Ban on private cryptocurrencies recommended; regulatory penalties urged while official digital currency remains under consideration.
The Inter-Ministerial Committee recommends prohibition of activities connected with private cryptocurrencies and proposes fines and penalties for such activities, while endorsing use of distributed-ledger technology in financial services. The Committee also proposes that the Government keep an open mind on an official digital currency and suggests establishing a Standing Committee to revisit these issues; a Draft Bill on banning cryptocurrencies and regulating an official digital currency has been submitted for inter-departmental consultation.

Branch authorisation policy mandates rural outlet coverage, enabling nationwide bank outlet expansion subject to rural service requirements.
The Reserve Bank's Branch Authorisation Policy permits scheduled commercial banks to open banking outlets nationwide without prior approval, subject to a mandated share of new outlets being located in unbanked rural centres; outlets in certain low-population or notified special districts are treated as equivalents. PMJDY implementation mapped villages into 1.59 lakh Sub-Service Areas, with banks reporting SSA coverage through branches and interoperable Bank Mitras, and annexures provide district and state-level data on accounts and deposits.

Confidentiality of bank customer information preserved, non-suit wilful defaulters exempt from disclosure while suit-filed lists are public.
Confidentiality and disclosure rules remain calibrated: lists of suit filed wilful defaulters and suit filed defaulters are disclosed in the public domain via credit information companies, while lists of non suit filed wilful defaulters are treated as confidential and exempt from disclosure under the statutory confidentiality provision; no legislative amendment to alter this disclosability regime has been introduced.

Complaint Management System enables online filing against regulated entities with resolution under ombudsman schemes and settlement or award mechanisms.
The Complaint Management System (CMS) launched on June 24, 2019 enables online filing of complaints against regulated entities; matters within the scope of the Banking Ombudsman Scheme, 2006 and the Ombudsman Scheme for NBFCs, 2018 are to be resolved under those Schemes. Each Scheme empowers the Ombudsman to facilitate satisfaction or settlement by agreement, conciliation or mediation, or by passing an Award. There was no IVR mechanism to track complaint status at the time of the parliamentary reply.

Card transaction security: mandates domestic-only issuance by default, EMV chip conversion and stronger authentication for remote payments.
Reserve Bank of India mandated online alerts for all card transactions; default domestic only issuance of new debit and credit cards unless international use is requested; mandatory PCI DSS and PA DSS certification for merchant terminals and IP based acquiring infrastructure including acquirers, processors/aggregators and large merchants; conversion of all magstripe cards to EMV Chip and PIN; and implementation of an Additional Factor of Authentication for all Card Not Present transactions.

No minimum balance requirement for basic savings accounts; other accounts may incur reasonable service charges with prior customer notice.
Banks must not impose minimum balance requirements or penalties on Basic Savings Bank Deposit (BSBD) accounts, which provide specified basic facilities free of charge; for non BSBD accounts banks may levy service charges under a board approved policy provided charges are reasonable, cost aligned, basic services are identified, and customers receive upfront disclosure and prior notice of changes.

Banking insolvency reform reshapes creditor borrower relations and strengthens recovery mechanisms for stressed bank assets.
Central Government implemented a coordinated 4R strategy-recognition, resolution, recapitalisation and reforms-to address NPAs in PSBs by enforcing transparent recognition, using the Insolvency and Bankruptcy Code to change creditor-borrower relations and exclude wilful defaulters, instituting board-approved loan policies, enhanced due diligence, segregation of sanctioning and monitoring for large exposures, specialised monitoring agencies, and digital one-time-settlement platforms to improve recoveries.

