Government receipts and expenditure balance shows receipts near estimates while transfers to states and interest costs drive expenditure.
Consolidated provisional accounts show receipts comprising tax revenue, non tax revenue and non debt capital receipts, with a materially higher transfer to states under devolution of share of taxes. Expenditure is split into revenue and capital accounts, with revenue expenditure including interest payments and major subsidies; receipts and outlays are compared to revised estimates for the year.

Government receipts and expenditure overview shows receipt composition and expenditure split with increased devolution to states.
Monthly consolidated accounts for April 2024 set out central government receipts-Tax Revenue (Net to Centre), Non Tax Revenue and Non Debt Capital Receipts-and note increased transfers to states under Devolution of Share of Taxes. Expenditure is presented as total outgo with a split between Revenue Expenditure and Capital Account expenditure; Revenue Expenditure is driven notably by Interest Payments and Major Subsidies, and totals are stated relative to the corresponding Budget Estimates for FY2024 25.

Governance in asset reconstruction companies strengthened through board independence and transparency to enhance resolution effectiveness.
Regulatory emphasis mandates that ARCs maintain adequate resources and ongoing investment in issued security receipts, conduct transfers with transparent price discovery and valuation, and follow specified resolution modalities. Governance requirements focus on a diverse, independent Board with an independent Chair, majority independent director presence in meetings, Audit and Nomination & Remuneration Committees, robust risk management, transparent disclosures, conflict-of-interest safeguards, and adherence to a fair practice code in borrower dealings.

Tone from the top: strong governance in ARCs ensures ethical conduct and effective asset resolution.
Establishing the tone from the top is central to governance in Asset Reconstruction Companies (ARCs): board chairs, directors and chief executives must lead by example to inculcate integrity, regulatory compliance and ethical conduct. Supervision should focus on the economic substance of transactions, and ARCs must adopt a "regulation plus" approach. Boards require competent leadership, sufficient independent directors, clear role delineation with management, and diligent review of supervisory and audit reports. Independent assurance functions with direct board access are essential; dual-hatting and warehousing of stressed assets or related-party disposals without arms-length scrutiny are governance failures requiring remediation.

Government securities auction using multiple price methods; non-competitive bids reserved and E-Kuber electronic bidding mandated.
Announcement of an auction for three central government securities to be conducted by the Reserve Bank of India on the stated date, using multiple price methods (yield based for two securities and price based for one), with the Government retaining an option for additional subscription. Up to five percent of each notified amount is reserved for eligible participants under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on E-Kuber within prescribed time windows; auction results and settlement dates are specified and securities are eligible for When Issued trading under RBI guidelines.

Assurance function independence is crucial to bank governance; heads must proactively manage risks and ensure compliance.
Assurance functions - risk management, internal audit and compliance - are essential guardians of urban co operative banks, required to maintain Board approved policies aligned with the bank's risk tolerance, proactively manage emerging cyber and operational risks, investigate and remedy breaches of risk limits, and ensure internal audit provides independent, risk proportional coverage. Compliance must adopt a forward looking, regulation plus approach. Regulators' onsite examinations and Risk Assessment Reports are diagnostic; banks must address root causes and implement Risk Mitigation Plans within agreed timelines. The independence of assurance functionaries, via stature, direct reporting and prevention of dual hatting, is a critical governance requirement.

Assurance functions: strengthen independence and capabilities to manage cyber, credit, and liquidity risks in NBFCs.
NBFCs' rapid credit expansion requires strengthened assurance functions-risk management, internal audit and compliance-with preserved independence, direct board access and sufficient resourcing. Assurance must progress from box ticking to root cause analysis and capability building. Priority oversight areas include cybersecurity resilience, validation and calibration of rule based credit models, concentration and maturity mismatches leading to liquidity risk, and customer protection through transparent pricing and fair charging practices; supervisory review will assess substance over form to prevent regulatory circumvention.

Artificial intelligence governance in banking advances focus on adoption, risk mitigation and regulatory challenges for financial institutions.
A DFS-led workshop brought together senior officials from Public Sector Banks, financial institutions and industry experts to promote artificial intelligence adoption in banking through NASSCOM-led best practices and case studies, focusing on operational use-cases like customer service, credit decisioning, fraud detection and risk management, while highlighting governance priorities including data governance, cybersecurity, transparency and regulatory compliance.

Government securities auction re-issue: price-based multiple-price method with non-competitive allotment and retention option, electronic bidding.
Re-issue auction of two central Government securities via a price based auction using the multiple-price method, with GoI retaining an option to accept additional subscriptions up to a set ceiling for each security. Up to five percent of each notified amount is reserved for eligible applicants under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within prescribed time windows on auction day. The securities are eligible for When Issued trading under RBI guidelines, with announced result and payment dates.

Prudential framework for project finance: draft directions issued to harmonise lending norms and seek stakeholder comments.
The draft Direction establishes a prudential framework for financing project loans-covering Income Recognition, Asset Classification and Provisioning for projects under implementation-to harmonise instructions across regulated entities, strengthen regulatory treatment for project finance, and provide an enabling framework that addresses credit and execution risks; stakeholder comments are invited by the specified deadline.

Local Currency Settlement System Agreement to be finalised to strengthen bilateral trade and payment cooperation and resolve market access issues
Agreement to finalise a Local Currency Settlement System Agreement and related payment cooperation measures was identified as a primary objective to strengthen bilateral trade and reduce reliance on third currency settlements. Both sides committed to early conclusion of this settlement framework, discussed integration with Unified Payments Interface-style mechanisms, and endorsed coordinated involvement of central banking, export finance and payment infrastructure institutions to operationalise cross border local currency flows and address market access obstacles.