Treasury bill issuance schedule announced with specified weekly auctions and flexibility to modify amounts and timing.
The document sets a quarterly auction calendar for Treasury Bills, specifying weekly auction dates, issue dates and notified amounts for 91 day, 182 day and 364 day bills with quarter totals. It provides that the Government, in consultation with the Reserve Bank of India, may modify notified amounts and auction timing in response to cash needs, market conditions or intervening holidays after giving notice, and that auctions are subject to the terms of General Notification No. F.4(2)-W&M/2018, as amended.

Union government fiscal consolidation: receipts composition and expenditure split highlight interest and subsidy burdens in monthly accounts.
The Union Government consolidated monthly accounts to November 2023, reporting receipts by component-Tax Revenue (Net to Centre), Non Tax Revenue, and Non Debt Capital Receipts (loan recoveries and miscellaneous capital receipts)-and noting the devolution transferred to State Governments. The report also itemises total expenditure with a split between Revenue Expenditure and Capital Expenditure, highlighting Interest Payments and Major Subsidies as significant components of revenue spending.

Financial resilience: strengthen bank risk management, operational continuity and customer protection to sustain stability.
Financial sector resilience is central to building brand India, requiring continuous focus on interest rate risk management, sound and diversified business models, operational resilience (IT continuity and cyber security), stringent oversight of outsourcing, a framework to identify and manage climate related financial risks, and robust customer protection including resourced internal ombudsman mechanisms and compliance with digital lending disclosure requirements.

D-SIB assessment methodology updated to use digital payments metrics, revised data rules and annual disclosure timeline in November.
The Payments sub-indicator now requires reporting of Total value and Total volume of Digital Payments (value weighted 75% and volume 25%); annual systemic importance scores will be computed using end March data during August-October with D SIB names disclosed in November and data submissions due by August 15. Data-treatment changes include market-value reporting for marketable securities, deduction of Level 1/Level 2 assets from HFT/AFS securities per Basel III LCR, and net reporting of SFTs/OTC derivatives where effective bilateral netting exists. Guidance and templates will be provided; the revisions apply from the 2024 assessment.

Bond forwards introduced to permit forward delivery of government securities, enabling cash flow hedging and interest rate risk management.
Release of Draft Directions establishing a regulatory framework for bond forwards to permit contracts that deliver government securities on a forward basis, expanding market instruments to help banks, long term investors and other market participants hedge cash flow mismatches and manage interest rate risk; and inviting written comments through specified channels as part of a formal consultation process.

Licensing framework for Authorised Persons updated to simplify AP licensing and seek stakeholder input.
The draft Licensing Framework for Authorised Persons (APs) under the Foreign Exchange Management Act proposes simplification and rationalisation of licensing, operational norms, and supervisory mechanisms to align with liberalisation, digitisation of payments, and increased global integration, while preserving appropriate regulatory checks; stakeholder comments on the draft are invited.

Government securities auction: re-issue of multiple dated bonds using uniform and multiple price methods with non-competitive allocation.
The Government announced re-issues of three dated Government Securities through auctions on December 29, 2023, with the Government able to accept additional subscriptions up to a stated limit for each security. Two issues will use the uniform price method and one will use the multiple price method. Up to five percent of each notified amount is reserved for the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via RBI's E-Kuber within specified windows; results and payment dates are set and the securities are eligible for When Issued trading under RBI guidelines.

UPI QR code for NPS contributions enables direct remittance and SIP setup, improving accessibility and same day investment processing.
PFRDA permits NPS subscribers to remit contributions through a UPI QR Code tied to a D-Remit virtual account, which is distinct from the PRAN and differs by Tier I and Tier II. Subscribers may make one-time payments or set up standing instructions for SIPs via net banking by adding the virtual account as a beneficiary. Contributions received before the fund receipt cut-off are invested the same business day; those received after the cut-off or on non-working days receive the next working day valuation.

Government securities auction: re issue announced with mixed pricing methods and non competitive allocation for eligible bidders.
Re issue auctions have been announced for three central government securities with specified notified amounts and an option to retain additional subscription up to a stated cap for each. Two securities will be sold by price based uniform price auction and one by multiple price method, to be conducted by the Reserve Bank of India at its Mumbai office on the scheduled auction date. Up to five percent of each issue is reserved for eligible bidders under the Non Competitive Bidding Facility; bids must be submitted electronically on the E Kuber system within prescribed windows. Results and settlement dates are specified and the securities will be eligible for When Issued trading under RBI guidelines.

Digital payments expansion prompts regulatory steps to boost access and security via conversational and offline UPI innovations.
Digital payment systems have experienced sustained compound growth in transaction volume, supported by coordination between the Government, the Reserve Bank and payments infrastructure entities. The expansion covers wholesale RTGS settlement and a range of retail products including UPI, NEFT, IMPS, card payments, prepaid instruments, NACH, AePS, BHIM Aadhaar Pay and NETC. Policy and operational measures target access, convenience and security through conversational UPI, offline UPI, broader e-RUPI use, RuPay credit card linkage to UPI and Interoperable Card-less Cash Withdrawal at ATMs.

