| Foreword |
| List of Select Abbreviations |
| Overview |
| Chapter I: Macro-Financial Risks |
| Global Backdrop |
| Domestic macro-financial developments |
| Chapter II: Financial Institutions: Soundness and Resilience |
| Scheduled commercial banks |
| Performance |
| Risks |
| Resilience – Stress tests |
| Scheduled urban co-operative banks |
| Performance |
| Resilience – Stress tests |
| Non-banking financial companies |
| Recent developments |
| Performance |
| Resilience – Stress tests |
| Consumer Credit and developments in Non-banking space - A thematic exploration |
| Network of the financial system |
| Chapter III: Financial Sector: Regulation and Developments |
| International developments |
| Domestic developments |
| Annex 1: Systemic Risk Survey |
| Annex 2: Methodologies |
| LISTS OF BOXES |
| 1.1 Oil prices – Future(s) gazing |
| 2.1 Pledging of shares by promoters of listed companies |
| 3.1 Risk society – The paradigm of risk? |
| 3.2 Asset reconstruction companies - A review |
| LIST OF CHARTS |
| 1.1 World economic growth rate |
| 1.2 JP Morgan global PMI |
| 1.3 OECD composite leading indicators |
| 1.4 Bloomberg financial condition index |
| 1.5 Equity forward price earnings ratio – MSCI US, EU and the Asia Pacific |
| 1.6 MSCI US, EU and Asia Pacific earnings per share (EPS) estimates |
| 1.7 US and EU 3-year BBB spreads |
| 1.8 EURUSD and USDJPY 3-month implied volatility of ATM options |
| 1.9 Monthly changes in global merchandise trade volume and value (%, y-o-y) |
| 1.10 Monthly changes in emerging economies’ merchandise import and export volumes (%, y-o-y) |
| 1.11 Bloomberg commodity indices |
| 1.12 Daily trading volume for September 2019 Brent options |
| 1.13 US high yield market and CBOE VIX |
| 1.14 US non-financial corporate outstanding liabilities profile |
| 1.15 Speculative-grade default rate (%) |
| 1.16 USD credit to non-bank non-US resident borrowers |
| 1.17 Growth rate (instrument-wise) in USD denominated credit to EMs |
| 1.18 Roll over profile of corporate debt securities |
| 1.19 Emerging markets’ local currency bond returns |
| 1.20 EM currency performance vis-à-vis the US dollar index |
| 1.21 Growth in GDP and select components |
| 1.22 Stalled projects and new investments |
| 1.23 Central and state governments’ net market borrowings (₹ billion) |
| 1.24 SLR holdings of public sector banks (₹ trillion) |
| 1.25 Government of India’s net market borrowings and OMOs (₹ billion) |
| 1.26 World trade and India’s exports |
| 1.27 Net capital flows and current account deficit |
| 1.28 FPI flows |
| 1.29 FPI flows - emerging markets |
| 1.30 Relative valuation of Indian equities |
| 1.31 Revision in earnings estimates – MSCI Asia Pacific versus BSE Sensex |
| 1.32 VIX and foreign exchange option volatility |
| 1.33 Developments in the housing market |
| 1.34 House sales-to-unsold inventory ratio and the launches-to-sales ratio |
| 1.35 House price-to-income ratio |
| 2.1 Select performance indicators |
| 2.2 Select asset quality indicators |
| 2.3 Sectoral asset quality indicators |
| 2.4 Select asset quality indicators of large borrowers |
| 2.5 Banking stability map |
| 2.6 Macroeconomic scenarios’ assumptions |
| 2.7 Projection of SCBs’ GNPA ratios |
| 2.8 CRAR projections |
| 2.9 Projection of CET 1 capital ratio |
| 2.10 Credit risk - Shocks and impacts |
| 2.11 CRAR-wise distribution of banks |
| 2.12 Range of shifts in CRAR |
| 2.13 Credit concentration risk: Individual borrowers – Stressed advances |
| 2.14 Credit concentration risk: Individual borrowers – Exposure |
| 2.15 Trading book portfolio: bank-group wise |
| 2.16 HTM portfolio: bank-group wise composition |
| 2.17 Equity price risk |
| 2.18 Liquidity risk – Shocks and impacts on liquid stocks |
| 2.19 Bottom-up stress tests – Credit and market risks – Impact on CRAR |
| 2.20 Bottom-up stress tests – Liquidity risk |
| 2.21 MTM of total derivatives portfolio – Select banks – March 2019 |
| 2.22 Stress tests – Impact of shocks on derivatives portfolio of select banks – (change in net MTM on application of a shock) |
| 2.23 Growth rates in assets and liabilities of NBFCs |
| 2.24 Major components of sources of fund of NBFCs |
| 2.25 Commercial paper issuance by categories |
| 2.26 Category wise 3-month CP spreads over 91-day T-Bill |
| 2.27 Share by subscribers (% to total CP) |
| 2.28 Asset profiles of NBFC-AFCs |
| 2.29 Asset profiles of NBFC-LCs |
| 2.30 NBFC funding access to various markets |
| 2.31 HFCs’ access to debt markets |
| 2.32 HFCs’ access to bank credit lines |
