Prudential regulation: RBI outlines principles to balance fintech innovation with financial stability and strengthened governance.
RBI sets four guiding principles-Prudence, Proportionality, Proactiveness and a harmonised approach-to guide regulation: prudence through capital, provisioning and supervision; proportionality via scale and tier based rules; proactiveness by identifying emerging risks and using tools like regulatory sandboxes; harmonisation by applying "same activity, same risk, same regulation" while tailoring requirements to entity risk profiles. The framework supports a shift toward principle based regulation contingent on strengthened compliance, and prioritises regulatory responses to technology, conduct, governance and procyclicality to preserve financial stability.

Acquisition approval: competition authority clears Mirae Asset's takeover of Sharekhan and its holding company, detailed order to follow.
CCI approved the acquisition of 100% equity stake in Sharekhan Ltd. and Human Value Developers Pvt. Ltd. by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively, constituting a single proposed combination under merger control; a detailed CCI order will follow.

Competition approval for acquisition of convertible preference shares permits foreign investor entry with specified governance rights.
The CCI authorised the International Finance Corporation's acquisition of Compulsorily Convertible Preference Shares in Northern Arc Capital Limited, which constitute a minority economic interest on a fully diluted basis and carry specific affirmative voting and board nomination rights; a detailed CCI order will follow.

Competition approval for subscription of compulsorily convertible preference shares enabling investors to acquire stake in manufacturing target.
Competition authority approval was granted for a subscription whereby an AIF, an NBFC, an investment trust and two individuals will subscribe to compulsorily convertible preference shares of Pritam International Private Limited, which operates in contract manufacturing and formulations; the AIF is SEBI-registered and managed by ICICI Venture, HCL Corp is an NBFC, and Mirabilis is a registered trust, with a detailed order to follow.

Competition approval: acquisition of shareholding and debenture subscription by Piramal Alternatives Trust in Annapurna Finance.
Competition approval was granted for the acquisition of a minority shareholding and subscription to certain debentures in Annapurna Finance Private Limited by Piramal Alternatives Trust, a fund management vehicle operating credit and distressed-asset investment platforms; Annapurna Finance is an RBI-registered non-deposit-taking NBFC classified as an NBFC micro finance institution providing microfinance, MSME lending and affordable housing finance. A detailed CCI order will follow.

Competition approval: bank's subscription to insurer equity permitted, enabling strategic investment, distribution synergies, and market expansion.
Approval of a proposed equity subscription under competition law: The Competition Commission granted approval for a bank's proposed subscription to equity shares of an insurance company, treating the transaction as a notifiable investment requiring clearance and noting potential distribution or vertical linkages between banking and insurance services.

Government securities auction for multiple maturities via price- and yield-based methods; non-competitive facility available, submitted electronically on E-Kuber platform.
Announcement of auctions for three Government Securities to be conducted by the Reserve Bank of India using multiple price auctions (price based for two securities and yield based for one). The Government may retain additional subscription up to a notified limit for each security. Up to five percent of each notified amount is earmarked for eligible bidders under the Non-Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the E Kuber system within prescribed time windows; auction results and the payment date will follow the announced schedule. Securities will be eligible for When Issued trading under RBI guidelines.

Flexible Inflation Targeting strengthens price stability while guiding central bank policy for resilient economic growth and stability.
The Reserve Bank has evolved into a full-service central bank supporting a market economy and pursuing proactive policies to maintain a robust, resilient financial sector. Key structural and policy measures-notably the Insolvency and Bankruptcy Code and Flexible Inflation Targeting-are identified as instrumental in strengthening the banking system and improving price stability. The Bank emphasises continuous evaluation of technological and innovation trends to anticipate risks and act pre-emptively, and attributes coordinated monetary and fiscal responses for preserving macroeconomic and financial stability following major global shocks.

Devolution of share of taxes rose, reshaping central receipts and the allocation between revenue and capital expenditure.
Monthly fiscal consolidation up to February 2024 reports central receipts from Tax Revenue, Non Tax Revenue and Non Debt Capital Receipts relative to revised estimates, and records the Devolution of Share of Taxes transferred to States. It presents Total Expenditure and its split into Revenue and Capital Expenditure, with Interest Payments and Major Subsidies identified as significant components of revenue outlays.

Treasury bill issuance calendar published; auctions scheduled with notified amounts and government reserve flexibility to modify.
The Government of India, in consultation with the Reserve Bank of India, notifies a quarterly Treasury Bill issuance schedule with specified auction and issue dates and notified amounts by tenor. The Government and Reserve Bank retain flexibility to modify notified amounts and timing in response to market conditions, after giving notice, and all auctions are subject to the terms of the Government's General Notification; changes will be communicated via press releases.