Kisan Credit Card access expanded: fee waivers, CIR-based appraisals and overdraft features streamline farmer credit access.
RBI raised the collateral-free agriculture lending ceiling and encouraged use of Credit Information Reports in bank appraisals, while the Department of Financial Services advised waiving processing and service charges for smaller Kisan Credit Card and crop loans. The Kisan Credit Card operates as an overdraft with one-time documentation, built-in limit escalation, multiple drawals and ATM-enabled RuPay cards; loan assessment follows land, crop and scale of finance set by District Level Technical Committees or State Level Bankers' Committees, and restructuring permits further need-based loans under bank eligibility.

UPI growth drives digital payment dominance, prompting policy and RBI measures to expand acceptance and consumer convenience.
UPI is the principal driver of digital payments, showing rapid growth in volume and value while banknote circulation growth declined. Government and RBI measures-such as incentive schemes for card and P2M acceptance, advisories to improve acceptance infrastructure, bank transaction and merchant targets, rural digital literacy programmes, RBI awareness campaigns, and the regulatory permission for linking of RuPay credit cards to UPI-are presented as steps to expand acceptance, consumer convenience and the digital payments footprint.

Sovereign Gold Bond subscription opens with online digital applicants receiving a per gram discount and specified settlement date.
Sovereign Gold Bond subscription opens for a specified five day period with a defined settlement date; the issue price for the series is fixed and investors who apply online and pay via digital mode are entitled to a per gram discount from the published issue price as provided under a government notification in consultation with the central bank.

Financial inclusion under PMJDY expands basic banking access while accounts allow zero balance and bank-offered micro-investments.
Pradhan Mantri Jan Dhan Yojana (PMJDY) functions as a financial inclusion instrument providing universal access to basic bank accounts and widespread account penetration. The scheme contains no inbuilt micro-investment provision; however, account-holders may avail micro-investment products if offered by their banks under bank-specific terms and conditions. PMJDY includes a zero-balance feature permitting accounts to maintain nil balances without requiring minimum balances.

Collateral-free institutional credit under PMMY provides up to specified loan limits to micro and small enterprises, predominantly benefiting women borrowers.
PMMY provides collateral-free institutional credit up to Rs. 10 lakh through Scheduled Commercial Banks, Regional Rural Banks, NBFCs and MFIs to micro and small business units for income-generating activities in manufacturing, trade, services and activities allied to agriculture, and a majority of sanctioned loans in the reported period were extended to women borrowers.

Digital payments regulation combines consumer liability limits with infrastructure and cybercrime response to strengthen electronic transactions.
Regulatory and policy measures combine promotion of digital payment acceptance and literacy with consumer protection rules that limit customer liability for unauthorised electronic transactions, while cybercrime prevention and response are supported through advisories, capacity building, reporting portals, coordinated centres, and threat sharing mechanisms to strengthen investigation and remediation.

Government securities auction via uniform and multiple price methods with non-competitive bidding quota and electronic submission.
Auction for re-issuance of three Government securities will be conducted via price-based methods (two by uniform price, one by multiple price) through RBI's E-Kuber; the issuer may retain additional subscriptions. Up to five percent of each notified amount is reserved for eligible participants under the non-competitive bidding scheme, with prescribed electronic submission windows for non-competitive and competitive bids, and securities eligible for "When Issued" trading per RBI guidelines.

Unauthorised loan waiver campaigns threaten depositor protection; consumers warned to avoid schemes and report to law enforcement.
The central bank warns against unauthorised loan waiver campaigns that falsely promise discharge of borrower obligations and charge fees for purported debt waiver certificates, misrepresenting that dues need not be repaid; such schemes can undermine banks' enforcement of charged securities, threaten financial stability and depositor interests, and the public is advised to avoid these entities and report incidents to law enforcement.

Free trade agreements as priority: push for FTAs to attract global investment and accelerate economic transformation.
The statement advances a strategic economic agenda urging industry participation in national development, prioritising negotiation of Free Trade Agreements (FTAs), accelerating a coordinated transition to electric mobility to reduce import dependence, and leveraging reforms, infrastructure and inclusion programs to strengthen manufacturing, technology and services for inclusive growth and global investment attraction.

Monetary policy stance unchanged, emphasising withdrawal of accommodation to align inflation with the target while supporting growth.
The MPC kept the policy stance unchanged, maintaining key interest rates and emphasising withdrawal of accommodation to align inflation with the medium term CPI inflation target, while remaining prepared to take timely policy actions. It noted resilient domestic growth supported by investment and consumption, projected near term GDP and CPI trajectories with risks balanced, and identified food price shocks, base effects and crude oil volatility as principal inflationary risks. The decision was unanimous on rates, with one member expressing reservations on the withdrawal language.