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September 4, 2026
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Money laundering allegations over fraudulent marriage-assistance disbursements prompted investigation into false credentials and ineligible beneficiary payments.
Alleged money laundering arose from fraudulent disbursement of marriage-assistance funds intended for daughters of registered construction workers. The allegations include approvals and releases for suspicious marriage cases, use of bank accounts opened or misused on false credentials, multiple cash withdrawals, and extension of benefits to ineligible persons. Investigation under the Prevention of Money Laundering Act followed an economic-offences FIR concerning suspected misuse of the welfare scheme.
September 4, 2026
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Money-laundering allegations: discharge plea attributes airline's financial collapse to macroeconomic conditions and denies loan siphoning through sales agents.
Money-laundering proceedings arising from alleged bank fraud concern claims that loans advanced to an airline were siphoned off. The discharge application attributes the airline's financial collapse to adverse macroeconomic conditions rather than fraudulent conduct or laundering, denies diversion through General Sales Agents, and maintains that related payments were board-approved and disclosed. It also contests the treatment of the bank's outstanding claim as funds received by the founder, while the investigating agency alleges systemic fraud, loan diversion and laundering.
September 4, 2026
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Foreign exchange market conditions supported rupee appreciation, while oil prices and geopolitical tensions limited potential gains.
Foreign exchange market conditions supported the rupee's appreciation by 8 paise to 94.43 against the US dollar, aided by positive domestic equity markets, improved risk appetite, foreign capital inflows and foreign institutional buying. Reserve Bank of India intervention was also cited as support. Elevated crude oil prices, safe-haven dollar demand and United States-Iran tensions were identified as factors limiting further gains. India's foreign exchange reserves increased to a new all-time high during the relevant reporting week.
September 4, 2026
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Offer-for-sale IPO clearance enables existing exchange shareholders to monetise holdings, while sale proceeds remain outside the exchange.
Regulatory clearance permits the National Stock Exchange to proceed with an initial public offering structured wholly as an offer for sale by existing shareholders. The proposed issue does not raise fresh capital, and sale proceeds will accrue to the selling shareholders rather than the exchange. Revised offer documents were required after addition of a selling shareholder, triggering a fresh public-feedback period. The offering follows settlement of co-location and dark-fibre matters and governance and compliance measures addressing regulatory concerns.
September 4, 2026
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Equity market resilience was tempered by profit booking, geopolitical tensions, global rate expectations and domestic liquidity.
Equity markets registered a recovery after four consecutive losing sessions, led by buying in metal, private banking, oil and gas, housing finance, telecommunication, insurance, commodities and financial services shares. The benchmark equity index closed higher, while the broader index recorded a modest gain after retreating from an intraday level above the psychological threshold during the newly introduced Closing Auction Session. Investor sentiment was supported by easing interest-rate concerns, strong earnings momentum, resilient economic growth and domestic demand, but was constrained by profit booking, geopolitical tensions and crude-oil price risks.
September 4, 2026
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Forex reserve management reflects rising foreign currency assets and gold holdings, alongside marginal declines in SDRs and IMF reserve position.
India's foreign exchange reserves increased to a fresh all-time high, supported principally by higher foreign currency assets and gold reserves. Reserve accumulation has continued after concessional foreign-exchange swap initiatives introduced amid local-currency depreciation. Foreign currency assets, expressed in United States dollar terms, also reflect valuation effects from movements in currencies such as the euro, pound and yen. Special drawing rights and the reserve position with the International Monetary Fund declined marginally.
September 4, 2026
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IPO regulatory clearance enables further public issue preparations, with existing shareholders proposing a complete offer for sale.
SEBI's final observations on the proposed initial public offering enable the National Stock Exchange to undertake further public-issue preparations, subject to applicable regulatory requirements. The proposed issue is structured entirely as an offer for sale, under which existing shareholders would divest a portion of their holdings rather than the exchange issuing new shares. The draft red herring prospectus contemplates sale of 14.89 crore shares, representing nearly 6 per cent of the exchange's stake.
September 4, 2026
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Personal security frameworks evolved from elite guards into intelligence-led protection systems, while VIP culture can distort their necessity.
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September 4, 2026
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Rupee exchange-rate movement reflects foreign-currency deposit inflows, central-bank intervention, oil-price risks and changing market risk appetite.
Foreign-exchange liquidity measures, including a special central-bank programme for foreign-currency deposits, generated substantial inflows that supported the rupee. Inflows from foreign-currency deposits, overseas foreign-currency borrowings and external commercial borrowings strengthened market conditions. Rupee appreciation was also supported by foreign equity inflows and risk appetite, but remained vulnerable to higher crude-oil prices, US-Iran tensions, safe-haven demand for the US dollar and possible disruption to oil flows through the Strait of Hormuz.