Revival of cooperative societies: package and concessional refinance funds to strengthen bank governance and farmer lending.
The Government implemented a revival package for the Short Term Cooperative Credit Structure combining legal and institutional reforms, managerial improvements and financial assistance, requiring Cooperative Banks to achieve deliverables such as minimum capital adequacy, reduction of NPAs, deposit enhancement, implementation of Management Information Systems and Core Banking Solution. Two NABARD administered concessional refinance mechanisms were set up: a Short Term Cooperative Rural Credit (Refinance) Fund conditioned on concessional on lending to eligible borrowers, and a Long Term Rural Credit Fund for concessional long term agricultural refinance.

Digital payments charge prohibition: businesses must provide low cost digital payment options without imposing merchant or customer fees.
MeitY implements incentive schemes including BHIM cash back and merchant incentives and authorised reimbursement of Merchant Discount Rate on Debit Card, BHIM UPI and BHIM Aadhaar Pay transactions for amounts up to Rs. 2000 for two years from 1 January 2018; public transport operators were requested to enable the National Common Mobility Card. The Budget proposal directs larger business establishments to offer low cost digital payment modes without levying charges or MDR on customers or merchants, with RBI and banks expected to absorb costs from cash handling savings.

Basic Savings Bank Deposit Account free basic banking facilities ensured; additional services optional with disclosure and no minimum balance requirement.
RBI guidance mandates that Basic Savings Bank Deposit Account holders receive specified minimum facilities free of charge without any minimum balance requirement, including cash and electronic deposits, at least four monthly withdrawals, and an ATM/debit card; banks may offer optional value added services with disclosure but must not convert BSBDA status. For other accounts, banks may impose service charges under a Board approved pricing policy provided charges are reasonable, disclosed upfront, and changed only after prior notice.

Financial inclusion expansion under PMJDY raises overdraft access, broadens age eligibility and enhances insurance and digital usage.
PMJDY has been refocused from household coverage to every adult and operationally enhanced: overdraft access has been increased with relaxed conditions for small overdrafts and extended age eligibility, accidental insurance cover for new RuPay card holders on newly opened accounts has been raised, and measures are directed to promote Direct Benefit Transfer, link social security and savings products to Jan Dhan accounts, and accelerate digital payments to deepen financial inclusion.

Interest subvention for short term crop loans lowers farmer borrowing costs while Kisan Credit Cards and regulatory targets expand credit access.
The Government's interest subvention scheme subsidises bank interest and grants a prompt repayment incentive to lower effective rates on eligible short term crop loans; restructured loans after natural calamities receive subvention for one year or extended relief for severe calamities subject to committee approval. The Kisan Credit Card is the delivery vehicle with limits set from Scale of Finance plus specified add ons and a Maximum Permissible Limit including term loan estimates; marginal farmers have a dedicated flexible KCC. Regulatory targets, raised collateral free limits, waiver of 'no due' certificates for very small loans and promotion of Joint Liability Groups support expanded agricultural credit access.

Basic Savings Bank Deposit accounts must provide prescribed minimum facilities free and may be converted only on written request.
Reserve Bank of India mandates that Basic Savings Bank Deposit (BSBD) accounts must provide specified basic facilities free of charge without any minimum balance requirement, including cash deposits, electronic credits, government cheque collections, unrestricted deposits, at least four withdrawals monthly and an ATM or ATM cum Debit Card. Banks may offer optional value added services with non discriminatory pricing and disclosure, but such services cannot be made conditional on maintaining a minimum balance nor change the BSBD status. Conversion to a regular savings account requires the customer's written request, and RBI may penalise banks for non-compliance under the Banking Regulation Act.

Disaster relief funds enable SDRF/NDRF eligibility and loan relief measures for coffee growers after severe monsoon crop losses.
Excessive 2018 monsoon rainfall caused substantial coffee crop losses in Karnataka and Kerala, with many areas regenerating but landslide-affected tracts requiring six to seven years to restore. Affected districts were declared eligible under the State Disaster Response Fund and National Disaster Response Fund for compensation, rescheduling of existing loans and sanctioning of fresh loans per Reserve Bank guidelines. Central funds were released to the states for relief, and the Government of Karnataka extended a loan waiver for coffee growers; a Task Force assessed damage and forwarded recommendations to relevant Ministries.

