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Monthly DNA
Ramesh Chand Panel On 2nd January 2025, the government decided to constitute an 18-member panel chaired by NITI Aayog member Ramesh Chand. The panel has been set up to revise the base year of the Wholesale Price Index (WPI) and suggest a roadmap for transition to the Producer Price Index (PPI). Key Mandates of the Panel Mandate Details Base Year Revision Update the WPI base year from 2011-12 to 2022-23. Commodity Basket Develop a revised commodity basket for both WPI and PPI to reflect structural changes in the economy. Methodology Recommend computational methodology for WPI and PPI. Price Collection System…
15 May, 2026
Reserve Bank of India (RBI)
Shri Radha Shyam Ratho Committee On 25th June 2025, the Working Group chaired by Shri Radha Shyam Ratho submitted its report to the Reserve Bank of India (RBI). The Working Group was constituted in February 2025 to undertake a comprehensive review of trading and settlement timings of financial markets regulated by the RBI. Objective of the Working Group Area Details Main Objective To review and recommend reforms in trading and settlement timings of RBI-regulated financial markets for better market development, liquidity optimization, and price discovery. Key Recommendations Segment Recommendation Call Money Market Market timings extended to 7:00 PM from 1…
13 May, 2026
Reserve Bank of India (RBI)
Committee for Strategic Asset Allocation and Risk Governance On 25th January 2026, the Pension Fund Regulatory and Development Authority (PFRDA) constituted a committee of investment experts for Strategic Asset Allocation and Risk Governance (SAARG). The committee has been formed to review, modernize, and strengthen the investment framework under the National Pension System (NPS). Aim of the Committee Objective Details Modernisation of NPS Framework To review, recommend, and modernize the investment architecture, governance standards, and risk management practices under the National Pension System. Key Mandates of SAARG Mandate Purpose Global Benchmarking Compare NPS investment guidelines with leading global pension systems. Asset…
10 May, 2026
Banking System
Financial Sector & Governance The budget focuses on strengthening fiscal federalism, financial sector reforms, municipal financing and trade facilitation. It reflects a structured Kartavya-driven governance approach, positioning Yuva Shakti as a major driver of India’s long-term development vision. Reform Area Details 16th Finance Commission The government accepted the recommendation to retain vertical tax devolution to states at 41%. Banking Sector Review A High-Level Committee on Banking will review the sector and align it with the needs of a Viksit Bharat. Municipal Bonds An incentive of Rs. 100 crore has been proposed for large cities issuing municipal bonds worth more than…
21 April, 2026
Banking System
Tax Reforms Part B of the Budget speech introduced the Income Tax Act, 2025, replacing the older Income-tax Act, 1961 with effect from 1 April 2026. The reforms focus on tax simplification, digital compliance, rationalisation of tax rates and customs duty reductions to support investment, trade and economic efficiency. Reform Area Details Income Tax Act, 2025 The new Act replaces the 1961 Income-tax Act and comes into effect from April 1, 2026. Digital Compliance Redesigned forms and rule-based automated processes have been introduced for lower TDS certificates. TDS/TCS Rationalisation TCS on overseas tour packages has been reduced to 2% from…
21 April, 2026
Tax and Tax-Reforms
Prices and Inflation India has recorded one of the sharpest declines in headline inflation among major emerging market economies. The moderation in inflation has been supported mainly by sharp disinflation in food prices and softer retail price pressures. Indicator Details Headline CPI Headline CPI inflation declined to 1.7% in FY26 (April–December) due to sharp disinflation in food prices. Core Inflation Core inflation appeared sticky at 4.6%, but this was largely due to a spike in gold and silver prices. Adjusted Core Inflation Excluding gold and silver, core inflation remained soft at 2.3%. CPI Exclusion CPI exclusion remained consistently lower than…
20 April, 2026
Reserve Bank of India (RBI)
Fiscal Developments India has shown remarkable fiscal resilience, supported by improved fiscal indicators and stronger revenue performance. In 2025, India also earned a sovereign credit rating upgrade from S&P to BBB, strengthening investor confidence. Aspect Details Fiscal Deficit Target India is on track to reach a fiscal deficit of 4.4% in FY26, while the budget estimate for FY27 is 4.3%. Debt-to-GDP Ratio The debt-to-GDP ratio is estimated at 55.6% for BE 2026-27, with a medium-term goal to converge to 50±1% by FY31. Revenue Buoyancy Revenue receipts rose to 9.1% of GDP during FY22-25, compared with 8.5% in the pre-pandemic period.…
20 April, 2026
Ministry of Finance
