| Foreword |
| List of Select Abbreviations |
| Overview |
| Chapter I : Macrofinancial Risks |
| Global Backdrop |
| Macrofinancial Developments and Outlook |
| Other Global Macrofinancial Risks |
| Domestic Macrofinancial Risks |
| Corporate Sector |
| Government Securities and Corporate Bond Markets |
| External Sector Developments and Foreign Exchange Markets |
| Domestic Equity Market |
| Commodity Derivatives |
| Mutual Funds |
| Banking Stability Indicator |
| Banking Credit |
| Interest-rate Risk in Banking Book |
| Wholesale Bank Credit |
| Non-Banking Financial Companies (NBFCs) |
| Credit Flows to the MSME Sector |
| Microfinance Segment |
| Consumer Credit |
| Housing Market |
| Systemic Risk Survey |
| 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 |
| Resilience – Macro Stress Tests |
| Sensitivity Analysis |
| Bottom-up Stress Tests: Credit, Market and Liquidity Risk |
| Bottom-up Stress Tests: Derivatives Portfolio |
| Small Finance Banks |
| Primary (Urban) Cooperative Banks |
| Stress Testing |
| Non-Banking Financial Companies (NBFCs) |
| Stress Test - Credit Risk |
| Stress Test - Liquidity Risk |
| Interconnectedness |
| Financial System Network |
| Contagion Analysis |
| Chapter III : Regulatory Initiatives in the Financial Sector |
| Global Regulatory Developments and Assessments |
| Crypto Ecosystem and Financial Stability |
| Debt and Financial Stability |
| Markets and Financial Stability |
| Cyber Risk and Financial Stability |
| Climate-related Risks and Financial Stability |
| Domestic Regulatory Developments |
| Initiatives from Regulators/Authorities |
| Regulatory Framework for Microfinance Loans |
| Digital Banking Units (DBUs) |
| Framework for Facilitating Small Value Digital Payments in Offline Mode |
| Master Direction – Reserve Bank of India (Credit Derivatives) Directions |
| Legal Entity Identifier for Borrowers |
| Retail Direct Scheme |
| Cyber-Security Risks |
| FinTech Developments |
| Customer Protection |
| Enforcement |
| Variation Margin for Non-centrally Cleared OTC Derivatives |
| Payments Infrastructure Development Fund Scheme |
| Individual Housing loans – Cooperative Banks |
| Cross Margin in Commodity Index Futures |
| Tightening Framework for Public Issues |
| Retail Investor Protection |
| Capacity Building for Investors |
| Framework for FinTech Entity in the International Financial Service Centre (IFSC) |
| Fund Management Regulations at IFSCA |
| Other Developments |
| Deposit Insurance |
| Corporate Insolvency Resolution Process (CIRP) |
| Mutual Funds |
| Capital Market |
| Credit Ratings |
| Insurance |
| Pension Funds |
| Annex 1: Systemic Risk Survey |
| Annex 2: Methodologies |
| Annex 3: Important Regulatory Measures |
| Reserve Bank of India |
| Securities and Exchange Board of India |
| Insurance Regulatory and Development Authority of India |
| Pension Fund Regulatory and Development Authority |
| Insolvency and Bankruptcy Board of India |
| International Financial Service Centres Authority |
| LIST OF BOXES |
| 2.1 Housing Price and Financial Stability – Sensitivity Analysis |
| 2.2 Determinants of solvency contagion loss due to bank failure |
| 3.1 Pandemic-proofing Financial Systems |
| 3.2 ‘BigTechs’: A Survey of International Regulatory and Supervisory practices |
| LIST OF CHARTS |
| Chapter I |
| 1.1 IMF Forecasts for Growth and Inflation |
| 1.2 Consensus Expectations of Global GDP Growth and CPI Inflation |
| 1.3 Potential GDP: IMF Projections for AEs and EMDEs |
| 1.4 World Uncertainty Index |
| 1.5 G-Sec Yields |
| 1.6 Equity and Bond Indices |
| 1.7 Impact of QT in 2017-18 |
| 1.8 Spreads in Funding Markets |
| 1.9 FX-implied Doller Funding Spreads |
| 1.10 Credit Spreads |
| 1.11 Emerging Markets Debt |
| 1.12 Public Debt and Banks’ Exposure |
| 1.13 Banks’ Capital and Provisions |
| 1.14 Equity Prices and Credit Default Swap (CDS) Spreads |
| 1.15 Movement in US Dollar |
| 1.16 Spillovers to Emerging Markets |
| 1.17 EMEs External Debt |