| 2.33 Top 5 HFC/NBFCs with greatest potential to cause contagion losses to the banking system – Grouped by quarter |
| 2.34 Corporate debt Investments – Relative rating profile |
| 2.35 Corporate debt issue concentration (as a proportion of total corporate debt investment) – Select Open ended debt schemes |
| 2.36 Corporate debt issue concentration (as a proportion of total corporate debt investment) – Fixed maturity plans |
| 2.37 Bilateral exposures |
| 2.38 Network plot of the financial system – March 2019 |
| 2.39 Net receivables (+ve) / payables (-ve) by the institutions |
| 2.40 The inter-bank market |
| 2.41 Share of different bank groups in the inter-bank market |
| 2.42 Composition of the fund based inter-bank market |
| 2.43 Network structure of the Indian banking system (SCBs +SUCBs) – March 2019 |
| 2.44 Connectivity statistics of the banking system (SCBs) |
| 2.45 Gross receivables of asset management companies |
| 2.46 Gross receivables of insurance companies |
| 2.47 Gross payables of NBFCs |
| 2.48 Gross payables by type of NBFCs |
| 2.49 Gross payables of HFCs |
| 2.50 CP and CD markets |
| 2.51 Size of the CP and CD markets |
| 2.52 A representative contagion plot – Impact of a bank’s failure |
| 2.53 Contagion impact after macroeconomic shocks (solvency contagion) |
| 3.1 Impact on CET1 ratio without application of transitional arrangements |
| 3.2 Increase in provisions (simple average) – First-time applications – Mainly IRB banks |
| 3.3 Increase in provisions (simple average) – First-time applications – Mainly SA banks |
| 3.4 Frauds reported in the banking sector (amount involved >= ₹0.1 million) |
| 3.5 Vintage of frauds reported in 2018-19 (amount involved >= ₹0.1 million) |
| 3.6 Relative share of PSBs in overall fraud amounts reported |
| 3.7 Advance related frauds reported in 2018-19 |
| 3.8 Trends in resource mobilization by mutual funds and AUM |
| 3.9 Holdings in mutual funds’ AUM |
| 3.10 Growth in the number of SIPs |
| 3.11 Category wise issuers and subscribers of corporate bonds (public and private) |
| 3.12 Category wise issuers and subscribers |
| 3.13 Ratings migration |
| 3.14 Capital mobilisation in primary markets (in ₹billion) |
| 3.15 Movement of Indian and international commodity indices |
| LIST OF TABLES |
| 2.1 Credit concentration risk : Group borrowers – Exposure |
| 2.2 Growth in GNPAs due to sub-sector specific shocks - March 2019 |
| 2.3 Decline in the system level CRAR (bps) (in descending order) |
| 2.4 Tenor-wise PV01 distribution of AFS portfolio (in per cent) |
| 2.5 Tenor-wise PV01 distribution of HFT portfolio (in per cent) |
| 2.6 Interest rate risk – Bank groups – shocks and impacts |
| 2.7 Aggregated balance sheet of the NBFC sector: y-o-y growth |
| 2.8 Select ratios of the NBFC sector |
| 2.9 Select ratios of the NBFC sector |
| 2.10 Relative Share in Auto-Loans |
| 2.11 Relative Share in Home-Loans |
| 2.12 Relative Share in Loans Against Properties |
| 2.13 Relative Share in Personal Loans |
| 2.14 Relative delinquency levels in Auto-Loans |
| 2.15 Relative delinquency levels in Home-Loans |
| 2.16 Relative delinquency levels in Loans Against Properties |
| 2.17 Relative delinquency levels in Personal Loans |
| 2.18 Relative asset share of firms with high delinquency levels in Auto-Loans |
| 2.19 Relative asset share of firms with high delinquency levels in Home-Loans |
| 2.20 Relative asset share of firms with high delinquency levels in Loans against properties |
| 2.21 Relative asset share of firms with high delinquency levels in Personal Loans |
| 2.22 Liability structures of major HFCs |
| 2.23 Instrument distribution of select OEDs and FMPs |
| 2.24 Top 5 banks with maximum contagion impact - March 2019 |
| 2.25 Top 5 HFCs with maximum contagion impact - March 2019 |
| 2.26 Top 5 NBFCs with maximum contagion impact - March 2019 |
| 3.1 Assets more than 30 days past due classified in stage 1 |
| 3.2 Assets more than 90 days past due not classified in stage 3 |
| 3.3 The corporate insolvency resolution process -- Number of corporate debtors |
| 3.4 Initiation of the corporate insolvency resolution process |
| 3.5 No. of CIRPs ending with orders for liquidation |
| 3.6 Value of CIRPs ending with orders for resolution |
| 3.7 Status of 6 large accounts initiated by the Reserve Bank |
| 3.8 Segment wise turnover in commodity derivatives |
| 3.9 Subscriber growth in pension funds |
| 3.10 Assets under management |
| 3.11 Important regulatory initiatives (November 2018 - June 2019) |