Monetary Management and Financial Sector India’s banking sector is currently witnessing its best financial health in a decade, supported by the “Twin Balance Sheet Advantage”. Improvements in asset quality, capital adequacy and financial sector reforms have strengthened overall monetary and banking stability. Aspect Details Banking Health The banking sector is experiencing its strongest position in a decade under the “Twin Balance Sheet Advantage”. Gross NPA Gross Non-Performing Assets declined to a multi-decadal low of 2.2% as of September 2025. CRAR Capital to Risk-Weighted Assets Ratio remained strong at 17.2%. Monetary Policy The policy repo rate has been reduced cumulatively by…
20 April, 2026
Reserve Bank of India (RBI)
Common Contract Note The Securities and Exchange Board of India (SEBI) has deferred the rollout of the Common Contract Note (CCN) for Foreign Portfolio Investors (FPIs) to 1 July 2025. The implementation was earlier scheduled for 30 April 2025. The reform aims to streamline reporting and trade documentation across stock exchanges. Aspect Details Contract Note A contract note is a legal document issued by brokers to investors summarising all trades executed during a trading day. Information Included It contains details such as security name, quantity, trade price, time of trade, brokerage charges, and applicable taxes. Importance The contract note serves…
18 April, 2026
Banking System
CBDC-based Digital Food Coupon On 14th February 2026, the Union Government launched a Central Bank Digital Currency (CBDC)-based Digital Food Currency pilot in Gujarat. The initiative has been launched in collaboration with the Reserve Bank of India (RBI) and the Gujarat government under the Public Distribution System (PDS). Aspect Details Digital Food Coupon Under the CBDC framework, food coupons can be issued through the RBI and credited directly to beneficiaries as programmable digital tokens. Redemption Process Beneficiaries can redeem their entitled quantity of food grains at Fair Price Shops (FPS) using a CBDC coupon or voucher code. Central Bank Digital…
18 April, 2026
Reserve Bank of India (RBI)
Foreign Currency Settlement System for GIFT IFSC On 7th October 2025, the Centre launched a Foreign Currency Settlement System (FCSS) at the International Financial Services Centre (IFSC) in GIFT City. The system is designed to support real-time settlement of foreign currency transactions within the IFSC and reduce dependence on older correspondent banking channels. Aspect Details FCSS The Foreign Currency Settlement System is a real-time payment and settlement mechanism for transactions conducted in foreign currencies within the IFSC. Initial Currency The system initially supports settlement in US dollars (USD). Old Settlement Model Earlier, the correspondent banking model required global intermediaries and…
18 April, 2026
Banking System
Reserve Bank - Integrated Ombudsman Scheme, 2026 On 16th January 2026, the Reserve Bank of India (RBI) issued the revised Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2026. The scheme provides a cost-effective, expeditious, and non-adversarial grievance redress mechanism for complaints against regulated financial entities. Aspect Details Purpose of Scheme RB-IOS provides an alternative grievance redress mechanism for resolving complaints against Regulated Entities in a quick and consumer-friendly manner. Effective Date The revised scheme will come into force from 1st July 2026. RBI Ombudsman RBI may appoint one or more officers as RBI Ombudsman and RBI Deputy Ombudsman, generally for…
18 April, 2026
Reserve Bank of India (RBI)
RBI Approves Risk-Based Deposit Insurance Framework for Banks On 19th December 2025, the Reserve Bank of India (RBI) approved a risk-based deposit insurance framework for banks at its 620th board meeting. The reform aims to incentivise prudent banking behaviour and reduce moral hazard by rewarding well-managed financial institutions. Aspect Details Deposit Insurance Deposit insurance protects bank depositors against the risk of losing their deposits if a bank faces failure or severe financial stress. Administering Body Deposit insurance is administered by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the RBI. Earlier Flat Premium Earlier, banks…
18 April, 2026
Reserve Bank of India (RBI)
RBI Introduces STRIPS in State Government Securities On 12th June 2025, the Reserve Bank of India (RBI) formally introduced the facility of stripping and reconstitution in the State Government Securities (SGS) market. The move aims to deepen the bond market, improve liquidity, and expand investment options for institutions requiring predictable cash flows. Aspect Details What are STRIPS? STRIPS involve splitting a standard coupon-bearing government security into separate tradable components consisting of each interest payment and the principal repayment. Tradable Components Each separated component is traded independently in the market as a zero-coupon security. Example A 10-year State Government bond with…
18 April, 2026
Reserve Bank of India (RBI)
