Regulatory sandbox: central banks align frameworks to leverage fintech for broader financial inclusion while strengthening surveillance.
Central banks confront the regulatory and supervisory implications of rapid FinTech-driven digitisation, with policy focus on harnessing innovations to expand financial inclusion while mitigating risks. The Reserve Bank of India is aligning its regulatory and supervisory framework, strengthening surveillance of FinTech-financial sector interactions, advancing national payments infrastructure, and seeking stakeholder input on an Enabling Framework for Regulatory Sandbox to pilot innovations under oversight.

Government securities auction: multiple stocks offered via price and yield-based competitive and non-competitive bidding, with allocation rules.
Announcement of auctions for re-issue of multiple Central Government stocks via price-based and yield-based methods, with a capped total notified amount and optional retention of additional subscriptions. Auctions will use the multiple price method and be conducted electronically on the RBI E-Kuber system. Both competitive and Non-Competitive Bidding facilities are available, with up to five percent of each notified amount reserved for eligible individuals and institutions. The stocks are eligible for When Issued trading under RBI guidelines.

Monetary policy flexibility as the primary defense for EMEs, paired with reserves and payments resilience to manage spillovers.
EMEs confront weakening global growth and trade, heightened financial market vulnerability with sudden capital flow reversals, and volatile oil prices that threaten current accounts and inflation. With constrained fiscal space, monetary policy becomes the primary defense despite its limits; the note advocates calibrating policy rate moves to signal stance and avoid rigid conventions. In the absence of a global safety net, EMEs should build forex reserve buffers. Strengthening payment and settlement systems and introducing a time bound regulatory sandbox for FinTech are urged to bolster financial resilience.

Auction of Government Securities: price-based re-issue with multiple-price method, non-competitive allocation and e-kuber electronic bidding.
The Government announced a price-based re-issue auction of multiple dated Government stocks within an aggregate notified limit, with the RBI conducting auctions by the multiple price method; up to 5% of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility, and both competitive and non-competitive bids must be submitted electronically on the Reserve Bank's E-Kuber system within prescribed time windows, with results and payment scheduled by the issuer and the stocks eligible for When Issued trading under RBI guidelines.

Auction of Government Securities via multiple price method; non competitive bids allowed and results with payment scheduled.
Sale and re issue of specified Government stocks will proceed by auction using the multiple price method with an overall notified limit and an issuer option to retain additional subscriptions within that limit. A set proportion of each notified amount is reserved for eligible individuals and institutions under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically via the central banking E Kuber system within prescribed time windows; auction results and payment dates are scheduled, and the securities are eligible for "When Issued" trading under prevailing guidelines.

Rupee interest rate derivatives draft directions aim to unify regulations and invite stakeholder feedback to improve market access.
The Reserve Bank released draft Rupee Interest Rate Derivatives Directions under section 45W to rationalise and unify regulations governing rupee interest rate derivatives, improve consistency and access, and invite feedback from banks and market participants through a specified consultation process directed to the Financial Markets Regulation Department.

Fiscal federalism: design debt allocation, transfers and incentives to promote sustainable subnational finances and local revenue autonomy.
The Commission must assess aggregate government debt limits and propose allocation between centre and states and an apportionment method for state liabilities; design formula based transfers and fiscal equalization that address vertical and horizontal imbalances within data constraints; recommend performance based incentives balancing prospective versus retrospective rewards and equity versus efficiency; strengthen public financial management institutional frameworks for budgeting and reporting; and improve third tier revenue autonomy through property tax reforms, devolution and grants.

Auction of government securities: multiple-price method with electronic bidding and reserved non-competitive allocation.
Sale and re-issue of central government securities is announced via auctions using the multiple price method, within an aggregate notified limit and with an option for additional retention. Auctions allow competitive bids and a capped non-competitive allocation for eligible individuals and institutions. Electronic bids must be submitted on the designated core banking auction platform within prescribed time windows; results and payment dates are pre-specified. The stocks are eligible for when-issued trading under existing guidelines.

Government receipts and expenditure: composition of receipts, state tax devolution, and major revenue outlays reported to February.
Consolidated monthly accounts to February 2019 report receipts by tax revenue, non tax revenue and non debt capital receipts (loan recovery and disinvestment), record devolution of share of taxes to States, and present total expenditure divided into revenue and capital accounts with major components identified as interest payments and major subsidies, each expressed relative to the revised estimates for 2018 19.

Financial inclusion via digital onboarding and India Stack to shape FinTech policy and investment priorities for broader access to finance.
NITI Aayog convened a FinTech Conclave to align stakeholder input on sustaining FinTech growth and shaping regulatory and policy initiatives to advance financial inclusion via digital tools such as voluntary Aadhaar and the India Stack. The event featured thematic panels on digital onboarding, product design for younger consumers, emerging FinTech areas, investment facilitation, and MSME inclusion, and sought to consolidate sector-specific findings to inform future policy and strategy while noting the role of advanced risk management and artificial intelligence in the FinTech ecosystem.

