring with customer alerts. Digital lending rules require a pre-contract Key Fact Statement disclosing the cost of credit, recovery and grievance mechanisms and bar undisclosed fees. Consumer protection provides for zero liability where losses arise from bank or third-party negligence and limits customer liability for losses due to customer negligence up to reporting. Supervisory oversight and national cybercrime coordination reinforce these protections.

Agency banks open for government transactions to process year end receipts and payments, with public notice of services.
All branches designated as Agency Banks handling Government receipts and payments are directed to remain open on March 31, 2024, to ensure Government receipts and payments are accounted for within the financial year 2023 24; banks must publicize the availability of these services on that day.

Consumer protection: RBI stresses stronger grievance redress, impartial internal ombudsmen and data driven safeguards for customers.
Protection of consumer interests is a core regulatory principle requiring regulated entities to prioritise fair treatment, transparency, and effective grievance redress. The Reserve Bank's approach relies on the Integrated Ombudsman Scheme and functioning Internal Ombudsmen to ensure impartial, timely resolution; promotes use of data analytics and technology for prevention and root cause analysis; warns of privacy and AI risks requiring safeguards; and calls for enhanced consumer education, staff capacity building, and reasoned, transparent decision making by Ombudsman offices.

FDI caps in space sector revised; automatic approvals limited while higher equity inflows require government route approval.
Revisions calibrate equity ceilings and entry routes across space activities: satellite manufacturing and operation, satellite data products, and ground and user segment activities permit full foreign ownership with automatic approval only up to a stated threshold and government route beyond that; launch vehicles and spaceport creation likewise allow full ownership with automatic approval limited to a lower threshold and government approval beyond; manufacturing of components and subsystems qualifies for full foreign ownership under the automatic route. Investee entities must follow Department of Space guidelines; key sector definitions are specified.

Public Financial Management System central to fund flow reforms, e-bill rollout and enhanced cash management and payment efficiency.
The Public Financial Management System (PFMS) is described as the operational cornerstone for real time fund flow, management information and cash management, enabling Direct Benefits Transfer and large scale payments. The summary stresses end to end implementation of the e Bill system for full coverage and improved bill payment efficiency, institutional reforms including Treasury Single Account, Central Nodal Account and Single Nodal Account mechanisms, a successful SNA SPARSH pilot linking PFMS with e Kuber and State IFMIS, and participation in G 20 Data Gap initiatives.