138453613
Published on June 30, 2025
Contents
| Foreword |
| List of Select Abbreviations |
| Overview |
| Chapter I : Macrofinancial Risks |
| Macroeconomic Outlook |
| Global Outlook |
| Domestic Outlook |
| Financial Markets |
| Global Financial Markets |
| Domestic Financial Markets |
| Corporate and Household Sector |
| Corporate Sector |
| Household Sector |
| Banking System |
| Non-Bank Financial Intermediaries (NBFIs) |
| Global NBFIs |
| Domestic NBFIs |
| Systemic Risk Survey (SRS) |
| Chapter II : Financial Institutions: Soundness and Resilience |
| Scheduled Commercial Banks (SCBs) |
| Asset Quality |
| Sectoral Asset Quality |
| Credit Quality of Large Borrowers |
| Capital Adequacy |
| Earnings and Profitability |
| Liquidity |
| Resilience – Macro Stress Tests |
| Sensitivity Analysis |
| Sensitivity Analysis of Small Finance Banks |
| Bottom-up Stress Tests: Derivatives Portfolio |
| Bottom-up Stress Tests: Credit, Market and Liquidity Risk |
| Primary (Urban) Cooperative Banks (UCBs) |
| Stress Testing |
| Non-Banking Financial Companies (NBFCs) |
| Stress Test - Credit Risk |
| Stress Test - Liquidity Risk |
| Stress Testing of Mutual Funds |
| Stress Testing Analysis at Clearing Corporations |
| Insurance Sector |
| Interconnectedness |
| Financial System Network |
| Contagion Analysis |
| Chapter III : Regulatory Initiatives in the Financial Sector |
| Global Regulatory Developments |
| Banking |
| Financial Markets |
| Cyber Resilience |
| Climate Finance |
| Initiatives from Domestic Regulators / Authorities |
| Use of Indian Rupee for Cross Border Settlements |
| Prevention of Financial and Digital Payments Fraud |
| Reserve Bank of India (Project Finance) Directions, 2025 |
| Amendments to Liquidity Coverage Ratio (LCR) Framework |
| Reserve Bank of India (Digital Lending Directions), 2025 |
| Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025 |
| Introduction of Mutual Funds Lite (MF Lite) Framework |
| Introduction of Specialised Investment Funds |
| Safer Participation of Retail Investors in Algorithmic Trading |
| Identifying Unclaimed Assets |
| System Audit of Stock Brokers (SBs) through Technology-based Measures |
| Access to Negotiated Dealing System – Order Matching (NDS-OM) |
| Intraday Monitoring of Position Limits for Index Derivatives |
| Operational Resilience of Financial Market Intermediaries |
| Changes to Disclosure Requirements |
| Other Developments |
| Customer Protection |
| Enforcement |
| Deposit Insurance |
| Corporate Insolvency Resolution Process (CIRP) |
| Developments in International Financial Services Centre (IFSC) |
| Pension Funds |
| Insurance |
| Annex 1 : Systemic Risk Survey |
| Annex 2 : Methodologies |
| Annex 3 : Important Domestic Regulatory Measures |
| Reserve Bank of India (RBI) |
| Securities and Exchange Board of India (SEBI) |
| Insurance Regulatory and Development Authority of India (IRDAI) |
| Pension Fund Regulatory and Development Authority (PFRDA) |
| Insolvency and Bankruptcy Board of India (IBBI) |
| International Financial Services Centres Authority (IFSCA) |
| LIST OF BOXES |
| Chapter I |
| 1.1 Tracing Market Reactions to Geopolitical Events: An Event Study Framework |
| Chapter II |
| 2.1 System-wide Concentration Risk from Large Borrowers |
| LIST OF CHARTS |
| Chapter I |
| 1.1 Global Uncertainty |
| 1.2 Financial System Stress Indicator |
| 1.3 Growth-Inflation Dynamics vis-à-vis Historical Average |
| 1.4 Global Growth Projections |
| 1.5 Inflation and Monetary Policy Actions – Major AEs and EMEs |
| 1.6 Public Debt – Global, AEs and EMEs |
| 1.7 Public Debt and Primary Balance – Country Comparison |
| 1.8 Change in Debt and Interest Expenses – Select AEs and EMEs |
| 1.9 Interest Rate – Growth Rate Differential (Real) – US and Europe |
| 1.10 Economic Growth |
| 1.11 Inflation - India |
