Treasury bill auction schedule announced with flexibility to modify timing and amounts in response to cash needs and markets.
Notification sets the quarterly auction calendar and allocations for 91 day, 182 day and 364 day Treasury Bills for Jan-Mar 2023, with aggregate quarterly totals; it provides that the Government, in consultation with the Reserve Bank of India, may modify amounts or auction timing in response to cash requirements and market conditions after giving due notice, and that auctions are subject to the terms and conditions of General Notification No. F.No.4(2)-W&M/2018 (as amended).

Government securities auction re issue announced with mixed pricing methods and non competitive allocation reserved and specified settlement dates.
Re issue auctions are announced for four Central Government securities with specified notified nominal amounts, to be conducted by the Reserve Bank of India. Three securities will be sold by price based auction using the uniform price method and one by multiple price method. The Government may retain additional subscription up to a stated amount for each security. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the non competitive bidding facility. Bids are to be submitted electronically on E Kuber within prescribed time windows; auction results, payment dates, and when issued trading eligibility are set as per RBI guidelines.

Climate-related financial risks demand disclosures, data, scenario analysis and regulatory tools to scale credible green finance.
Climate-related financial risks require regulated entities to both channel finance to carbon-efficient sectors and strengthen risk management for physical, transition, legal and reputational exposures. Effective action depends on four interlinked building blocks: decision-useful disclosures, high-quality granular data, macro-level vulnerabilities analysis including scenario-based stress testing, and calibrated regulatory and supervisory tools. A formal taxonomy, third-party verification, capacity building, and fine-tuning of prudential frameworks are necessary to scale green finance and limit greenwashing while supporting the national transition agenda.

Government securities auction: re-issue use of uniform and multiple price methods with non-competitive allocation provision.
Re-issue auctions are announced for three Central Government securities, using uniform price auctions for two and a multiple price auction for one, with notified nominal amounts and a government option to accept additional subscriptions up to a stated ceiling per security. Up to a specified proportion of each notified amount is reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the Reserve Bank's E-Kuber platform within designated time windows; auction results, payment schedule and eligibility for When Issued trading are provided in accordance with Reserve Bank guidelines.

Sovereign Gold Bond issue price set for recent series; discount permitted for online digital payment applicants.
Sovereign Gold Bonds Series III are open for subscription December 19-23, 2022, with settlement on December 27, 2022; the issue price is fixed at Rs 5,409 per gram, and a conditional Rs 50 per gram discount applies to investors who apply online and pay through digital modes, resulting in a reduced issue price for such eligible applicants.

G20 Finance Track priorities outline India's agenda on MDB strengthening, climate finance, international taxation and financial inclusion.
India convened the inaugural G20 Finance and Central Bank Deputies meeting to shape Finance Track priorities, focusing on global macroeconomic risks, strengthening the International Financial Architecture through enhanced MDB effectiveness and a stronger global financial safety net, advancing Sustainable Finance and climate finance for SDGs, infrastructure finance for resilient cities, monitoring implementation of the Two-Pillar international tax framework and improving tax transparency, coordinating finance and health policy for pandemic preparedness, and promoting financial inclusion alongside financial stability.

Government securities auction procedures: issuance methods, non-competitive allocation, electronic bidding and when-issued trading eligibility announced.
The Government announced auctions of four central government securities with specified notified nominal amounts, using price-based (uniform price) and yield-based methods and one multiple price auction; GoI may retain additional subscriptions against each security. Up to 5% of each notified amount is reserved for eligible applicants under the Non-Competitive Bidding scheme. Both competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within stated time windows; auction results and payment dates are scheduled and the securities qualify for when-issued trading under RBI guidelines.

Collateral-free credit under PMMY expanded microenterprise lending and supported notable employment generation and loan disbursements.
Pradhan Mantri Mudra Yojana provides collateral-free institutional credit up to ten lakh through Member Lending Institutions to eligible individuals with business plans for income-generating activities in manufacturing, trading, services and agriculture allied sectors, delivered via three tiered loan products: Shishu, Kishore and Tarun.

Deregulation of bank credit enables increased rural lending after the Covid period under banks' own lending policies.
Banks extended substantial numbers of loans in rural areas after the Covid period, with public sector banks reporting over twelve lakh loans between April 2020 and November 2022, and banks providing credit to youths for setting up enterprises. Credit decisions, including interest rates, are governed by banks' internal lending policies following the Reserve Bank circular of 9 April 2010, which deregulated credit matters and permits banks to set terms within regulatory guidelines considering cost of funds, margins and risk premiums. Establishment of industries remains a State subject.

Account Aggregator adoption expands as financial institutions and providers join the consent-based financial data-sharing network.
A substantial number of financial entities have joined the Account Aggregator ecosystem as Financial Information Users and Financial Information Providers, a tax information network has been included as a Provider, and multiple companies have been granted Certificates of Registration to operate as Account Aggregators. The AA network, established under the NBFC Account Aggregator master direction, is a consent-driven financial data sharing system that operates only on an individual's direction and consent and underpins credit and investment facilitation.