Fast-track FDI processing: SOP timelines and inter-ministerial review support quicker decisions while most sectors use automatic approval.
Fast-track processing for FDI proposals is governed by a Standard Operating Procedure requiring decisions within a prescribed timeframe, with pauses allowed for applicants to rectify deficiencies; periodic inter-ministerial reviews support timely disposal. The FDI policy permits 100% foreign investment in most sectors under the automatic route except a limited negative list, and is subject to ongoing review and stakeholder consultation while recognising commercial determinants of inflows.

Strategic economic cooperation: India and Russia outline sectoral roadmaps and an actionable framework for joint economic projects.
Second India Russia Strategic Economic Dialogue focused on bilateral cooperation in six core sectors-transport, agriculture and agro processing, SME support, digital and frontier technologies, trade/banking/finance/industry, and tourism/connectivity-through plenaries and parallel roundtables. The Dialogue, chaired by senior NITI Aayog and Russian economic development officials and grounded in a bilateral MoU, produced sectoral roadmaps stressing nodal points for SME engagement, platform and certification reciprocity, predictable transport corridors, and plans for an actionable joint framework to be reflected in a forthcoming joint statement.

Insolvency and Bankruptcy Code reshapes creditor recovery, enabling approved resolution plans and strengthened PSB balance sheets.
Public sector banks report strengthened recovery and balance sheet metrics following a 4R strategy-recognition of NPAs, resolution and value recovery, recapitalisation, and reforms. The Insolvency and Bankruptcy Code has altered creditor-debtor relations, barred wilful defaulters from resolution, and enabled court approved resolution plans. Banks use empanelled valuers for valuations. Operational reforms include board approved loan policies with pre disbursement clearances, third party data due diligence, segregation of sanction and monitoring functions for large loans, specialised monitoring agencies, and online one time settlement platforms, yielding reduced gross NPAs, higher provision coverage and improved regulatory capital compliance.

Financial inclusion under PMJDY permits private banks to open no-fee Jan Dhan accounts and reports substantial operative uptake
Pradhan Mantri Jan Dhan Yojana (PMJDY) authorises public and private banks to open basic deposit accounts to provide universal banking access; policy expressly contemplates that Jan Dhan accounts are not debited with bank charges, and implementation reporting distinguishes total accounts opened from operative accounts while attributing major share of openings to public sector banks with participation by private banks.

Interest subvention scheme reduces farm borrowing costs and enables structured restructuring and calamity relief for affected borrowers.
No loan waiver proposal exists; the Government and RBI employ an interest subvention scheme to lower effective rates, provide prompt repayment incentives, and allow subvention on restructured loans with extended relief for severe calamities subject to High Level Committee approval. RBI directives mandate automatic relief on calamity declaration, lower crop loss thresholds to trigger measures, restructuring, moratoria, relaxed security norms and inclusion of distressed non institutional borrowers under Priority Sector Lending. Complementary steps include higher collateral free loan limits, waiver of 'no due' certificates for very small loans, promotion of Joint Liability Groups, direct income support transfers, and comprehensive crop insurance.

NPA recognition and resolution: strengthened frameworks and measures to detect fraud and improve bank recoveries.
The Government implemented a 4R's strategy-recognition, resolution, recapitalisation and reforms-leading to transparent classification and provisioning of NPAs, withdrawal of restructuring flexibilities, recapitalisation of PSBs, strengthened PSB loan policies requiring pre-disbursement clearances and due diligence, segregation of sanctioning and monitoring for large loans, specialised monitoring and online one-time settlement platforms, and complementary fraud-deterrence measures including the Insolvency and Bankruptcy Code, a fraud-examination framework for large NPAs, the Fugitive Economic Offenders Act, passport certification for large borrowers, publication of wilful defaulter information, rotational transfers, and the National Financial Reporting Authority.