Loan limit expansion under Pradhan Mantri Mudra Yojana broadens collateral-free credit access and adds Tarun Plus category.
The regulatory change increases the PMMY collateral free lending ceiling, adds a new Tarun Plus category for previously repaid Tarun borrowers, and extends guarantee coverage from the Credit Guarantee Fund for Micro Units to support larger unsecured loans through Member Lending Institutions across manufacturing, trading, services and allied agricultural activities, while maintaining supporting delivery mechanisms such as the MUDRA Card, MUDRA MITRA app, simplified application processes and targeted interest subvention.

Auction of government securities: re-issue of two dated bonds via price-based multiple-price auction with non-competitive allocation.
Government of India announced re-issues of two dated Government Securities by price-based multiple-price auction with an option to retain additional subscription for each security. Auctions will be conducted on the Reserve Bank of India's E Kuber system with specified windows for non-competitive and competitive bids; up to 5% of each notified amount is reserved under the Non-Competitive Bidding Facility. Results and payment/settlement follow the announced timetable. The securities are eligible for When Issued trading under RBI guidelines.

Creation of Chief General Manager posts enhances senior management oversight and targeted supervision across nationalised banks.
Approval to create and increase Chief General Manager (CGM) posts across nationalised banks raises total CGMs from eighty to one hundred forty-four, applies a ratio of one CGM per four GMs and produces proportional increases in GM, DGM and AGM posts. The expansion is intended to strengthen senior management oversight, improve control, supervision, asset management and operational efficiency, and provide focused monitoring of digitalisation, cyber security, fin tech, risk and compliance and credit verticals.

Financial stability frameworks must combine macroprudential tools, supervisory coordination, and data analytics for resilient banking systems.
Central banks must prioritise financial stability by proactively identifying systemic risks driven by faster digital bank runs, third party technology dependence, cybersecurity threats, and climate risk. A multi-tool approach-combining monetary, regulatory and supervisory instruments, macroprudential policy, lender-of-last-resort functions, inter-agency coordination and disclosure through Financial Stability Reports using stress tests and contagion analysis-supports resilience. Enhanced international cooperation, a risk-focused through-the-cycle supervisory model, and a comprehensive data analytics ecosystem are necessary to strengthen crisis preparedness while balancing resilience and innovation.

Government securities auction using multiple-price method announced; non-competitive facility, specified bidding windows, and when issued trading allowed.
Re-issue auction of three Government of India securities will be conducted via price-based multiple price method with notified nominal amounts and an option for additional retention; up to five percent of each issue is allocable to eligible applicants under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on RBI's E-Kuber within prescribed windows on the auction date. Results will be announced on the auction date and payment by successful bidders will occur on the scheduled settlement date. The securities are eligible for When Issued trading per RBI guidelines.

Financial stability must be integrated into central bank policy as debt dynamics and technology reshape systemic risks.
Central banks must reassess mandates and tools as post pandemic debt, geopolitical fragmentation and technological advances alter policy space. Monetary policy faces distributional limits and international spillovers that constrain emerging market responses; financial stability risks arise from prolonged low rates, private credit expansion, higher debt servicing and interconnected exposures; and digital innovations - including CBDCs and digital public infrastructure - offer efficiency gains for cross border payments but require interoperability, standards harmonisation and safeguards against AI, concentration and cyber risks.

Internship eligibility and portal matching define the PM Internship Scheme, with stipend DBT and CSR-based partner participation.
The Prime Minister's Internship Scheme establishes a portal-managed internship programme distinct from other skill initiatives, offering a 12-month pilot for Indian nationals aged 21-24 who are not in full-time work or study. Eligibility is defined by minimum educational qualifications while specified premier-institution graduates, professional-degree holders, concurrent government trainees, and candidates failing income or family-employee criteria are excluded. Partner companies are chosen principally on CSR expenditure or by Ministry approval; internships include a government-administered stipend via Direct Benefit Transfer, an employer contingent contribution, a joining grant, and insurance coverage, with portal-based shortlisting and company-led final selection emphasizing social inclusion.

Merger control approval: dual intra group acquisitions consolidate ownership in a credit solutions firm and an asset reconstruction company.
Approval of two simultaneous intra group acquisitions: JM Financial Limited's acquisition of 42.99% of JM Financial Credit Solutions Limited, and JM Financial Credit Solutions Limited's acquisition of 71.79% of JM Financial Asset Reconstruction Company Limited, restructuring ownership within the JM Financial group. JM Financial Limited is the listed holding and operating company providing diversified financial services; JM Financial Credit Solutions Limited is a systemically important NBFC focused on wholesale lending; JM Financial Asset Reconstruction Company Limited is an RBI registered asset reconstruction company engaged in stressed asset acquisition and resolution.

Monetary policy stance shift to neutral while keeping policy repo rate unchanged to focus on inflation alignment and growth.
The Monetary Policy Committee maintained the policy repo rate and related facility rates and changed its stance to neutral, focusing on a durable alignment of CPI inflation with the medium term target while supporting growth. The MPC noted resilient domestic growth driven by consumption and investment, identified transient upside risks to inflation from base effects and commodity prices, and emphasised vigilance amid geopolitical and weather uncertainties. Voting recorded a majority for holding rates and adopting neutral stance, with one dissent preferring a rate reduction.

Auction of government securities: re-issue of two dated bonds via price-based multiple-price auction with non-competitive allocation and when-issued trading eligibility.
Re-issue auction announced for 7.04% GS 2029 and 7.34% GS 2064 via price-based multiple price method; Government may retain additional subscriptions. Up to 5% of each notified amount is reserved under the Non-Competitive Bidding Facility for eligible individuals and institutions. Competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within prescribed time windows. Auction results and payment dates are scheduled, and the securities are eligible for When Issued trading per RBI guidelines.

RBI draft circular tightens bank business forms and sets prudential investment limits, approval requirements, and ICAAP capital duties.
The RBI draft circular revises permissible forms of business and prudential investment rules: core banking functions must be departmental, ring fenced activities must be undertaken through a single group entity, and prior board, risk committee and Reserve Bank approvals are required for certain activities and new group arrangements. It prescribes investment ceilings tied to paid up capital and reserves, caps on shareholdings in NBFCs, non financial companies, ARCs and AIFs, conditions and exemptions to prior approval for investments below specified thresholds, mandatory breach reporting, and ICAAP based capital assessment and group capital management obligations.

Rural credit priority: RRBs urged to expand agriculture, allied and MSME lending and deepen financial inclusion across the North East.
The review directed RRBs, with sponsor-bank and NABARD support, to increase credit under flagship government schemes and prioritise lending for agriculture, horticulture and allied activities; to promote Farmer Producer Organizations; to hold special State Level Bankers' Committee meetings to tap horticulture, floriculture, sericulture and animal husbandry potential and resolve land record issues for agri credit; to expand credit for agri processing; to ensure PMJDY coverage; to consult with DoNER and NEC on credit for ODOP vendors; to devise MSME products tailored to local needs; and to open new banking touchpoints in underbanked areas.

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.