Economics
58 briefs · reviewed, positive, calm dispatches.
RBI swap facility draws $56.8 bn forex inflows; FCNR(B) window set till Aug 31
India’s forex inflows under the RBI’s USD-INR swap facility reached $56,846 million by August 13, 2026, led by FCNR(B) deposits. The RBI has extended clarity on timelines: FCNR(B) mobilisation till August 31, while ECBs and OFCBs remain open till December 31.
RBI underwriting auction sets low cut-offs for August 14 G-Sec issuances
The RBI has released results of the August 14, 2026 underwriting auction for select Government securities. Cut-off commissions for primary dealers ranged from 0.23 to 0.58 paise per ₹100, supporting smooth debt issuance and market confidence.
RBI announces results of Inter-Bank Hindi Essay Competition 2026–27
The Reserve Bank of India has declared the results of its Inter-Bank Hindi Essay Competition 2026–27, encouraging original Hindi writing on economics, finance and banking. Officers and staff from RBI, public sector banks and sponsor RRBs participated.
Govt to conduct ₹30,000 crore G-Sec switch auction to optimise debt profile
The Government of India will hold a ₹30,000 crore (face value) conversion/switch auction on 17 August 2026, enabling holders to exchange select near-term securities for longer-dated papers. The move supports smoother maturity management and market liquidity.
Govt to conduct ₹30,000 crore G-Sec conversion/switch auction on 17 Aug 2026
The Government of India will conduct an auction-based conversion/switch of its securities for an aggregate ₹30,000 crore (face value) on 17 August 2026. The move supports orderly debt management by reshaping maturities through transparent, market-based pricing.
RBI seeks public feedback on draft Credit Valuation Adjustment (CVA) framework
The Reserve Bank of India has released draft Directions to update the Credit Valuation Adjustment (CVA) framework for banks’ derivatives activity. Stakeholders can send comments till 28 August 2026, supporting a more risk-sensitive and consistent approach.
Urbanisation seen as vital step towards India’s developed-nation goal by 2047
Economist Arvind Panagariya has called urbanisation the most critical next step in India’s growth journey, arguing the country’s urban transition has been slower than in economies that moved to developed status. Better-planned cities could lift productivity and jobs.
RBI seeks public feedback on updated draft CVA framework for bank derivatives risk
The RBI has released draft Directions for a revised Credit Valuation Adjustment (CVA) Framework and invited comments until 28 August 2026. The update aims to improve risk sensitivity and give eligible banks simpler options aligned with Basel III standards.
NBFC credit growth rises to 14.4% in June 2026, led by retail and agriculture
RBI’s latest provisional data show NBFC credit growth improving to 14.4% year-on-year in June 2026. Agriculture and retail lending strengthened, while industry and services saw some moderation—pointing to a rebalancing of credit towards households and rural activity.
Zero poverty, education and jobs at heart of Viksit Bharat roadmap: Sitharaman
Finance Minister Nirmala Sitharaman said the Viksit Bharat roadmap is anchored in zero poverty, quality education and jobs, alongside affordable, comprehensive healthcare. The vision aims to widen opportunity and improve everyday outcomes, with a focus on inclusion and long-term growth.
RBI seeks public feedback on updated concentration risk norms for rural co-op banks
The RBI has released draft Directions to refresh concentration risk management norms for Rural Co-operative Banks, proposing updated exposure limits and more flexible housing loan terms for larger RCBs. Stakeholders can share feedback until 28 August 2026.
RBI sets premature redemption price for SGB 2020-21 Series XI at ₹14,564
The RBI has announced that the premature redemption price for Sovereign Gold Bond (SGB) 2020-21 Series XI, due on 7 August 2026, will be ₹14,564 per unit, based on IBJA’s three-business-day average gold price.
What’s driving India’s strong GST collections: Growth and better compliance
India’s GST collections have been rising faster than nominal GDP in recent years. The trend reflects healthier economic activity as well as steady improvements in compliance and tax administration—signalling a more formal, transparent marketplace and stronger public revenue foundations.
RBI sets underwriting auction for ₹32,000 crore G-Secs sale on 7 August 2026
The RBI will conduct an underwriting auction on 7 August 2026 for the Government of India’s ₹32,000 crore re-issue of two securities. The process supports smooth debt market functioning by ensuring firm demand through Primary Dealers’ underwriting commitments.