| 1.18 Portfolio Outflows |
| 1.19 Russian Equity and Debt |
| 1.20 Global Supply Chain Pressure Index |
| 1.21 Commodity Prices |
| 1.22 Crude Oil – Prices and Volatility |
| 1.23 Investment in Commodity Linked Investment Funds |
| 1.24 Crypto Market Capitalisation |
| 1.25 Nominal and Real Sales Growth of Listed Non-Financial Private Companies |
| 1.26 Operating Profit Margin - Listed Non-Financial Private Companies |
| 1.27 Leverage, Fixed Assets and Cash Holdings of Listed Private Manufacturing Companies |
| 1.28 Government Securities Yield |
| 1.29 Yield Curve Movement |
| 1.30 Repayment Obligations of Central Government Dated Securities |
| 1.31 FPI Holdings in Debt Instruments |
| 1.32 Activity in Government Securities and Overnight-Indexed Swap Market |
| 1.33 AAA Corporate Bond Spreads (vis-à-vis Government Securities) |
| 1.34 Drivers of Trade Deficit |
| 1.35 Decomposition of India's Trade Growth (2021-22) over Pre-Covid (2019-20) |
| 1.36 India's Balance of Payments |
| 1.37 Trends in FPI net Investments |
| 1.38 Quarterly Accretion to NRI Deposits |
| 1.39 External Sector Vulnerability Indicators |
| 1.40 USD-INR Exchange Rate Movement |
| 1.41 EMEs – 3 Month Historical Volatility |
| 1.42 USD-INR Long Term Trend |
| 1.43 USD-INR Implied Volatility |
| 1.44 Forward Premia Curve |
| 1.45 Movements in Nifty 50 and Global Stock Market Indices |
| 1.46 BSE Sensex and Foreign Institutional Flows |
| 1.47 Trends in Foreign and Domestic Investments in Cash Segment |
| 1.48 Equity Market Valuation Indicators |
| 1.49 Demat Accounts with Depositories |
| 1.50 Trend of Number of Retail Investors Trading in the Exchanges |
| 1.51 Domestic and International Commodity Futures Indices |
| 1.52 Movement in select Sectoral Indices in Commodity Derivatives |
| 1.53 AUMs of Open-ended Debt and Equity Funds |
| 1.54 MFs’ Investment in G-Sec/T-Bills/CBLO and Spread Products |
| 1.55 Trends in Overnight Funds |
| 1.56 Investor Profile of Debt Schemes |
| 1.57 Investor Profile of Equity Schemes |
| 1.58 Corporate Bond Holdings of Mutual Funds |
| 1.59 Investor Profile of Equity Schemes up to one year |
| 1.60 Investor Profile of Equity Schemes above one year |
| 1.61 Banking Stability Map |
| 1.62 Credit Growth - SCBs |
| 1.63 Credit Growth |
| 1.64 Asset Quality, Capital Adequacy and Risk Weights |
| 1.65 Movement in Interest Rates |
| 1.66 Exposure Distribution of Non-PSU Non-Financial Obligors |
| 1.67 Bank Credit to NBFCs/HFCs |
| 1.68 Long Term Ratings |
| 1.69 NBFC CP Issuances |
| 1.70 Credit to MSME Sector |
| 1.71 ECLGS Guarantee Disbursed |
| 1.72 Bank Group-wise ECLGS Guarantee |
| 1.73 Lending to the Microfinance Segment |
| 1.74 Stress in the Microfinance Segment |
| 1.75 Inquiry Volumes by Product Category |
| 1.76 Inquiry Volumes by Lender Category |
| 1.77 Growth in Credit Active Consumers |
| 1.78 Inquiry Volumes by Risk Tier |
| 1.79 Approval Rates by Lender Category |
| 1.80 House Sales, Launches and Unsold Inventory |
| 1.81 Unsold Inventory and Inventory Overhang |
| 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 Macro Scenario Assumptions for 2022-23 |
| 2.8 CRAR Projections |
| 2.9 Projection of CET 1 Capital Ratio |
| 2.10 Projection of SCBs’ GNPA Ratios |
| 2.11 Credit Risk - Shocks and Outcomes |
| 2.12 Credit Concentration Risk: Individual Borrowers – Exposure |
| 2.13 Credit Concentration Risk: Group Borrowers – Exposure |
| 2.14 Credit Concentration Risk: Individual Borrowers – Stressed Advances |
| 2.15 Trading Book Portfolio: Bank-group wise |
| 2.16 Yield Curves and Shift in Yields across Tenors since December 2021 |
| 2.17 HTM Portfolio – Composition |
| 2.18 HTM Portfolio – Unrealised Gain/Loss as on March 31, 2022 |
| 2.19 Equity Price Risk |
| 2.20 Liquidity Risk – Shocks and Outcomes |
| 2.21 Bottom-up Stress Tests – Credit and Market Risks – Impact on CRAR |
| 2.22 Bottom-up Stress Tests – Liquidity Risk |
| 2.23 MTM of Total Derivatives Portfolio, Select Banks – March 2022 |
