WTO reform urged to restore multilateral trading effectiveness, including dispute settlement overhaul and paperless trade for resilient supply chains.
The summary urges WTO reform focused on development and operational improvements, including Special and Differential Treatment, a permanent Public Stock Holding solution and a two tier dispute settlement mechanism; it also prioritizes paperless trade and digitalization of trade documents for resilient supply chains, cooperation on Global Value Chains, concerns about unilateral climate trade measures inconsistent with multilateral agreements and CBDR, and enhanced cooperation on SEZs, MSME integration, technology transfer and digital public infrastructure.

Central bank climate risk oversight urges disclosure, transition plans and adaptation finance to protect financial stability and mobilise capital.
Central banks and regulators must address how climate events translate into financial risks affecting monetary stability and the safety of regulated entities. Key measures urged include establishing climate information architecture and disclosure frameworks, requiring credible top-driven transition plans with regional and sectoral detail, integrating climate risk into risk management and stress testing, and promoting adaptation and blended finance to mobilise private capital and support a just transition for developing economies.

Liquidity Coverage Ratio revisions propose changes to HQLA haircuts and deposit run off rates, inviting stakeholder comments.
Draft circular proposes adjustments to the Liquidity Coverage Ratio (LCR) by reviewing haircuts on High Quality Liquid Assets (HQLA) and revising run off rates on certain deposit categories to strengthen banks' short term liquidity resilience; stakeholder comments are invited with specified submission details.

Steering Committee for National Sample Surveys to review methodology, finalize tabulation, and approve survey results under two-year tenure.
Constitution of a Steering Committee for National Sample Surveys with a two year tenure, comprising nominated officials, representatives and expert members, tasked to review and advise on survey methodology (sampling frame, sampling design, questionnaires), finalize tabulation plans, conduct pilot testing, identify data gaps, provide technical guidance to central and state agencies, and finalize and approve survey results; the Committee may form Working Groups which will report to it, and the Survey Coordination Division will issue orders and provide administrative and financial support.

Growth projection: India's real GDP set to expand, underpinned by prudent macroeconomic policy and structural reforms.
Economic Survey 2023-24 projects sustained real GDP growth supported by prudent macroeconomic, trade and monetary policies that lowered retail inflation and preserved financial sector resilience. It highlights infrastructure expansion, unified power grid development, and capital formation in agriculture as supply-side enablers. The Survey stresses employment generation, rising female labour force participation, skilling and education reforms, MSME deregulation, services-sector transformation, and increased social-sector spending-including health and women's welfare-while advocating locally calibrated climate action and technological adoption to improve delivery and efficiency.

Assurance functions integration enhances coherent risk assessment and regulatory alignment for sustainable financial sector operations.
The remarks stress that robust assurance functions-risk, compliance and internal audit-must address third party dependencies, cybersecurity, and customer conduct, using operational risk frameworks built on Prepare and Protect, Build Resilience and Learn and Adapt. They advocate moving from siloed Three Lines of Defense arrangements to a Combined Assurance Model with a common risk universe, aligned taxonomies and scoring, proactive business risk orientation, senior management commitment to risk culture, and upskilling to enable ex ante assurance.

Liquidity and interest rate risk management urged to curb structural funding gaps and reinforce banks' resilience and governance.
The Reserve Bank warns that divergent credit and deposit growth can create structural liquidity risk, urging banks to recalibrate funding strategies, improve deposit mobilisation and refine credit underwriting. It stresses prudent management of liquidity and interest rate risks, strengthening cybersecurity, preventing digital frauds and mule accounts, enhancing oversight of third-party outsourcing, enforcing fair conduct and disclosure in retail lending, and promoting transition financing and disclosure while monitoring private credit markets for systemic vulnerabilities.

Statutory audit responsibilities expand under principle based regulation; auditors must validate judgements, models and disclosures.
Statutory auditors must ensure that financial statements of banks and AIFIs present a true and fair view and support prudential measures; under principle based regulation they must evaluate management judgement in investment classification and ECL provisioning, validate models and methodologies, and apply heightened scepticism. Auditors should insist on meaningful disclosures of assumptions, governance and methods, and expand their remit to address going concern, climate risk, technology and vendor related operational risks, requiring specialised skills and closer engagement with regulators.

Auditor independence and CFO transparency strengthen banking supervision, improving early risk reporting and governance assurance.
CFOs must ensure accuracy and integrity of financial statements, maintain transparent escalation channels, rationalise internal accounts, and invest in analytics; auditors must apply rigorous, substance focused audits, evaluate internal controls, report vulnerabilities via the exception reporting system, ensure competence in IT and cyber security, and uphold auditor independence to preserve objectivity and strengthen supervisory assurance.

Insolvency and Bankruptcy Code: emphasis on efficient, time bound corporate resolution and strengthened insolvency profession development.
The PGIP inauguration emphasises professionalising insolvency practice to operationalise the Insolvency and Bankruptcy Code through a unified, time bound corporate resolution framework prioritising resolution over liquidation; it identifies challenges of timely resolution, infrastructure, and recovery, and stresses that insolvency professionals require negotiation, management, claims collection, creditor voting regulation, and ethical skills, with IICA-IBBI collaboration aimed at producing skilled practitioners to preserve asset value and strengthen credit culture.