| 1.12 India’s Fiscal Position Comparison - 2024 |
| 1.13 Debt-to-GDP and Interest Rate – Growth Rate Differential |
| 1.14 India’s Balance of Payments |
| 1.15 External Vulnerability Indicators and Foreign Exchange Reserves |
| 1.16 Asset Price Movements, Financial Conditions and Volatility |
| 1.17 Equity Market Valuation |
| 1.18 Bond Market Liquidity and Volatility |
| 1.19 Net Treasury Futures Positions by Entity Type, Swap Spreads and Hedge Funds Borrowing in US |
| 1.20 US Dollar Performance |
| 1.21 Domestic Financial Conditions |
| 1.22 Money Market Trends |
| 1.23 Government Bond Market |
| 1.24 Movement in USD/INR Exchange Rate |
| 1.25 Exchange Rate Indicators |
| 1.26 Equity Market Performance and Volatility |
| 1.27 Fund Flows and NSE Listed Companies Ownership Pattern |
| 1.28 Equity Valuations |
| 1.29 Share of Stocks with P/E Ratio above Respective Benchmarks |
| 1.30 Ownership Pattern in Nifty Stocks – FPIs, Individuals and Mutual Funds |
| 1.31 Impact of Geopolitical Risk on Financial Market Variables |
| 1.32 Corporate Bond Market Trends |
| 1.33 Monthly Trading Volumes for ARCL |
| 1.34 Sales and Profits - Listed Private NFCs |
| 1.35 Sector-wise Trend in ICR |
| 1.36 Debt-Service Ratio and Cash Buffers |
| 1.37 Corporate Sector Vulnerability Indicators |
| 1.38 Household Debt |
| 1.39 Household Borrowings |
| 1.40 Housing Loans Trends |
| 1.41 Per Capita Debt of Individual Borrowers |
| 1.42 Household-Individual Borrowings from Financial Institutions |
| 1.43 Household Financial Wealth |
| 1.44 Performance of SCBs |
| 1.45 SCBs’ Capital, Asset Quality and Profitability |
| 1.46 Profitability, Credit Growth and Deposit Profile |
| 1.47 Bank Loan Growth |
| 1.48 Asset Quality of Unsecured Retail Loans |
| 1.49 Slippages and Write-offs - Unsecured Retail Loans |
| 1.50 Bank Credit to the MSME Sector |
| 1.51 Asset Quality of Bank Credit to the MSME Sector |
| 1.52 Share of Credit to MSME Sector by Risk Tiers (By Amount Outstanding) |
| 1.53 NPA Ratio of Credit Extended under Select Guarantee Schemes |
| 1.54 Loan Growth in Consumer Segment |
| 1.55 Consumer Segment Asset Quality |
| 1.56 Share of Borrowers by Risk Tier in Consumer Segment |
| 1.57 Credit to the Microfinance Sector |
| 1.58 Stressed Assets and Indebtedness in the Microfinance Sector |
| 1.59 Banking Stability Indicator and Map |
| 1.60 Global NBFI Share |
| 1.61 Hedge Funds’ Synthetic Leverage by Strategy |
| 1.62 Bank-NBFI Interconnectedness |
| 1.63 Bank-NBFI Interconnectedness in India |
| 1.64 NBFC Sector – Key Financial Parameters |
| 1.65 NBFC Credit and Bank Lending to NBFCs |
| 1.66 Personal Loans – Lenders’ Share and Loan Origination |
| 1.67 Slippage Ratio, Write-Offs and Outlier NBFCs |
| 1.68 NBFCs (UL+ML) Borrowing and Funding Profile |
| 1.69 Non-Banking Stability Indicator and Map |
| 1.70 Trends in the AUM of the B30 and T30 Cities of the Domestic Mutual Fund Industry |
| 1.71 Trends in Monthly SIP Contributions and Outstanding SIP Accounts |
| 1.72 Inflows in Open-ended Mutual Fund Schemes |
| 1.73 Potential Risks to Financial Stability |
| Chapter II |
| 2.1 Deposit and Credit Profile of SCBs |
| 2.2 Select Asset Quality Indicators |
| 2.3 Sectoral Asset Quality Indicators |
| 2.4 Select Asset Quality Indicators of Large Borrowers |
| 2.5 Capital Adequacy |
| 2.6 Select Performance Indicators of SCBs |
| 2.7 Liquidity Ratios |
| 2.8 Macro Scenario Assumptions |
| 2.9 CRAR Projections under Stress Scenarios |
| 2.10 Projection of CET1 Capital Ratio under Stress Scenarios |
| 2.11 Projection of GNPA Ratio under Stress Scenarios |
| 2.12 Credit Risk – Shocks and Outcomes |
| 2.13 Credit Concentration Risk: Individual Borrowers – Exposure |
| 2.14 Credit Concentration Risk: Group Borrowers – Exposure |
| 2.15 Credit Concentration Risk: Individual Borrowers – Stressed Advances |