RBI shares forward-looking survey results, offering fresh signals on the economy
The RBI has published results from multiple forward-looking surveys covering consumer confidence, inflation expectations, manufacturing activity, services outlook and bank lending. The findings reflect respondents’ views and help businesses and policymakers track emerging trends with greater clarity.
RBI to hold 4-day VRRR auction under LAF on 6 August 2026
The Reserve Bank of India will conduct a 4-day Variable Rate Reverse Repo (VRRR) auction under the Liquidity Adjustment Facility on 6 August 2026, signalling proactive liquidity management as market conditions evolve and supporting orderly money market functioning.
RBI outlines constructive regulatory steps for co-operative banks and loan pricing
The RBI’s latest developmental and regulatory policy statement signals steady reform: fresh ‘on tap’ licensing for Urban Co-operative Banks, updated concentration-risk norms for rural co-operatives, and a more transparent, harmonised framework for interest rates across regulated entities.
RBI swap facility helps mobilise $40.8 bn forex inflows by July-end 2026
The Reserve Bank of India’s concessional swap facility for fresh FCNR(B) deposits and foreign currency borrowings has helped mobilise $40,816 million in forex inflows up to July 31, 2026, based on reporting by authorised dealer banks.
RBI invites Hindi economics and finance books for 2025-26 prizes
The Reserve Bank of India has announced its 2025-26 scheme to encourage original Hindi books on economics, banking and finance. Eligible university professors can submit nominations by 31 August 2026 for three awards of ₹1.25 lakh each.
Explained: What is driving India’s stronger GST collections
India’s GST collections have been growing faster than nominal GDP in recent years, pointing to a mix of healthier economic activity and steadier compliance. Stronger tax administration, improved reporting and a broader formal base are helping revenues stay resilient.
RBI invites Hindi originals on economics and finance under 2025-26 book scheme
The Reserve Bank of India has opened its 2025-26 scheme to encourage original Hindi books on economics, banking and finance. Eligible university professors can submit nominations by 31 August 2026, with three prizes of ₹1,25,000 each on offer.
Why the US is buying yen: What the move means for markets and Asia
The US joining Japan to support the yen is being read as a push for currency stability rather than drama. The move aims to smooth volatility, steady trade flows and keep financial conditions predictable for businesses across Asia, including India.
RBI data shows steady forex reserves and broad stability in banking aggregates
The RBI’s latest Weekly Statistical Supplement indicates broadly stable financial conditions, with India’s foreign exchange reserves holding at US$ 682,354 million as on 24 July 2026 and scheduled commercial banks showing manageable fortnightly movements in deposits and credit.
India’s services exports rise in June 2026, RBI data shows
India’s international trade in services stayed resilient in June 2026, with exports (receipts) rising to US$ 36.37 billion and imports (payments) at US$ 18.48 billion, as per RBI’s provisional monthly data.
RBI swap facility mobilises $40.8 bn in fresh forex inflows by July 31
RBI’s concessional swap facility for fresh FCNR(B) deposits and select overseas borrowings has mobilised $40,816 million in forex inflows up to July 31, 2026, as per reporting by authorised dealer banks—supporting market stability and funding flexibility.
India’s GST collections rise 15.4% to ₹2.11 trillion in July
India’s gross GST collections grew 15.4% year-on-year to ₹2.11 trillion in July, signalling steady economic activity. After adjusting for refunds, net GST collections rose 15.8% to ₹1.81 trillion, supporting fiscal stability and public spending capacity.
RBI weekly supplement shows steady forex buffers and broad-based bank lending
RBI’s Weekly Statistical Supplement indicates India’s foreign exchange reserves at ₹65.88 lakh crore as on 24 July 2026, with a weekly rise. Banking data for mid-July shows deposits and credit broadly stable, supporting ongoing economic activity.
RBI weekly data shows steady reserves and broad-based banking activity
The RBI’s latest weekly statistical supplement indicates stable foreign exchange reserves and active banking flows. While deposits and credit saw small fortnightly moderation, financial-year-to-date trends remain constructive, signalling continued momentum in India’s formal financial system.
RBI publishes Handbook of Statistics on the Indian Economy 2025–26
The Reserve Bank of India has released the 28th edition of its Handbook of Statistics on the Indian Economy (2025–26), expanding access to detailed time-series data across key macroeconomic and financial indicators via DBIE and the RBIDATA mobile app.
