Central receipts and expenditure show reduced state devolution and elevated revenue expenditure including interest and subsidies.
Central receipts through July 2020 are driven by net tax revenue, supplemented by non tax revenue and non debt capital receipts (mostly loan recoveries). Transfers to states as devolution of share of taxes are lower than the previous year. Expenditure is split into revenue and capital accounts, with revenue expenditure dominating; interest payments and major subsidies are the principal components of revenue spending.

Sovereign Gold Bond issue pricing set with an online digital payment discount for subscribers during the offering window.
Sovereign Gold Bond Series VI subscription runs for a specified window with settlement on the announced date; the issue price is fixed at Rs. 5,117 per gram for the subscription period. A digital payment incentive grants a Rs. 50 per gram discount for investors who apply online and pay by digital mode, making their effective issue price Rs. 5,067 per gram.

Bank governance and risk management: banks must strengthen governance and rebuild capital to ensure resilience post pandemic.
Banks must strengthen internal governance, risk management, and compliance while implementing time bound RBI liquidity, moratorium and resolution measures without treating relaxations as permanent. Banks should reassess business models, pursue scale and efficiency supported by business oriented technology, tighten underwriting and credit monitoring to prevent fraud, and embed early warning systems, stress testing, internal audit and proactive capital and liquidity planning to rebuild buffers and resilience.

High-denomination note management: high-value note printing paused and circulation fell while lower denominations were prioritized.
The Reserve Bank suspended printing of the highest-denomination banknote in 2019-20 and reported a continued decline in its circulation and share of total volume and value. No indent was placed and no fresh supplies were provided by the note-printing agencies. Indents and supplies for multiple lower denominations were issued and many were supplied for circulation. Overall indents and supplies of banknotes were lower in 2019-20, largely attributed to COVID 19 disruptions and the ensuing lockdown.

Umbrella Entity authorisation: RBI invites applications under new pan-India retail payments framework, applicants to use prescribed Form A.
The regulatory authority released a framework for authorisation of a pan India Umbrella Entity for Retail Payments after deliberation on public feedback, and invites prospective applicants to submit applications in the prescribed Form A within the announced submission window to initiate the formal authorisation process.

Self-Regulatory Organisation recognition framework: draft sets SRO role for payment system operators and invites stakeholder comments.
A draft framework proposes recognition of an industry association as a Self-Regulatory Organisation for Payment System Operators, covering all payment system segments to establish minimum benchmarks and standards on security, customer protection and competitiveness. The SRO is intended to act as a two-way communication channel between PSOs and the monetary authority, promote best practices and disciplined member behaviour, and the draft invites public comments to inform finalisation.

Government securities auction re-issues offered via price-based, multiple-price method with electronic competitive and non-competitive bidding.
Auctions of three Government stocks are being offered by price-based, multiple-price re-issue; the issuer may retain additional subscriptions. Up to a reserved portion of each notified amount will be allotted under the Non-Competitive Bidding Facility. Both competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within specified time windows; auction results and payment dates are prescribed. The securities will be eligible for When Issued trading under RBI guidelines.

Contingency risk buffer maintained, while the central bank approved surplus transfer and annual accounts amid COVID-19 measures.
The Central Board reviewed the Bank's monetary and regulatory measures addressing COVID-19, approved the Annual Report and accounts for 2019-20, authorised transfer of surplus to the Central Government for that year, and decided to maintain the Contingency Risk Buffer at 5.5%.

Government securities auction: re-issue offered by price-based auction with non-competitive allocation and E-Kuber electronic bidding.
Announcement of re-issuance auctions for four central government stocks to be offered through price based auction using the multiple price method, with the issuer retaining an option to accept additional subscriptions against each security. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility. Bids must be submitted electronically on the central bank's E-Kuber system within prescribed time windows for non-competitive and competitive bids, and the stocks are eligible for "When Issued" trading under central bank guidelines.

Accommodative monetary stance preserved to support economic recovery while maintaining focus on inflation targeting and data vigilance.
The Monetary Policy Committee kept the policy repo rate unchanged and retained an accommodative stance to support recovery from COVID-19 while pursuing the medium-term CPI inflation target of 4 percent +/-2 percent. The MPC noted a fragile global outlook, tentative domestic recovery with agriculture outperforming and continued contraction in industry and services, abundant systemic liquidity from Reserve Bank measures, improved transmission to lending rates, and uncertain inflation dynamics driven by food supply disruptions and cost-push pressures. The MPC emphasised judicious use of available policy space and remained watchful of incoming data.

Monetary accommodation maintained to support recovery, paired with targeted liquidity, restructuring window, and payment system safeguards.
The MPC maintained the policy repo rate and an accommodative monetary stance to support recovery while monitoring inflation; the RBI announced targeted liquidity and regulatory measures including an Additional Special Liquidity Facility to NHB and NABARD, a limited resolution window under the Prudential Framework to treat certain restructured exposures as standard subject to safeguards and independent validation, restructuring eligibility for stressed MSMEs standard as of March 1, 2020, a temporary raise in LTV for gold loans, harmonisation of capital treatment for bank holdings via MFs/ETFs, Priority Sector Lending revisions, and payment system and innovation enhancements.

Strategic sector PSU cap announced; consolidation and targeted privatisation to reshape public sector presence across economy.
Announcement of a public sector enterprises policy to notify strategic sectors with a capped number of public sector enterprises, using consolidation measures such as mergers to achieve that cap; central public sector enterprises in non strategic sectors will be considered for privatisation based on feasibility. The policy intends to open sectors to private participation while retaining PSEs in defined areas and will be taken to Cabinet, with the IDBI privatisation proposal noted as the only bank proposal cleared so far.

Sovereign Gold Bond issue price reduced for online digital payments during the Series V subscription window, with specified settlement arrangements.
Sovereign Gold Bonds 2020-21 (Series V) are open for a defined subscription window with a specified settlement date and a fixed issue price per gram as published by the RBI. A discount applies to investors who apply online and pay via digital modes, resulting in a reduced issue price for such digitally paid subscriptions.