September 3, 2026
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Trade agreement consultations safeguard farmer, worker, MSME and sectoral sensitivities while phased bilateral tariff negotiations continue.
India-US bilateral trade agreement negotiations are being pursued on the stated basis that Indian sensitivities will not be compromised. The agreement's text remains non-public, while the government position identifies farmers, fishers, micro, small and medium enterprises, workers, handloom and handicrafts sectors, and the automobile industry as protected considerations. The arrangement is described as a first tranche, with further engagement contemplated following changes in the United States tariff landscape.
September 3, 2026
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Unauthorised toll collection apps allegedly generated fake receipts, concealed non-FASTag collections, and triggered a money-laundering investigation.
Unauthorised digital applications allegedly enabled toll collection from vehicles without FASTag stickers outside the official reporting system. Mobdata and Any were allegedly used to generate unauthorised or fake toll receipts, conceal collections from NHAI, and monitor such collections through dedicated portals. A PMLA investigation followed an FIR alleging fraudulent toll collection, with digital forensic material indicating use of the mechanism across around 100 toll plazas. Searches resulted in seizure of financial and digital records and freezing of bank accounts.
September 3, 2026
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Economic offence investigations: cross-border training strengthens officers' practical skills in investigation, prosecution, procedures, and handling complex financial crimes.
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September 3, 2026
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September 3, 2026
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FCNR(B) deposits strengthen foreign-exchange liquidity and support rupee appreciation alongside foreign portfolio inflows into government securities.
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Electric vehicle adoption can reduce transport import dependence while domestic battery manufacturing increases projected long-term savings.
Electric-vehicle adoption across road-transport segments is projected to reduce dependence on imported petrol and diesel, notwithstanding continuing battery imports. Accelerated electrification could reduce vehicle-related import expenditure substantially by 2050 because reduced oil imports are expected to exceed battery-import costs. Domestic cell-manufacturing capacity may further increase savings by combining rapid vehicle electrification with battery localisation.
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Women's livelihood credit access will extend beyond self-help groups through standardised loan formalities and coordinated banking support.
Women's access to credit for livelihood expansion is to extend beyond Self-Help Groups to individual women members. Loan accessibility concerns include distance from bank branches, repeated visits to complete formalities, and inconsistent banking procedures. Regular State Rural Livelihood Mission meetings, bank participation, training, helplines, process improvements and coordination with bankers are intended to reduce barriers. Loan formalities are to be standardised across banks through a uniform process involving RBI and NABARD.
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Industrial development facilitation extends beyond allocation of industrial plots to infrastructure development, services, and a favourable business environment. Industry-support policies seek to encourage participation by entrepreneurs, promote growth across sectors, and improve investment conditions without distinction between small and large enterprises. Dry-port infrastructure strengthens national and international trade connectivity, supporting import and export expansion for industrial and agro-based businesses.
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Regulated fintech infrastructure recognition highlights integrated payment, identity and collections capabilities across embedded financial product delivery.
Decentro operates an integrated fintech infrastructure platform combining payment acceptance, identity verification, banking and AI-led collections through a unified integration layer. It holds Payment Aggregator authorisations for online and physical payments, a Payment Service Provider licence through its GIFT City entity, and certification for offline identity-verification workflows. These capabilities support embedded financial products, payment acceptance, lending collections and related financial workflows for enterprise users.
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NBFCs and HFCs can complement bank-led credit delivery through last-mile reach, sector-specific expertise, digital infrastructure, consent-based data sharing and cash-flow-based underwriting. Sustainable growth requires strong liquidity risk management, governance, compliance culture, diversified funding, stress testing, early-warning systems, dynamic provisioning and sound underwriting standards. Proportionate scale-based regulation, digital lending standards and a substance-over-form approach seek to support innovation while preserving financial stability. Customer protection, responsible lending, grievance redressal, fair recovery conduct, cyber resilience and protection of customer data remain essential.
September 3, 2026
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Debenture trusteeship fee fixing constitutes cartelisation by constraining independent pricing and restricting service availability in the market.
Collective minimum-fee fixing for debenture trusteeship services prevented trustees from making independent commercial pricing decisions and constituted cartelisation. Prescription of a benchmark fee limited and controlled the supply or market for such services by directing association members and non-members not to serve debenture issuers below that fee. The conduct contravened Section 3(3)(a) and Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002.