India’s services trade stays resilient in June 2026, RBI data shows
India’s services exports rose to US$36.37 billion in June 2026, while imports stood at US$18.48 billion, RBI data showed. The numbers point to steady momentum in external services demand and continued strength in India’s net services position.
Scheduled banks’ position on 15 July 2026 shows stable deposits and measured liquidity
RBI’s weekly statement for 15 July 2026 indicates steady deposit strength across scheduled banks, with time deposits edging up and borrowings from RBI easing sharply from end-June. Liquidity balances with the RBI moderated, signalling normalisation after quarter-end movements.
Eight services segments log double-digit growth in May trial index
India’s second trial release of the Index of Services Production indicates broad-based momentum in formal services, with eight segments registering double-digit growth in May. The new monthly indicator offers policymakers and investors an additional, timely view of activity in the economy’s largest sector.
RBI underwriting auction sets 0.33 paise cut-off for 6.94% GS 2036
The Reserve Bank of India has announced the results of its July 31, 2026 underwriting auction for 6.94% Government Security 2036, setting an ACU commission cut-off of 0.33 paise per ₹100. The full ₹34,000 crore notified amount was underwritten.
RBI finalises amended deposit rate directions; rules effective 1 October 2026
The RBI has issued final Amendment Directions on interest rates for deposits across multiple regulated entities, after reviewing public and stakeholder feedback. The changes, aimed at flexibility for rupee bulk deposit pricing and uniform disclosures, take effect from 1 October 2026.
RBI finalises Basel Pillar 3 disclosure updates for banks after stakeholder feedback
The RBI has issued final Amendment Directions to update Basel Pillar 3 disclosures for banks, incorporating stakeholder feedback received on draft proposals released on 19 May 2026. The move aims to strengthen transparency and consistency across bank reporting.
May trial services index points to broad-based strength across formal activities
India’s second trial release of the Index of Services Production indicates encouraging momentum in the country’s largest sector. Eight services segments reportedly recorded double-digit growth in May, offering a timely monthly view for policymakers, businesses and investors.
How AI is making India’s income tax filing faster, simpler and more accurate
India’s record pace of income tax return filings is being supported by smarter digital systems. AI-led tools are helping taxpayers file with pre-filled details and quicker checks, while enabling authorities to process data efficiently and flag anomalies.
May trial services index signals broad-based momentum as eight segments grow strongly
India’s second trial release of the Index of Services Production indicates broad-based expansion in formal services in May, with eight segments recording double-digit growth. The emerging monthly gauge could help policymakers and investors track momentum in the country’s largest sector.
RBI releases draft amendments to streamline securitisation notes framework
The Reserve Bank of India has issued draft Amendment Directions to improve efficiency, liquidity and transparency in the issuance and transfer of Securitisation Notes. Public and stakeholder comments are invited until 27 August 2026 via RBI’s Connect2Regulate platform.
Industrial output rises 7.3% in June, marking a six-month high
India’s industrial output expanded 7.3% in June, a six-month high, supported by strong manufacturing activity and steady gains in mining and electricity. The momentum signals improving factory utilisation and a firmer base for growth in the coming months.
RBI releases draft amendments to securitisation directions, invites public comments
The Reserve Bank of India has issued draft amendment directions on securitisation transactions, aiming to improve the efficiency, liquidity and transparency of Securitisation Notes. Stakeholders can submit feedback through RBI’s Connect2Regulate portal by 27 August 2026.
RBI underwriting auction sets ACU cut-offs for two Government securities
The Reserve Bank of India announced cut-off underwriting commission rates for Primary Dealers after the July 24, 2026 underwriting auction. The process fully covered two Government securities, supporting smooth market functioning ahead of the securities sale on the same day.
RBI sets ACU cut-offs for July 24 gilt underwriting auction
The Reserve Bank of India has announced cut-off underwriting commission rates for Primary Dealers for two Government securities in the July 24, 2026 Additional Competitive Underwriting (ACU) auction, supporting smooth execution of the Centre’s market borrowing programme.
RBI weekly data: FX reserves steady; bank deposits and credit show broad momentum
The RBI’s weekly statistical supplement shows India’s foreign exchange reserves at ₹65.11 lakh crore as on 17 July 2026. Banking system aggregates indicate deposits and credit remain on an upward year-on-year track, supporting ongoing economic activity.
