| 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 cooperative banks |
| Performance |
| Resilience – Stress tests |
| Non-banking financial companies |
| Performance |
| Resilience – Stress tests |
| The real estate sector |
| Consumer credit and developments in Non-banking space – a follow up |
| Network of the financial system |
| Chapter III: Financial Sector: Regulation and Developments |
| International developments |
| Domestic developments |
| Annex 1: Systemic Risk Survey |
| Annex 2: Methodologies |
| LIST OF BOXES |
| 1.1 Global banking sector’s claims on non-banking financial institutions: Out of the shadows |
| 1.2 Wholesale credit growth in the banking sector- the recent experience |
| 1.3 Are Indian bond markets efficiently assimilating information? |
| 2.1 Dynamics of withdrawn ratings: A snapshot of long-term bank loan rating behaviour |
| 3.1 A comparative analysis of the return and valuation characteristics of G-SIBs and D-SIBs in key jurisdictions |
| 3.2 Impairment assessment under Ind AS – A survey of retail portfolios of major NBFCs |
| 3.3 Credit screening by investors in short-term instruments |
| LIST OF CHARTS |
| 1.1 World economic growth |
| 1.2 Global and US Economic Surprise Index |
| 1.3 Share of negative yielding bonds in the total value of the Bloomberg Barclays Global Bond Index |
| 1.4 Bloomberg Barclays Global Aggregate Bond Index’s modified duration |
| 1.5 The Global Economic Policy Uncertainty Index |
| 1.6 Global merchandise trade volume and value (per cent, y-o-y) |
| 1.7 Monthly changes in emerging economies’ merchandise import and export volumes (per cent, y-o-y) |
| 1.8 Bloomberg Energy Index |
| 1.9 Daily trading volume of March 2020 Brent options |
| 1.10 Brent futures - periodic snapshots |
| 1.11 The Bloomberg Base Metals Index |
| 1.12 Global debt |
| 1.13 Emerging market indebtedness as a per cent of GDP – sectoral distribution |
| 1.14 Emerging market capital flows: 3-month moving sum |
| 1.15 Capital flows to emerging markets |
| 1.16 MSCI forward earnings per share estimates - developed and emerging markets |
| 1.17 MSCI forward price earnings (P/E) multiple - developed and emerging markets |
| 1.18 Emerging market bond returns |
| 1.19 Growth in world trade and India’s exports |
| 1.20 Current account deficit and capital flows financing |
| 1.21 FPI flows |
| 1.22 FPI flows – emerging markets |
| 1.23 Relative valuation of Indian equities |
| 1.24 Trends in corporate earnings |
| 1.25 NBFC and non-financial companies: weighted inter-quartile difference of 3-month CP yields (A1+ rating grade) |
| 1.26 Movements in policy rate and deposit rates of specific tenors |
| 1.27 Long term bank loan ratings movement and number of obligors |
| 1.28 Incremental GNPA ratio due to slippages from the downgraded cohort |
| 1.29 SMA to standard asset ratio of the downgraded companies in the last four quarters |
| 1.30 Trends in average risk weight of wholesale banking obligors |
| 1.31 House prices - y-o-y growth |
| 1.32 House sales |
| 1.33 Unsold inventory |
| 2.1 Select performance indicators of SCBs |
| 2.2 Select asset quality ind icators of SCBs |
| 2.3 Sectoral asset quality indicators of SCBs |
| 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 I 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 Equity price risk |
| 2.17 Liquidity risk – shocks and impact on liquid stocks |
| 2.18 Net MTM of the total derivatives portfolio – select banks – September 2019 |
| 2.19 Stress tests – impact of shocks on derivatives portfolios of select banks |
| 2.20 Bilateral exposures |
| 2.21 Network plot of the financial system – September 2019 |
| 2.22 Net receivables (+ve) / payables (-ve) by the institutions in the financial system |
| 2.23 The inter-bank market |
| 2.24 Share of different bank groups in the inter-bank market |
| 2.25 Composition of the fund based inter-bank market |