Monetary Policy Committee meeting schedule published under Section 45ZI, setting multiple bi monthly meetings for the year.
The Reserve Bank announces the annual meeting schedule for the Monetary Policy Committee under Section 45ZI of the Reserve Bank Act, confirming six bi monthly Monetary Policy Statement meetings for 2019-20 and stating the schedule is published to meet the Act's requirement that dates be issued at least one week before the first meeting.

Fiscal federalism: strengthen Finance Commission continuity and devolution to local bodies to secure predictable, equitable resource flows.
Fiscal federalism requires strengthening intergovernmental fiscal institutions to ensure predictable and equitable resource flows: maintain continuity and change across Finance Commissions, consider a permanent lean Commission for interim guidance and implementation issues, and prioritise constitutionally mandated State Finance Commissions and devolution to local bodies. The GST Council exemplifies cooperative federalism through tax harmonisation but must also work to enhance tax to GDP performance and broader reform consensus. Cooperative federalism should be balanced with competitive federalism and underpinned by fiscal consolidation guided by a commonly agreed expenditure code.

Government securities auction: re-issue of multiple dated stocks via price-based multiple-price auction with non-competitive bidding facility.
Announcement of re-issues of four dated Government securities through price-based auctions under the multiple price method, with an option to retain additional subscriptions within the notified limit. Up to 5% of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Competitive and non-competitive bids are to be submitted electronically via E-Kuber within specified time windows on the auction date; results are to be announced that day and payment by successful bidders on the designated settlement date. Stocks are eligible for when issued trading per applicable guidelines.

Membership of Finance Commission: Ajay Narayan Jha appointed to the Fifteenth Finance Commission replacing a resigned member.
Ajay Narayan Jha has been appointed as a Member of the Fifteenth Finance Commission, replacing a member who resigned; the Commission is tasked with determining the formula for revenue devolution between the Centre and States for the five-year period beginning April 2020. The appointment highlights the appointee's prior roles as Finance Secretary and as Secretary to the Fourteenth Finance Commission and reflects continuity in senior fiscal administration under the Presidential constituting order.

Transfer of ownership of a public housing finance bank strengthens government funding support and separates regulator ownership roles.
The Cabinet approved payment of the face value of the subscribed share capital held by the Reserve Bank of India so that the subscribed capital of the National Housing Bank shall transfer to and vest in the Central Government pursuant to amendments to the NHB Act; this transfer strengthens NHB's wholesale financing role and segregates RBI's regulatory function from ownership, with the expenditure met from gross budgetary support and beneficiaries including the housing sector.

EASE Reforms Index benchmarks public sector bank performance, validating the 4R strategy and driving institutionalised reform.
The document reports an independent assessment via the EASE Reforms Index that benchmarks each public sector bank on 140 objective metrics across six themes, producing bank-specific scorecards and peer comparisons to identify strengths and gaps. It validates the Government's 4R strategy-recognition, recovery, recapitalisation and reforms-by showing measurable improvements in asset quality, recoveries, capitalisation and risk metrics, and documents thematic progress in Clean Banking, Smart Banking and Responsible Banking aimed at institutionalising sustainable reforms and preventing future stress.

Exchange of tax information enables cross border sharing and mutual collection assistance to combat tax evasion and avoidance.
The bilateral Agreement establishes a framework for cross border exchange of taxpayer information, including banking and ownership data, and for mutual assistance in collection of tax claims. It permits both on request and automatic exchange of information and aligns cooperation procedures with international tax transparency standards to support tax assessment, recovery, and efforts to prevent evasion and avoidance.

Electoral Bond Scheme regulates purchase and encashment through authorized bank branches, with strict validity and party eligibility rules.
The Electoral Bond Scheme 2018 allows Indian citizens and entities incorporated/established in India to purchase bearer electoral bonds, while only political parties registered under the Representation of the People Act that secured at least one per cent of votes in the last relevant election may receive and encash them. Issuance and encashment occur solely through 29 designated State Bank of India branches during specified windows in March, April and May 2019. Each bond is valid for fifteen calendar days from issue; late deposits are not payable and eligible party deposits are credited the same day into the party's authorised bank account.

Bilateral swap arrangement expands foreign exchange access, granting India flexible short term liquidity support under the agreement.
The Bilateral Swap Arrangement between the Reserve Bank of India and the Bank of Japan permits India to draw on agreed foreign exchange resources to support domestic currency needs for balance of payments management and short term liquidity; draws may be made in part at India's discretion to supplement official reserves when judged necessary.

Government fiscal position: consolidated receipts and higher expenditure up to January, with increased tax devolution to states.
Consolidated central receipts to January 2019 comprise Tax Revenue (Net to Centre), Non-Tax Revenue and Non-Debt Capital Receipts including loan recoveries and disinvestment; the release quantifies each component as a share of the revised estimates. It records the amount transferred to states as Devolution of Share of Taxes and the year-on-year increase. Total expenditure is broken into Revenue Expenditure and Capital Account, with interest payments and major subsidies singled out within revenue expenditure.