| 2.24 Impact of Shocks on Derivatives Portfolio of Select Banks |
| 2.25 Select Performance Indicators of SFBs |
| 2.26 Select Performance Indicators of UCBs |
| 2.27 Stress Test of UCBs |
| 2.28 Sectoral Deployment of Credit by NBFCs |
| 2.29 Total Credit by NBFCs - Ownership Pattern |
| 2.30 Industrial Credit by NBFCs - Ownership Pattern |
| 2.31 Share of Different NBFC Categories in Gross Advances |
| 2.32 Sectoral GNPA Ratio of NBFCs |
| 2.33 Sectoral NNPA Ratio of NBFCs |
| 2.34 Capital Adequacy |
| 2.35 NBFCs’ Sources of Funds |
| 2.36 Borrowings by NBFCs |
| 2.37 Credit Risk in NBFCs - System Level |
| 2.38 Bilateral Exposures between Entities in the Financial System |
| 2.39 Network Plot of the Financial System – March 2022 |
| 2.40 Net Receivables (+ve)/Payables (-ve) by Institutions |
| 2.41 Inter-bank Market |
| 2.42 Different Bank Groups in the Inter-Bank Market – March 2022 |
| 2.43 Composition of Fund based Inter-Bank Market |
| 2.44 Network Structure of the Indian Banking System (SCBs + SFBs+ SUCBs) – March 2022 |
| 2.45 Connectivity Statistics of the Banking System (SCBs) |
| 2.46 Gross Receivables of AMC-MFs from the Financial System |
| 2.47 Gross Receivables of Insurance Companies from the Financial System |
| 2.48 Gross Payables of AIFIs to the Financial System |
| 2.49 Gross Payables of NBFCs to the Financial System |
| 2.50 Gross Payables of HFCs to the Financial System |
| 2.51 Contagion Impact of Macroeconomic Shocks (Solvency Contagion) |
| Chapter III |
| 3.1 Trends of Average Daily Traded Value |
| 3.2 Funds Raised through Primary Market |
| 3.3 Issuances of CPs and Listed NCDs - Rating-wise and Issuer-wise |
| 3.4 Category-wise Issuers and Subscribers of Corporate Bonds |
| 3.5 Rating Actions across Credit Rating Agencies (CRAs) |
| 3.6 Distribution of Rating Downgrades – Sector-wise |
| 3.7 Growth in First Year Premium of Life Insurance Business – Life Insurance |
| 3.8 Growth in Total Premium (First Year + Renewal) of Life Insurance Business |
| 3.9 NPS and APY Subscribers – Sector-wise |
| 3.10 NPS and APY AUM – Sector-wise |
| LIST OF TABLES |
| Chapter I |
| 1.1 Outstanding External Debt |
| 1.2 Hedging of ECB Loans |
| 1.3 Fund Raising through IPOs |
| 1.4 Segment-wise Aggregate Turnover (Futures + Options) |
| 1.5 Incremental Growth in Credit by SCBs (excl. RRBs) |
| 1.6 Share of Floating Rate Linked Outstanding Rupee Loans of SCBs: Interest Rate Benchmarks |
| 1.7 Share of Gross Advances Linked to Tenure of Interest Benchmark |
| 1.8 Growth in Wholesale Credit |
| 1.9 Growth in Wholesale Credit to Non-PSU Non-Financial Companies |
| 1.10 Aggregate Mobilisation of Funds |
| 1.11 Asset Quality Ratios across NBFC Categories |
| 1.12 MSME Restructuring |
| 1.13 MSME Asset Quality Profile |
| 1.14 Consumer Distribution by Risk Tier and Lender Category |
| 1.15 Delinquency Levels in Aggregate Consumer Credit across all Product Categories |
| Chapter II |
| 2.1 Increase in New Loans by SCBs: Economic Sectors and Organisations |
| 2.2 Decline in System Level CRAR |
| 2.3 Tenor-wise PV01 Distribution of AFS Portfolio |
| 2.4 OOI - Profit/(Loss) on Securities Trading |
| 2.5 Tenor-wise PV01 Distribution of HFT portfolio |
| 2.6 Interest Rate Risk – Bank-groups - Shocks and Impacts |
| 2.7 Liquidity Risk in NBFCs |
| 2.8 Contagion Losses due to Bank Failure – March 2022 |
| 2.9 Contagion Losses due to NBFC Failure – March 2022 |
| 2.10 Contagion Losses due to HFC Failure – March 2022 |
| Chapter III |
| 3.1 Category of Complaints Received under the RB-IOS, 2021 and the erstwhile BOS, 2006 |
| 3.2 Distribution of Target across Centres |
| 3.3 Deposit Insurance Premium |
| 3.4 Deposit Insurance Fund (DIF) |
| 3.5 Corporate Insolvency Resolution Process |
| 3.6 CIRPs Ending with Orders for Liquidation till March 31, 2022 |
| 3.7 Outcome of CIRPs, Initiated Stakeholder-wise, as on March 31, 2022 |
| 3.8 Sectoral Distribution of CIRPs as on March 31, 2022 |
| 3.9 Trends in Resource Mobilisation by Mutual Funds |
| 3.10 Growth in SIPs |