Deposit insurance access via interim payments after All Inclusive Directions, with mandatory depositor lists and time-bound settlement.
Amendments require DICGC to make interim payments of insured deposits up to five lakh within the statutory settlement period after imposition of All Inclusive Directions; banks under AID must furnish a verified depositor list showing net outstanding deposits within the prescribed furnishing period, and DICGC must settle claims within the statutory timeline. DICGC implemented this regime by settling claims for over three lakh depositors of thirty-five banks between 1 September 2021 and 30 November 2022, with attendant recoveries and some banks entering liquidation after payments.

Central Bank Digital Currency pilot expands retail blockchain-based token as legal tender with phased bank participation and wallets.
The retail pilot (eRs.-R) operates within a closed user group through participating banks offering digital wallets; the eRs.-R is a digital token representing legal tender, issued in the same denominations as banknotes and coins, distributable via financial intermediaries, and supporting P2P and P2M transactions while preserving features of cash including trust, safety and settlement finality.

Capacity building in the financial sector boosts resilience through supervisory modernisation, technology adoption and workforce upskilling.
Capacity building is essential to bolster financial sector resilience through supervisory enhancements, technology adoption and human resource development. RBI measures combined calibrated liquidity and regulatory interventions with market based resolution methods while strengthening offsite supervision, data quality, automated asset classification and Sup tech deployment. Banks must modernise legacy systems, scale technology investment, foster continuous innovation, collaborate for synergies, and ensure data privacy. Realising benefits from data analytics and digital pilots requires concurrent upskilling, research capacity and adequate infrastructure so training yields operational capacity.

Full FDI automatic route policy expands investor access while DPIIT reforms and bank consolidation improve ease of doing business.
The Government allows full foreign direct investment under the automatic route in most sectors, with ongoing policy review and stakeholder consultation to keep the regime investor friendly. DPIIT implements the Business Reforms Action Plan to streamline regulations and promote competitive federalism among States/UTs. Public Sector Bank reforms and amalgamations are pursued to consolidate banks, achieve economies of scale, harmonise products and services, expand branch and ATM access, accelerate loan processing, and enable wider digital lending and customer servicing.

Monetary policy rate hike tightens liquidity stance to anchor inflation expectations and support balanced growth.
The Monetary Policy Committee raised the policy repo rate and shifted to withdrawal of accommodation to anchor inflation expectations and break persistent core inflation, while signalling further calibrated action as needed to return inflation to the medium-term target and to support growth; the resolution adjusts related liquidity rates and records divergent votes and procedural timetable for minutes and the next meeting.

Government securities auction re-issue: uniform and multiple price methods with non competitive allocation and when issued trading eligibility.
Re-issue auctions for three government securities will be conducted using uniform price and multiple price methods with Government option to retain additional subscriptions; up to five percent allocation reserved for eligible individuals and institutions under the non-competitive bidding facility. Competitive and non-competitive bids must be submitted electronically via the RBI E-Kuber system within prescribed windows on the auction date; results and payment dates are scheduled and the securities are eligible for when issued trading under RBI guidelines.

Electoral Bonds: sale and encashment limited to eligible purchasers and registered political parties, processed through authorized bank branches.
Electoral Bonds are purchasable only by Indian citizens or entities incorporated/established in India; individuals may buy singly or jointly. Only political parties registered under Section 29A that secured at least one per cent of votes in the relevant last General Election are eligible to receive and encash bonds. Encashment must occur through the party's bank account with an authorized bank; bonds are valid for fifteen calendar days and, if deposited within validity, are credited to the party's account the same day. A specified authorized bank was designated to issue and encash bonds through listed authorized branches for the sale phase.

Financial benchmarks robustness: transition to transaction based rates and enhanced governance to protect market integrity.
Financial benchmarks must be reliable, representative and transaction based to support price integrity and stability. India has reformed benchmark administration-creating a dedicated administrator and regulatory Directions for significant benchmarks-and migrated key rates toward transaction based methodologies. Persistent challenges include shrinking unsecured call market volumes underpinning MIBOR, low secondary liquidity for term instruments, concentrated g sec liquidity across tenors, and market segmentation between onshore and offshore venues. Strengthening benchmarks requires participant diversification, removal of taxation/accounting impediments, interoperable market infrastructure, and calibrated oversight to guard against extra territorial regulatory disruption.

Economic Development Cooperation Fund loan supports intelligent transport system project, enhancing traffic and toll management via technology transfer.
Economic Development Cooperation Fund (EDCF) loan arrangement executed to finance establishment of an Intelligent Transport System and associated ITS infrastructure on the Nagpur-Mumbai Super Communication Expressway, including an Intelligent Traffic Management System, traffic centre, and Toll Collection System, with provision for a sustainable operation and maintenance model through technology transfer from the Republic of Korea; Korea designated as India's Official Development Assistance partner and this is the first EDCF-funded project.

Government securities auction: re issue via price and multiple price methods with non competitive bidding facility and electronic submission requirement.
Re issue auctions for four central government securities are announced with notified nominal amounts and an option to retain additional subscriptions. Three securities will be offered by price based auction using the uniform price method and one by multiple price method. 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 must be submitted electronically through the central bank's core banking auction system within prescribed time windows, and the securities are eligible for When Issued trading under the central bank's guidelines.