| Foreword |
| List of Select Abbreviations |
| Overview |
| Chapter I : Macro-Financial Risks |
| Global Backdrop |
| Macroeconomic Developments and Outlook |
| Capital Flows and Exchange Rate Volatility |
| Risk-off Trades and Asset Market Contagion in Emerging Markets |
| Commodity Market Spillovers |
| Domestic Macro-Financial Developments |
| Recent Macroeconomic Developments |
| Corporate Sector |
| Loan Moratorium and Bank Credit |
| Developments in Non-bank Financial Intermediation |
| Housing Market |
| Systemic Risk Survey |
| Chapter II : Financial Institutions: Soundness and Resilience |
| Scheduled Commercial Banks |
| Performance – Assets and Earnings |
| Asset Quality and Capital Adequacy |
| Sectoral Asset Quality |
| Credit Quality of Large Borrowers |
| Risks |
| Resilience – Macro Stress Tests |
| Sensitivity Analysis |
| Bottom-up Stress Tests – Credit, Market and Liquidity Risk |
| Bottom-up Stress Tests – Derivatives Portfolio |
| Scheduled Urban Cooperative Banks |
| Stress Tests – Credit risk |
| Stress Tests – Liquidity Risk |
| Non-banking Financial Companies |
| Asset Quality and Capital Adequacy |
| Post COVID-19 Response |
| Stress Tests |
| SMA Ratio Analysis |
| Interconnectedness |
| Network of the Financial System |
| Contagion Analysis |
| Chapter III : Regulatory Initiatives in the Financial Sector |
| Monetary Policy |
| Funding and Market Liquidity |
| Asset Purchases |
| Credit Facilities |
| Macroprudential Policies |
| Domestic Developments |
| Cyber Security |
| Payment and Settlement systems |
| Resolution and Recovery |
| Non-banking Financial Companies |
| Mutual Funds |
| Capital Mobilisation – Equity and Corporate Bonds |
| Credit Ratings |
| Commodity Derivatives Market |
| Insurance |
| Pension Funds |
| Annex 1: Systemic Risk Survey |
| Annex 2: Methodologies |
| Annex 3: Important Regulatory Measures |
| LIST OF BOXES |
| 2.1 Pandemics to Financial Crises – Importance of Understanding Networks and Contagion |
| 3.1 COVID-19: A Relook at G-SIBs in Key Jurisdictions |
| 3.2 Catastrophic Risk Insurance |
| LIST OF CHARTS |
| 1.1 Global Purchasing Managers’ Indices (PMI) |
| 1.2 Volume Growth of World Merchandise Trade |
| 1.3 Global Leverage |
| 1.4 Emerging Markets (EMs) Leverage |
| 1.5 EMs’ Daily Flows (28 day moving average) |
| 1.6 Emerging Market Bond Returns (Annualised) |
| 1.7 Capital Market Returns and Emerging Market Portfolio Flows |
| 1.8 Brent Futures |
| 1.9 Net Borrowings (Central and State Governments) and G-Sec 10-year yield |
| 1.10 India's Merchandise Trade Growth |
| 1.11 Foreign Portfolio Investment Flows |
| 1.12 FPI Flows – Emerging Markets |
| 1.13 Exchange Rate Movements and Realised Volatility |
| 1.14 Leverage and Profitability - Listed Non-Financial Firms,by Ownership |
| 1.15 Leverage and Profitability - Non-PSU Listed and Non-financial Firms, By Ratings |
| 1.16 Credit Growth, Scheduled Commercial Banks |
| 1.17 Wholesale Credit Outstanding by Borrower Categories/Lender Groups, March 2020 |
| 1.18 Wholesale Credit Growth (based on CAGR over the last 3 years) across various Borrower Categories |
| 1.19 Excess Liquidity/NDTL - Select PSBs and Major PVBs |
| 1.20 Long-term Ratings Movement and Number of Obligors |
| 1.21 Incremental GNPA Ratio of Downgraded Companies |
| 1.22 MFs’ Investments in G-Sec/T-Bills/CBLO and Spread Products |
| 1.23 Representative Movements in Rebased Net Asset Values of three Schemes |
| 1.24 Investor Profiles of Debt and Equity Funds |
| 1.25 Excess Returns in Liquid Funds |
| 1.26 CP Issuances: Non-PSU Obligors |
| 1.27 NCD Issuances: Non-PSU Obligors |
| 1.28 CP issuances – Non-Financial Non-PSU Obligors |
| 1.29 NCD Issuance – Non-Financial Non-PSU Obligors |
| 1.30 House Launches and Sales |
| 1.31 Unsold Inventory and Inventory Overhang |
| 1.32 City-wise Weighted Average Price Growth |
| 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 Scenario 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 Outcomes |
| 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 Yield Curves (G-Sec) and Shift in Yields Across Tenors since December 2019 |
| 2.17 Equity Price Risk |
| 2.18 Liquidity Risk – Shocks and Outcomes |
| 2.19 Bottom-up Stress Tests — Credit and Market Risks – Impact on CRAR |
| 2.20 Bottom-up Stress Tests — Liquidity Risk |
| 2.21 Net MTM of Total Derivatives Portfolio – Select Banks, March 2020 |
| 2.22 Stress Tests – Impact of Shocks on Derivatives Portfolio of Select Banks – (change in net MTM on application of a shock) |