RBI underwriting auction: Cut-off commissions set for July 24 G-sec issuance
The RBI has announced cut-off underwriting commission rates for Primary Dealers after the July 24, 2026 ACU auction for two Government securities. The results indicate full underwriting coverage, supporting smooth execution of the day’s scheduled G-sec sale.
RBI auction: Full subscription for new 2041 and 2076 Government Stock issues
The RBI’s latest Government Stock auction saw the full notified amounts accepted for two securities, reflecting steady demand and orderly price discovery. Cut-off results included an implicit yield of 7.06% for the new 2041 paper and 7.6212% for the 2076 bond.
RBI T-bill auction sees healthy demand across 91-, 182- and 364-day tenors
The RBI’s latest Treasury Bill auction recorded strong investor interest, with bids well above the notified amounts across 91-, 182- and 364-day papers. Cut-off yields ranged from 5.3542% to 5.7650%, signalling steady short-term funding conditions.
RBI releases Reserve Money data for fortnight ended 15 July 2026
The Reserve Bank of India has published the latest Reserve Money dataset for the fortnight ended 15 July 2026. The release strengthens transparency around liquidity conditions and supports informed decisions by banks, businesses, researchers and policy watchers.
RBI swap facility draws $20.7 bn inflows by July 17, bolstering forex comfort
India’s RBI said its concessional swap facility for fresh FCNR(B) deposits, ECBs and overseas foreign currency borrowings has mobilised $20,718 million in inflows till July 17, 2026—supporting balance of payments strength and encouraging orderly capital inflows.
RBI sets ₹14,158 per unit for July 2026 premature SGB redemptions
The RBI has announced a premature redemption price of ₹14,158 per unit for SGB 2020-21 Series X and SGB 2021-22 Series IV due in July 2026. The price is based on IBJA’s three-day average for 999 purity gold.
RBI’s 7-day VRR auction on July 20 sees ₹72,051 crore allotted at 5.26%
The RBI’s 7-day Variable Rate Repo (VRR) auction on July 20, 2026, received bids worth ₹72,051 crore against a notified amount of ₹1,25,000 crore. The entire bid amount was allotted at a cut-off and weighted average rate of 5.26%.
RBI releases June 2026 Overseas Direct Investment data for Indian firms
The Reserve Bank of India has released Overseas Direct Investment data for June 2026, covering transactions under both the Automatic and Approval routes. The update supports transparency and helps businesses and policymakers track Indian companies’ steady global expansion.
RBI’s printing arm explores polymer substrate bids; ₹10 and ₹20 notes seen first
India may be a step closer to polymer banknotes as RBI’s printing arm has reportedly invited global bids for polymer substrate sheets. Early introductions are likely to focus on ₹10 and ₹20 denominations, supporting longer-lasting notes and cleaner currency handling.
Centre weighs next phase of PLI for food processing after early gains
Encouraged by progress under the Production-Linked Incentive (PLI) scheme, the Centre is reviewing lessons from the current programme and consulting industry stakeholders to shape a next-phase framework for food processing, with attention to segments needing additional support.
RBI schedules 7-day VRR auction under LAF for July 20, 2026
The RBI will conduct a 7-day Variable Rate Repo (VRR) auction under the Liquidity Adjustment Facility on July 20, 2026, for a notified amount of ₹1,25,000 crore. The step supports smooth money-market liquidity management.
RBI printing arm explores polymer notes; ₹10 and ₹20 could lead the rollout
A report says RBI’s printing arm has invited global bids to source polymer substrate sheets for Indian banknotes. If adopted, the first polymer notes could be in ₹10 and ₹20 denominations, supporting longer-lasting currency and improved note quality.
RBI to auction ₹24,000 crore in 91-, 182- and 364-day Treasury Bills on July 22
The RBI will auction Government of India Treasury Bills worth ₹24,000 crore on July 22, 2026, with settlement on July 23. The offering includes 91-, 182- and 364-day bills, with retail access available through the Retail Direct portal.
RBI to conduct ₹21,700 crore State Government securities auction on July 21
The RBI will conduct an auction of State Government Securities (SGS) worth ₹21,700 crore on July 21, 2026 via its E-Kuber system. Multiple states will raise funds across tenors and re-issues, with a non-competitive route available for eligible participants.