| 2.26 Network structure of the Indian banking system (SCBs +SUCBs) – September 2019 |
| 2.27 Connectivity statistics of the banking system (SCBs) |
| 2.28 Gross receivables of asset management companies from the financial system |
| 2.29 Gross receivables of insurance companies from the financial system |
| 2.30 Gross payables of NBFCs to the financial system |
| 2.31 Gross payables of HFCs to the financial system |
| 2.32 Size of the CP and CD Markets |
| 2.33 A representative contagion plot – impact of a bank’s failure |
| 2.34 Contagion impact after macroeconomic shocks (solvency contagion) |
| 3.1 Applicable countercyclical capital buffer |
| 3.2 Geographical spread of countries implementing the CCyB measure |
| 3.3 Reasons for adopting CCyB |
| 3.4 Macroprudential tools targeting non-banking financial sector |
| 3.5 Macroprudential tools targeting household and corporate sectors |
| 3.6 Amount involved in reported frauds (2014-15 to H1:2019-20) |
| 3.7 Trends in resource mobilisation by mutual funds and AUM |
| 3.8 Trends observed in MFs’ exposure to downgraded corporate bonds |
| 3.9 Capital mobilisation in the primary market |
| 3.10 Capital mobilisation through equity and debt issues |
| 3.11 Category-wise issuers and subscribers of corporate bonds |
| 3.12 Category-wise issuers and subscribers of corporate bonds (public and private) |
| 3.13 Movement of Indian and international commodity indices |
| 3.14 Product segment-wise share in all India derivatives turnover (futures + options) |
| LIST OF TABLES |
| 1.1 Commercial sector outstanding balance across all intermediaries (in ₹ crore) |
| 2.1 Average risk weight (in per cent) – sector-wise |
| 2.2 Credit concentration risk: Group borrowers – exposure |
| 2.3 Decline in system level CRAR (bps) (in descending order) |
| 2.4 Tenor-wise PV01 distribution of the AFS portfolio |
| 2.5 Tenor-wise PV01 distribution of the HFT portfolio |
| 2.6 Interest rate risk – bank groups – shocks and impact |
| 2.7 NBFCs’ asset quality and CRAR |
| 2.8 Relative share of exposures of various financial intermediaries to the real estate sector |
| 2.9 Evolution of impairment across financial intermediaries |
| 2.10 Evolution of 180+ dpd / loss assets across financial intermediaries |
| 2.11 Relative delinquency in auto loans |
| 2.12 Relative delinquency in home loans |
| 2.13 Relative delinquency in loans against property |
| 2.14 Relative delinquency in personal loans |
| 2.15 Top 5 banks with maximum contagion impact – September 2019 |
| 2.16 Top 5 NBFCs with maximum contagion impact – September 2019 |
| 2.17 Top 5 HFCs with maximum contagion impact – September 2019 |
| 3.1 Frauds reported during the last 5 financial years and H1:2019-20 |
| 3.2 Credit related frauds reported during the last 5 financial years and H1:2019-20 (amount involved >= ₹ 1 lakh) |
| 3.3 Vintage of frauds reported in 2018-19 (amount involved >= ₹ 1 lakh) |
| 3.4 Vintage of frauds reported in H1:2019-20 (amount involved >= ₹ 1 lakh) |
| 3.5 Relative share of each bank group in the overall frauds reported (amount involved >= ₹ 1 lakh) |
| 3.6 Relative share of each fraud category in the overall frauds reported (amount involved >= ₹ 1 lakh) |
| 3.7 Total insured deposits (₹ crore) |
| 3.8 The corporate insolvency resolution process (Number) |
| 3.9 Sectoral distribution of CDs under CIRP as on September 30, 2019 |
| 3.10 Initiation of the corporate insolvency resolution process |
| 3.11 Status of CIRPs as on September 30, 2019 |
| 3.12 CIRPs ending with orders for liquidation |
| 3.13 SIPs in 2019-20 (April 01, 2019 to September 30, 2019) |
| 3.14 SIP versus non-SIP net inflows (₹ crore) |
| 3.15 Credit ratings of debt issues of listed companies by major CRAs |
| 3.16 Segment-wise turnover in commodity derivatives |
| 3.17 Subscribers and AUM growth: NPS and APY |
| 3.18 Important regulatory initiatives (June 2019 – November 2019) |