Regulatory non compliance penalty imposed for breaches of lending restrictions and failures in KYC recordkeeping following supervisory inspection.
A supervisory inspection and show cause process found regulatory non compliance: the bank sanctioned working capital demand loans to two state owned corporations against government receivables and failed to preserve customer identification and address records for certain accounts, leading the regulator to impose an administrative monetary penalty while reserving other enforcement options.

Government securities auction: re-issue via price-based multiple-price method with non-competitive allocation and when-issued trading scheduled.
Sale (re-issue) of three Government of India securities will be conducted by the Reserve Bank of India by price-based auction using the multiple price method, with Government option to retain additional subscriptions up to a stated ceiling for each security. Up to five percent of each notified amount will be allotted to eligible individuals and institutions 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; auction results, payment schedule, and eligibility for When Issued trading follow announced guidelines.

Government receipts and expenditure reporting through May highlights tax and non tax revenues, state devolution, and expenditure composition.
Receipts through May 2024 comprise tax revenue, non tax revenue and non debt capital receipts with a substantial transfer to States as devolution of tax share. Expenditure is split between revenue and capital accounts, with interest payments and major subsidies highlighted as principal revenue outgo items, reflecting the interim composition of central fiscal operations.

Data governance and modern statistical systems drive public policy through centralized information management and ethical AI-driven analytics.
The Reserve Bank has modernised its statistical architecture via a next generation Centralised Information Management System (CIMS)-incorporating a data lake, SDMX metadata standards, server to server RegTech/SupTech flows, advanced analytics, dashboards and public query interfaces-while onboarding regulated entities and training personnel. Priority areas include aligning with new global macroeconomic standards, leveraging alternative and high frequency data, expanding AI/ML and unstructured data analytics, and addressing data quality, signal extraction and ethical algorithmic bias to improve policy analysis and public dissemination.

Government securities auction using multiple price method with reserved non competitive allocation and e submission requirement.
Re-issue auctions for two central government securities will be conducted by the Reserve Bank of India using the multiple price method; the government may retain additional subscriptions and reserves a portion of each notified amount for eligible individuals and institutions under the Scheme for Non-Competitive Bidding. Competitive and non-competitive bids must be submitted electronically via the RBI E-Kuber system within prescribed windows; auction results and settlement will occur on announced dates. The securities are eligible for "When Issued" trading under RBI guidelines.

Financial inclusion: SLBCs must coordinate, use data and fintech, and boost digital literacy to close credit and usage gaps.
SLBCs must address remaining deficiencies in banking service usage and quality and persistent credit gaps for MSMEs, SHGs and small farmers by (i) coordinating with government and NGOs under the Lead Bank Scheme, (ii) preparing scientific, data driven annual credit plans with regular monitoring, (iii) leveraging fintech and public tech platforms to speed and improve credit delivery, and (iv) implementing outcome focused financial and digital literacy programs to convert access into sustained use of formal financial services.

Financial system resilience through stronger governance, supervisory reforms, tech adoption and vendor risk management.
The address advocates embedding resilience through strengthened regulatory and supervisory architecture, highlighting governance requirements-independent boards and senior assurance functions-and ethical compliance. It urges vigilance over business model vulnerabilities and promotes advanced technologies for predictive risk detection and fraud control, while managing third party vendor risk via due diligence and monitoring. The Reserve Bank commits to regulatory review, restructuring across entity types, promotion of self regulatory organisations, and a shift to thematic and activity based supervision supported by a unified supervision department. A Through the Cycle Risk Assessment Framework with horizon scanning and customer centricity is proposed.

Deposit insurance reform: India mandates up front payouts and strengthened risk management to protect depositors swiftly.
India's deposit insurance framework now requires the DICGC to make up-front payouts to insured depositors within statutory timelines once a bank is placed under regulatory restrictions, with insured banks obliged to submit depositor lists and the Corporation verifying claims and completing payments within specified sequential timeframes; the DICGC retains a constrained paybox plus role while resolution powers remain with the central bank.

Policy repo rate unchanged; committee signals continued withdrawal of accommodation to anchor inflation while supporting growth.
The Monetary Policy Committee kept the policy repo rate at 6.50 per cent and left related facility rates unchanged, while committing to continued withdrawal of accommodation to align CPI inflation with the 4 per cent medium term target, balancing the objective with support for growth. Real GDP for 2024 25 is projected at 7.2 per cent and CPI inflation at 4.5 per cent, with risks from food inflation, commodity and financial market volatility judged evenly balanced. Voting was 4-2 with two members advocating a rate cut and a neutral stance.

Government receipts and expenditure balance shows receipts near estimates while transfers to states and interest costs drive expenditure.
Consolidated provisional accounts show receipts comprising tax revenue, non tax revenue and non debt capital receipts, with a materially higher transfer to states under devolution of share of taxes. Expenditure is split into revenue and capital accounts, with revenue expenditure including interest payments and major subsidies; receipts and outlays are compared to revised estimates for the year.