| 2.23 Non-PSU NBFC/HFC - Funded Amount Outstanding to Banks |
| 2.24 Bilateral Exposures between Entities in Financial System |
| 2.25 Network Plot of the Financial System, March 2020 |
| 2.26 Net Receivables (+ve) / Payables (-ve) by Institutions |
| 2.27 Inter-bank Market |
| 2.28 Different Bank Groups in the Inter-bank Market |
| 2.29 Composition of Fund-based Inter-bank Market |
| 2.30 Network Structure of the Indian Banking System (SCBs+SUCBs) – March 2020 |
| 2.31 Connectivity Statistics of the Banking System (SCBs) |
| 2.32 Gross Receivables of AMC-MFs from the Financial System |
| 2.33 Gross Receivables of Insurance Companies from the Financial System |
| 2.34 Gross Receivables of AIFIs from the Financial System |
| 2.35 Gross Payables of NBFCs to the Financial System |
| 2.36 Gross Payables of HFCs to the Financial System |
| 2.37 Contagion Losses due to Macroeconomic Shocks |
| 3.1 MFs’ Exposure to Downgraded Corporate Bonds |
| 3.2 Deployment of Funds in less than 90 days Instruments |
| 3.3 Deployment of Funds in more than 90 days Instruments |
| 3.4 Capital Mobilisation in Capital Markets |
| 3.5 Capital Mobilisation through Equity and Debt Issues |
| 3.6 Category-wise Issuers and Subscribers of Corporate Bonds |
| 3.7 Category-wise Issuers and Subscribers (Public and Private) |
| 3.8 Debt Issues of Listed Companies in terms of Rating Action - CRA-wise |
| 3.9 Global Commodity Price Changes in per cent (January 20, 2020-April 21, 2020) |
| 3.10 Movement of Domestic and International Commodity Futures Indices |
| 3.11 A snapshot of Commodity Derivatives Turnover at Exchanges |
| LIST OF TABLES |
| 1.1 Growth Projections |
| 1.2 US Money Markets |
| 1.3 Brent Options Open Interest |
| 1.4 Analysis of Loan Moratorium Availed as on April 30, 2020 |
| 1.5 Disaggregated Wholesale Credit Growth |
| 1.6 Disaggregated Wholesale Credit Growth-based on Ownership |
| 1.7 Disaggregated Wholesale Credit Growth in Non-PSU Obligors |
| 1.8 Wholesale Credit Growth in various Transition Credit Cohorts |
| 1.9 Sectoral Credit Growth |
| 1.10 SCBs' Performing Portfolios and their Composition |
| 1.11 Ratings Distribution of Standard Portfolios of SCBs |
| 1.12 Ratings Distribution of Performing but Vulnerable Portfolios of SCBs (SMA-1 /2) |
| 1.13 Trends in Resource Mobilization by Mutual Funds |
| 1.14 Issuances and Near-term Maturities of CPs and NCDs of Non-Financial Non-PSU Obligors |
| 2.1 Top 10 Industries with High Share of Good Quality Assets |
| 2.2 Credit Concentration Risk: Group Borrowers’ Exposure |
| 2.3 Decline in System Level CRAR |
| 2.4 Tenor-wise PV01 Distribution of AFS Portfolio |
| 2.5 OOI - Profit/(loss) on Securities Trading |
| 2.6 Tenor-wise PV01 Distribution of HFT portfolio |
| 2.7 Interest Rate Risk – Bank Groups - Shocks and Impacts |
| 2.8 Asset Quality and CRARs of NBFCs |
| 2.9 Share of Ratings Category in SMA (SMA 1 & 2) Loans to Non-PSU Obligors |
| 2.10 Share of Ratings category - Standard Loans (0 days past due and SMA-0) to Non-PSU Non-financial Obligors |
| 2.11 Asset Impairment Status of Bank Loans to Non-PSU NBFCs, March 2020 |
| 2.12 Asset Impairment Status of Bank Loans to Non-PSU HFCs, March 2020 |
| 2.13 Issuances and Near-term maturities of CPs & NCDs of Non-PSU NBFCs/HFCs |
| 2.14 Net Funding Sources of Select Classes of Financial Intermediaries from Financial System |
| 2.15 Contagion Losses due to Bank Failure – March 2020 |
| 2.16 Contagion Losses due to Non-PSU NBFC Failure – March 2020 |
| 2.17 Contagion Losses due to HFC Failure – March 2020 |
| 3.1 COVID-19 Liquidity Facilities |
| 3.2 Credit Support Intervention |
| 3.3 Select regulatory policy measures for the banking sector |
| 3.4 Corporate Insolvency Resolution Process (CIRP) |
| 3.5 Sectoral distribution of CDs under CIRPs |
| 3.6 Initiation of the Corporate Insolvency Resolution Process |
| 3.7 Status of CIRPs as on March 31, 2020 |
| 3.8 CIRPs Ending with Orders for Liquidation |
| 3.9 NBFCs’ Balance Sheets |
| 3.10 Liability Structure of the NBFC Sector - December 2019 |
| 3.11 Assets at the End of the Period– B-30 versus T-30 cities |
| 3.12 SIPs in 2019-20 (October 01, 2019 to March 31, 2020) |
| 3.13 SIPs in 2019-20 (April 2020) |
| 3.14 SIP versus non-SIP net inflows |
| 3.15 Funds Raised in the Primary Market during April 2020 |
| 3.16 Segment-wise Turnover in commodity Derivatives |
| 3.17 Subscribers and AUM: NPS and APY |