Standing Deposit Facility On 9th April 2025, RBI Governor Sanjay Malhotra expressed concern that banks were increasingly parking surplus funds in the Standing Deposit Facility (SDF) instead of lending them in the market. The SDF is an important liquidity management tool used by the Reserve Bank of India (RBI) under the Liquidity Adjustment Facility (LAF). Aspect Details What is SDF? The Standing Deposit Facility (SDF) is a liquidity management tool under the Liquidity Adjustment Facility (LAF) that allows banks to park surplus funds with the RBI. Collateral-Free Mechanism Under the SDF, banks can deposit money with the RBI without providing…
18 April, 2026
Reserve Bank of India (RBI)
RBI Draft Revised Guidelines for Lead Bank Scheme (LBS) On 13 February 2026, the Reserve Bank of India (RBI) issued draft revised guidelines for the Lead Bank Scheme (LBS) and invited public comments. The revision aims to strengthen district-level banking coordination and improve credit planning, financial inclusion, and monitoring mechanisms. Aspect Details Lead Bank Scheme The Lead Bank Scheme is a framework for district-level banking coordination, credit planning and development-linked banking outreach. Launch The scheme was introduced by the Reserve Bank of India in December 1969. Area Approach Under the Area Approach, each district is assigned a Lead Bank to…
18 April, 2026
Reserve Bank of India (RBI)
RBI Guidelines on Digital Banking Channels On 28th November 2025, the Reserve Bank of India (RBI) released the Master Directions titled ‘Digital Banking Channels Authorisation’. The Directions came into effect on 1st January 2026 and aim to standardise and regulate India’s expanding digital banking ecosystem. Aspect Details Applicability The Directions apply to commercial banks, including the State Bank of India, but exclude Small Finance Banks, Payments Banks, and Local Area Banks. Explicit Consent Banks must obtain clear and explicit customer consent before activating any digital banking services. Non-Mandatory Adoption Customers are not required to adopt digital banking channels to access…
18 April, 2026
Reserve Bank of India (RBI)
Capital Gains Accounts (Second Amendment) Scheme, 2025 The Capital Gains Accounts (Second Amendment) Scheme, 2025 was issued by the Central Board of Direct Taxes (CBDT) on 19 November 2025. The amendment modernises and digitises the Capital Gains Account Scheme (CGAS), 1988 by expanding banking access, enabling digital transactions, and simplifying documentation procedures. Aspect Details Expanded Tax Scope The amendment formally includes Section 54GA, relating to the shifting of industries to Special Economic Zones (SEZs), ensuring consistency with exemption provisions under Sections 54, 54B and 54F. Broadened Banking Access The term “Deposit Office” has been redefined to include any banking company…
17 April, 2026
Tax and Tax-Reforms
CAG Report on Rising Public Debt On 4th September 2025, the Comptroller and Auditor General (CAG) released a decadal analysis of the fiscal health of India’s 28 states. The report highlighted a sharp rise in public debt over the last decade, indicating a heavier fiscal burden on state finances. Aspect Details Report Focus The CAG report presented a decadal analysis of state finances and examined the rising public debt of India’s 28 states. Debt Growth States’ total public debt increased 3.39 times between 2013-14 and 2022-23. Debt-to-GSDP Rise Debt as a share of Gross State Domestic Product (GSDP) rose from…
17 April, 2026
Ministry of Finance
NITI Aayog Fiscal Health Index 2026 NITI Aayog recently released the second edition of the Fiscal Health Index (FHI) 2026, evaluating state finances for FY 2023-24. The assessment is based on five pillars: quality of expenditure, revenue mobilization, fiscal prudence, debt index, and sustainability. Aspect Details Expanded Scope For the first time, the index included 10 North-Eastern and Himalayan states along with 18 major states, making the assessment more inclusive of India’s fiscal diversity. Top Performers Odisha retained the top position, followed by Chhattisgarh, Goa, and Jharkhand. These states were categorized as “Achievers” due to strong revenue mobilization and disciplined…
17 April, 2026
Ministry of Finance
Income Tax Act, 2025 The Income Tax Act, 2025 replaces the Income-tax Act, 1961, modernizing India’s direct tax framework for the digital economy. It received Presidential assent on 21 August 2025 and will come into force from 1 April 2026. The Act follows the “SIMPLE” framework — Streamlined, Integrated, Minimized Litigation, Practical, Learn & Adapt, Efficient. Key Reform / Change Details Simplified Law Sections are reduced from 800+ to 536, and chapters from 47 to 23. Tax Year Concept Replaces the earlier “Previous Year” and “Assessment Year” distinction with a single Tax Year running from 1 April to 31 March.…
11 April, 2026
Tax and Tax-Reforms