| 2.16 AFS and FVTPL (including HFT) Portfolios: Bank-group wise |
| 2.17 HTM Portfolio – Composition |
| 2.18 HTM Portfolio – Unrealised Gain/ Loss as on March 31, 2025 |
| 2.19 Equity Price Risk |
| 2.20 LCR-based Liquidity Stress Test |
| 2.21 MTM position of Total Derivatives Portfolio of Select Banks – March 2025 |
| 2.22 MTM Impact of Shocks on Derivatives Portfolio of Select Banks |
| 2.23 Income from the Derivatives Portfolio |
| 2.24 Credit and Market Risks |
| 2.25 Liquidity Risk - Liquid Assets Ratio |
| 2.26 Credit Profile and Asset Quality Indicators of UCBs |
| 2.27 Stress Test of UCBs |
| 2.28 Credit Profile of NBFCs |
| 2.29 Growth and Delinquency of Components of Retail Loans |
| 2.30 Asset Quality of NBFCs |
| 2.31 Capital Adequacy and Profitability |
| 2.32 Liquidity Stock Measures |
| 2.33 Credit Risk in NBFCs - System Level |
| 2.34 Range (Surplus (+)/ Deficit (-)) of LR-RaR and LR-CRaR Maintained by AMCs over AMFI Prescribed Limits |
| 2.35 Bilateral Exposures between Entities in the Financial System |
| 2.36 Instrument-wise Exposure among Entities in the Financial System |
| 2.37 Network Plot of the Financial System - March 2025 |
| 2.38 Net Receivables (+ve)/ Payables (-ve) by Institutions |
| 2.39 Inter-Bank Market |
| 2.40 Contribution of Different Bank Groups in the Inter-Bank Market |
| 2.41 Composition of Fund based Inter-Bank Market |
| 2.42 Network Structure of the Indian Banking System (SCBs + SUCBs) – March 2025 |
| 2.43 Connectivity Statistics of the Banking System (SCBs) |
| 2.44 Gross Receivables of AMC-MFs from the Financial System |
| 2.45 Gross Receivables of Insurance Companies from the Financial System |
| 2.46 Gross Payables of NBFCs to the Financial System |
| 2.47 Gross Payables of HFCs to the Financial System |
| 2.48 Gross Payables/Receivables of AIFIs to/from the Financial System |
| Chapter III |
| 3.1 Summary of Outcomes - Resolution to Liquidation Ratio |
| 3.2 NPS and APY – Subscribers and AUM Trend |
| 3.3 NPS and APY AUM: Asset Class-wise Bifurcation |
| LIST OF TABLES |
| Chapter I |
| 1.1 Capital Flows |
| 1.2 Resource Mobilisation through the Indian Capital Markets |
| 1.3 Share of Floating Rate Loans - Overall |
| 1.4 Distribution of Retail Loans by Interest Rate Framework |
| Chapter II |
| 2.1 Decline in System Level CRAR |
| 2.2 PV01 of AFS and FVTPL (including HFT) Portfolios |
| 2.3 Interest Rate Risk – Bank-groups - Shocks and Impacts |
| 2.4 Other Operating Income – Profit / (Loss) on Securities Trading |
| 2.5 Earnings at Risk (EAR) - Traditional Gap Analysis (TGA) |
| 2.6 Market Value of Equity (MVE) - Duration Gap Analysis (DGA) |
| 2.7 NBFCs’ Sources of Funds |
| 2.8 Liquidity Risk in NBFCs |
| 2.9 Stress Testing of Open-Ended Debt Schemes of Mutual Funds – Summary Findings – April 2025 |
| 2.10 Summary of Stress Tests and Liquidity Analysis of MF Midcap and Smallcap Schemes |
| 2.11 Minimum Required Corpus of Core SGF Based on Stress Testing Analysis at Clearing Corporations |
| 2.12 Solvency Ratio of Insurance Sector |
| 2.13 Simulated Contagion Losses due to Hypothetical Bank Failure – March 2025 |
| 2.14 Simulated Contagion Losses due to Hypothetical NBFC Failure – March 2025 |
| 2.15 Simulated Contagion Losses due to Hypothetical HFC Failure – March 2025 |
| Chapter III |
| 3.1 Category of Complaints Received under the RB-IOS, 2021 |
| 3.2 Type/Category of Complaints |
| 3.3 Status of Disputes on SmartODR.in |
| 3.4 Coverage of Deposits |
| 3.5 Bank Group-wise Deposit Protection Coverage |
| 3.6 Deposit Insurance Premium |
| 3.7 Deposit Insurance Fund and Reserve Ratio |
| 3.8 Status of Corporate Insolvency Resolution Process |
| 3.9 Sectoral Distribution of CIRPs |
| 3.10 Outcome of CIRPs, Initiated Stakeholder-wise |
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