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Inaugural Address by Shri Shaktikanta Das, Governor at the 18th Statistics Day Conference organised by the Department of Statistics and Information Management, Reserve Bank of India, Mumbai, June 28, 2024

June 28, 2024

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I am happy to inaugurate the eighteenth Statistics Day Conference of the Reserve Bank. This annual event provides us with an opportunity to reflect on the current and evolving state of statistical system. It also helps us to take stock of the refinements in application of statistical methods and technologies in the realm of public policy.

2. The use of statistics has been ever growing as a preferred tool for drawing inferences in diverse fields. The discipline has moved beyond collection of facts to focusing more on interpretation and drawing inferences, taking into account the level of uncertainty. This shift has allowed statistics to become an integral part of other major disciplines. The surge in computing power is being increasingly harnessed in combination with statistical methods to improve efficiency in decision making and enrich end-user experience in various fields of human knowledge.

3. The celebration of the Statistics Day in India coincides with the birth anniversary of Professor Prasanta Chandra Mahalanobis. His contributions in laying the foundations of modern day official statistics in India have been pioneering. Inspired by his work, Indian statisticians are making their presence felt - both domestically and globally in traditional as well as in newer applications of statistics.

4. Against this backdrop, let me highlight the areas in which the Reserve Bank’s cutting edge information management is contributing to the formulation of public policies and the overall economic development in India. One year ago, we launched our next generation data warehouse, i.e., the Centralised Information Management System (CIMS) at the Statistics Day Conference. Several new features1 were introduced in the new system2. Scheduled commercial banks (SCBs), urban co-operative banks (UCBs) and non-banking financial companies (NBFCs) have already been onboarded for reporting on the new portal. The Reserve Bank has provided training to over 15,000 personnel from regulated entities. Many one-to-one handholding sessions have also been organised. I would like to congratulate the Department of Statistics and Information Management in the Reserve Bank for undertaking these initiatives. All regular statistical publications are now generated from the CIMS. Going forward, we intend to augment and refine the CIMS further as an integral part of our mission to constantly improve the quality of statistics. The new CIMS is also facilitating research on the Indian economy, minimising reporting burden, exploiting the technological advances and improving the experience of both data providers and users. In this endeavour, we have also benefitted from guidance by external experts. Our aspirational goal is to position information as a public good.

5. Looking ahead, the year 2025 has a special significance for compilation of official statistics the world over. Global efforts are expected to culminate in new global standards3 for compilation of macroeconomic statistics, especially for national accounts and balance of payments. Our team in the Reserve Bank is closely tracking these developments.

6. We are also making efforts to harness the availability of huge computing power and growing digital footprints to analyse measures of expectations, sentiment indicators and policy credibility measures from alternative data sources. Let me add that the use of alternative and unconventional data sources proved to be invaluable during the most severe phases of the COVID-19 related lockdowns and restrictions. In fact, their utility extends beyond periods of crisis. Data management systems need to keep pace with the use of unconventional data sources as policy inputs. While doing so, we have to be mindful of the importance of eliminating noise and capturing the signals from high frequency indicators. We are conscious that we are moving from an era of data scarcity to data abundance. The volume of digital data stored4 as well as the storage capacity5 are growing at an exponential pace, bringing forth new challenges along with new opportunities.

7. The focus now is naturally on enhancing capacity in artificial intelligence (AI) and machine learning (ML) techniques and analysing unstructured textual data. While doing so, ethical considerations need to be addressed and biases in algorithms need to be eliminated. In the Reserve Bank, we have ventured into AI/ML analytics in multiple areas. Under the Reserve Bank’s aspirational goals for RBI@100, we aim to develop cutting edge systems for high frequency and real-time data monitoring and analysis.

8. As Professor C.R.Rao, the legendary statistician, and close associate of Professor Mahalanobis had said: “Statistics is the science of learning from data. Today is the age of data revolution.”6 I am sure that our statisticians in the Reserve Bank will continue to strive for excellence and meet the emerging information and research needs of our economy in its journey towards even higher levels of development.

I wish all success for today’s deliberations.

Thank you.

---

1 It incorporates various new age features like a data lake and integrated analytics with much higher processing speeds and scalability. Data lake is envisioned as a part of CIMS, which is more flexible than usual database systems, in terms of data fetching from multiple systems (inside and outside RBI), data storage (both structured and unstructured information) and data processing (standard and dynamic query based reports).

2 The innovations implemented in the CIMS include: (a) to improve exchange of data and metadata, a Statistical Data and Metadata eXchange (SDMX) based repository has been implemented, which consists of the SDMX elements and related artefacts, undertakes data standardisation by aligning the elements with business concepts, and facilitates visualisation at desired level of granularity by drilling down elements; (b) a novel SDMX data conversion tool has been developed and implemented to generate SDMX time series from periodic data submitted by regulated entities; (c) all Regtech and Suptech data collection features have been implemented through creation of SDMX artefacts / metadata in server-to-server data transmission and data governance; (d) an advanced analytical platform to perform statistical analysis connecting cross domain data has been implemented with integrated programming interface; (e) an SDMX data query functionality provides interactive metadata driven search and data visualisation analytical platform for the general public; (f) power user capability known as common data platform has been implemented; and (g) functionality of regular information submission has been enriched with dashboards for regulated entities, system driven alerts and data submission monitoring utilities.

3 The new standards for national accounts and balance of payments statistics, coordinated by the United Nation's Intersecretariat Working Group on National Accounts (ISWGNA) and the International Monetary Fund (IMF) Committee on Balance of Payments Statistics (BOPCOM), respectively aim to meet boarder policy analysis and monitoring needs by integrating elements of social wellbeing and environmental sustainability; incorporating globalisation and innovation in real and financial sector operations; incorporating digital transformation; tracking climate change; steadiness between stock and flows; more detailed breakdowns; consistency with other standards; and developing new data sources and methods.

4 Moore's law

5 Kryder's law

6 Rao, B.L.S. Prakasa (2020). ‘C.R.Rao: A Life in Statistics’, Bhāvanā - The Mathematics Magazine.

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