Fiscal receipts and expenditures review highlights tax and non tax collections, state devolution and major revenue outlays through August.
Consolidated monthly accounts up to August 2024 report total receipts composed of tax revenue net to the Centre, non tax revenue and non debt capital receipts, and note a significant transfer to state governments as devolution of tax share which exceeds the previous year. Total expenditure is presented split between revenue and capital accounts, with revenue expenditure including interest payments and major subsidies, and capital expenditure reported separately against the corresponding budget estimates for the year.

Governance in small finance banks: Boards must strengthen oversight, assurance functions, and risk management to ensure sustainable inclusive growth.
Boards of Small Finance Banks must prioritise governance and oversight to meet financial inclusion objectives, ensuring responsible lending, effective grievance redressal, and participation in government-sponsored schemes. Boards should document deliberations, implement succession planning with adequate Whole Time Director representation, and empower independent assurance functions-risk management, compliance, and internal audit-with direct Board access. Key risks requiring Board scrutiny include concentrated or high-cost funding, weak credit underwriting and recovery practices, cyber-security and IT vulnerabilities, and operational risks from rapid growth and high staff attrition.

Government borrowing programme focuses on dated securities, Sovereign Green Bonds and debt management tools to smooth redemptions.
The Government finalised its borrowing programme for the second half of the financial year, funding a significant share of planned gross market borrowing through dated securities and a tranche of Sovereign Green Bonds, executed via weekly auctions across multiple maturities with a greenshoe option for additional subscription. The plan includes switching and buyback operations to smooth redemptions, scheduled Treasury Bill issuance for short-term cash needs, and a Ways and Means Advances limit set by the central bank to manage temporary account mismatches.

Government securities issuance calendar schedules auctions including sovereign green bonds with retail reservation and modification flexibility.
The Government of India, with the Reserve Bank, issues an indicative issuance calendar for dated securities (Oct-Mar 2024-25) listing scheduled auction weeks and security-wise allocations across multiple maturities, including Sovereign Green Bonds. Each auction will permit non-competitive bidding with five per cent reserved for specified retail investors. The Government and Reserve Bank may modify amounts, maturities or instrument types, may exercise a greenshoe option to retain additional subscription per security, and will conduct switch auctions monthly; all auctions are subject to General Notification No. F.4(2)-W&M/2018.

Treasury bill issuance calendar establishes auction schedule with modifiable amounts and timing to address market conditions.
A quarterly issuance schedule for Treasury Bills sets recurring auction and issue dates for 91 day, 182 day and 364 day instruments with specified notified amounts, while preserving Government flexibility to modify auction amounts and timing in response to market conditions and other factors; auctions proceed under the terms of the governing general notification and any calendar changes will be announced via press releases.

Financial inclusion: deepen access, improve usage and quality through district-level data-driven credit planning and literacy.
The address directs LDMs, DDMs and LDOs to pursue a data-driven, bottom-up credit planning process under the Lead Bank Scheme by preparing comprehensive district profiles, leveraging PLPs to set realistic yet aspirational Annual Credit Plan targets, and prioritising credit access for MSMEs, SHGs, small and marginal farmers and women entrepreneurs while strengthening financial and digital literacy through FLCs and CFLs to deepen access, usage and quality of financial services.

Government securities auction: re-issue of three dated bonds via multiple-price method with non-competitive allocation and when-issued trading eligibility.
Re-issue auctions for three GoI dated securities will be conducted via price-based multiple price method with an option for the Government to retain additional subscriptions. Up to 5% of each notified amount is reserved under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the RBI E-Kuber system within prescribed non-competitive and competitive windows on the auction date; results and payment occur on specified subsequent dates. The securities qualify for When Issued trading under RBI guidelines.

Global financial stability demands agile macroprudential and regulatory action to manage interconnected inflation, debt, geopolitical and market risks.
The address stresses that global financial stability requires agile macroprudential frameworks, robust crisis preparedness and forward-looking regulation to manage interdependent risks-sticky inflation, high debt, geopolitical fragmentation, trade uncertainty and climate shocks. It identifies specific stability threats from stretched asset valuations, dollar-driven capital-flow volatility, vulnerabilities in non-bank financial intermediation, rapid private credit growth with weaker underwriting, and commercial real estate stress, all exacerbated by divergent monetary policies and a "higher for longer" interest rate environment.

Government securities auction using price-based multiple price method with non-competitive allocation and when-issued trading eligibility.
Re-issue auctions for two Government securities will be conducted using a price-based multiple price method; the Government may retain additional subscriptions and up to five percent of each notified amount will be allotted 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 the auction date. Auction results, payment schedule, and eligibility for When Issued trading follow the RBI's when-issued transactions guidelines.

Government securities auction: re-issue of two dated securities via price-based multiple-price method with non-competitive allocation and specified bidding windows.
Re-issue auctions for two dated central government securities will be conducted via price-based multiple-price method, with the government able to retain additional subscription, up to five percent of each notified amount reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility, and electronic bid submission required within specified non-competitive and competitive windows; securities will be eligible for When Issued trading.

Monetary policy: preserve price stability under flexible inflation targeting while supporting inclusive growth through deeper credit access.
Monetary policy prioritises maintaining price stability under the flexible inflation targeting framework while completing disinflation amid volatile food inflation. The financial sector must deepen inclusion, expand credit access-notably to agriculture, MSMEs and women entrepreneurs-leverage digital infrastructure such as UPI and Unified Lending Interface, and support manufacturing, services and agri commercial transformations to sustain broad based growth.

Financial stability: regulator sets guardrails enabling innovation while ensuring depositor protection and institutional resilience through consultative frameworks.
The address emphasises financial stability as foundational for growth and describes the regulator as an enabler using consultative rule making (RRA 2.0) to streamline obligations. It stresses strengthening governance and a culture of compliance, active engagement with boards, and measured supervisory action. Innovation initiatives-Regulatory Sandbox, interoperable sandbox, innovation hub, hackathons, and ULI-are promoted alongside warnings about fintech risks, complex outsourcing chains, and the principle of outsourcing accountability requiring regulated entities to remain ultimately responsible.