The Health Security & National Security Cess Act, 2025 The Health Security & National Security Cess Act, 2025 imposes a new cess to fund National Security and Public Health, initially targeting Pan Masala. The proceeds are credited to the Consolidated Fund of India to support critical national priorities. Key Provision Details Capacity-Based Levy Unlike traditional taxes, this cess is computed based on manufacturing capacity. For machine-based production, rates are determined by machine speed and pack weight, up to Rs. 1.01 lakh per month per process for Pan Masala. Other processes attract a flat rate of Rs. 1 lakh per month.…
11 April, 2026
Tax and Tax-Reforms
The Taxation Laws (Amendment) Act, 2025 The Taxation Laws (Amendment) Act, 2025 introduces tax changes linked to online gaming, pension contributions, and search and seizure mechanisms. Key Provision Details Unified Pension Scheme (UPS) Aligns the new UPS with the National Pension System by granting tax exemptions on 60% of the final corpus. Saudi PIT Relief Specific tax exemptions for investments made by Saudi Arabia’s Public Investment Fund and its subsidiaries. Search and Seizure Fix Streamlines “block assessment” procedures by abandoning overlapping assessments initiated after tax search actions. Standard Deduction Hike Increases the standard deduction by 33% from Rs. 75,000 to…
11 April, 2026
Tax and Tax-Reforms
The Central Excise (Amendment) Act, 2025 The Central Excise (Amendment) Act, 2025 significantly increases excise duties on cigarettes, chewing tobacco, and smoking mixtures. It creates a new structure to maintain revenue once GST compensation cess expires in 2026. Key Provision Details Tobacco Duty Revision Significantly increases excise duties on cigarettes, chewing tobacco, and smoking mixtures. GST Compensation Offset Aims to maintain revenue from tobacco products following the expiration of the GST Compensation Cess in 2026. Specific Duty Structure Revises duties for cigarettes ranging from Rs. 2,700 to Rs. 11,000 per thousand sticks depending on length. Public Health Alignment Uses “sin…
10 April, 2026
Tax and Tax-Reforms
Economic Stabilisation Fund The Economic Stabilisation Fund was announced on March 13, 2026 by the Union Finance Ministry as a fiscal cushion against sudden shocks. It is designed to help the government respond to unexpected domestic or global economic disruptions without immediately disturbing routine budget planning. Such a fund becomes important during situations like volatile energy prices, supply-chain breakdowns, market stress or geopolitical conflict. It gives the government a faster response tool for extraordinary expenditure needs. Aspect Details Main purpose Provides a specialised fiscal buffer to deal with domestic and external economic shocks. Budget link Government allocation is proposed through…
02 April, 2026
Ministry of Finance
The Ministry of Finance, in its recent Monthly Economic Review, has expressed concern over the fiscal health of several Indian states. The report warns that states with high revenue deficits, rising debt burdens, and heavy interest payment obligations may struggle to cope with future fiscal shocks or economic slowdowns. Fiscal Position of the Union Government Central Government’s Fiscal Resilience The Union Government has maintained a relatively cautious and disciplined fiscal strategy. According to the review, the Centre’s fiscal framework is supported by: Conservative tax buoyancy assumptions Controlled expenditure management Creation of the Economic Stabilisation Fund The report notes that the…
08 May, 2026
Ministry of Finance
The Government of India has announced a full customs duty exemption on 40 critical petrochemical products until 30th June 2026. This decision has been taken to address cost pressures and supply chain disruptions caused by ongoing geopolitical tensions in West Asia. What are Petrochemical Products? Petrochemical products are fundamental chemical building blocks derived from petroleum or natural gas. They act as raw materials for nearly 95% of manufactured goods, including plastics, pharmaceuticals, textiles, and even renewable energy components. These products are broadly classified into three main groups based on chemical structure: Olefins, BTX Aromatics, and Syngas. Major Categories of Petrochemicals…
28 April, 2026
Tax and Tax-Reforms
The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, introducing 12 key amendments to the IBC, 2016. The amendments aim to maximize stakeholder value, enforce strict resolution timelines, and align Indian insolvency law with global best practices, including cross-border insolvency frameworks. Insolvency and Bankruptcy Code (IBC), 2016 The IBC, enacted in 2016, provides a time-bound framework to resolve the insolvency of companies, partnerships, and individuals. Objectives Revival of Distressed Firms: Enable financially troubled companies to revive through a resolution plan, ensuring continuity as a going concern. Orderly Liquidation: If revival is not feasible, facilitate systematic liquidation…
29 April, 2026
Banking System
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