Issuance calendar for government dated securities announces a new 15 year tenor and retail non competitive allocation.
The Government of India issued an indicative issuance calendar for April-September 2024 detailing weekly auctions of marketable dated securities, introducing a 15 year tenor, including Sovereign Green Bonds, and maintaining a non competitive bidding facility that reserves five per cent of the notified amount for specified retail investors. The Government and the Reserve Bank of India retain flexibility to modify amounts, maturities and instrument types, may exercise a greenshoe option to retain additional subscription against each security, and will conduct monthly switch auctions according to the published schedule; auctions follow the governing General Notification and market notices.

Government borrowing programme: issuance across dated tenors, new 15-year security and treasury-bill cash management measures.
H1 borrowing will be conducted via 26 weekly auctions across 3, 5, 7, 10, 15, 30, 40 and 50 year dated securities, including issuance of Sovereign Green Bonds and the introduction of a 15-year tenor; issuance shares by maturity are specified, with switching of securities and a greenshoe option available, while Q1 Treasury Bill issuance is set on a weekly schedule and the RBI Ways and Means Advances limit for H1 is fixed to manage temporary cash mismatches.

Digital payment security requires multi-factor authentication and disclosures to protect consumers and limit liability.
Regulation requires robust controls for electronic payments, including multi-factor authentication, security measures for internet and mobile banking, ongoing risk assessments for digital payment products, and transaction monitoring with customer alerts. Digital lending rules require a pre-contract Key Fact Statement disclosing the cost of credit, recovery and grievance mechanisms and bar undisclosed fees. Consumer protection provides for zero liability where losses arise from bank or third-party negligence and limits customer liability for losses due to customer negligence up to reporting. Supervisory oversight and national cybercrime coordination reinforce these protections.

Agency banks open for government transactions to process year end receipts and payments, with public notice of services.
All branches designated as Agency Banks handling Government receipts and payments are directed to remain open on March 31, 2024, to ensure Government receipts and payments are accounted for within the financial year 2023 24; banks must publicize the availability of these services on that day.

Consumer protection: RBI stresses stronger grievance redress, impartial internal ombudsmen and data driven safeguards for customers.
Protection of consumer interests is a core regulatory principle requiring regulated entities to prioritise fair treatment, transparency, and effective grievance redress. The Reserve Bank's approach relies on the Integrated Ombudsman Scheme and functioning Internal Ombudsmen to ensure impartial, timely resolution; promotes use of data analytics and technology for prevention and root cause analysis; warns of privacy and AI risks requiring safeguards; and calls for enhanced consumer education, staff capacity building, and reasoned, transparent decision making by Ombudsman offices.

FDI caps in space sector revised; automatic approvals limited while higher equity inflows require government route approval.
Revisions calibrate equity ceilings and entry routes across space activities: satellite manufacturing and operation, satellite data products, and ground and user segment activities permit full foreign ownership with automatic approval only up to a stated threshold and government route beyond that; launch vehicles and spaceport creation likewise allow full ownership with automatic approval limited to a lower threshold and government approval beyond; manufacturing of components and subsystems qualifies for full foreign ownership under the automatic route. Investee entities must follow Department of Space guidelines; key sector definitions are specified.

Public Financial Management System central to fund flow reforms, e-bill rollout and enhanced cash management and payment efficiency.
The Public Financial Management System (PFMS) is described as the operational cornerstone for real time fund flow, management information and cash management, enabling Direct Benefits Transfer and large scale payments. The summary stresses end to end implementation of the e Bill system for full coverage and improved bill payment efficiency, institutional reforms including Treasury Single Account, Central Nodal Account and Single Nodal Account mechanisms, a successful SNA SPARSH pilot linking PFMS with e Kuber and State IFMIS, and participation in G 20 Data Gap initiatives.

Central government fiscal receipts and devolution monitoring shows receipts shortfall against budget while expenditure tracking remains below revised estimates.
Consolidated central fiscal data to January 2024 present receipts made up of Tax Revenue (Net to Centre), Non Tax Revenue and Non Debt Capital Receipts, with a significant transfer to States as Devolution of Share of Taxes; expenditures are reported against the Revised Estimate and categorised into Revenue and Capital accounts, with Interest Payments and Major Subsidies prominent among Revenue Expenditure.

Effective communication in financial institutions strengthens customer engagement and supports transparent central bank policy and financial inclusion.
Rapid digitalisation and evolving business models require continuous skill development; human capital-especially soft skills and effective communication-is decisive for competitiveness. Individual communication by front-line staff affects customer suitability assessments and engagement, while enterprise-wide, transparent messaging is vital for reputation and expectation management. For central banks, clear, consistent communication across mandates enhances policy effectiveness. Institutions must combine context-rich channels for complex policy with broad outreach for financial literacy, and prioritise workforce training to meet technological change and diverse, multilingual audiences.

Climate-related financial risk disclosure: consultation invites regulated banks and finance firms to submit feedback to shape disclosure obligations.
The Reserve Bank of India published a draft Disclosure framework on Climate-related Financial Risks, 2024 establishing standardized disclosure expectations for a defined set of banks, primary urban co-operative banks, all-India financial institutions and upper-layer non-banking financial companies, and soliciting stakeholder comments through a prescribed consultation process to inform finalisation and supervisory guidance.