NSFI 2030: FSDC-SC Approval, 'Punch Joti' Objectives, and an Ecosystem Approach The National Strategy for Financial Inclusion (NSFI) 2030 was approved by the Financial Stability and Development Council Sub-Committee before the RBI’s release. It sets five strategic objectives labeled “Punch Joti.” Expert consultation and validation came from the Technical Group on Financial Inclusion and Financial Literacy. The strategy shifts from pure access to sustained usage via a synergy-driven ecosystem involving regulators, financial institutions, skill agencies, and social welfare networks.
Credit vs Deposits, DSIB Lineup, and Capital Buffers BSR data show public sector banks leading private banks in credit, while private banks lead in deposits (BSR1 for credit, BSR2 for deposits). Year-on-year, credit grew 10.7% in September 2025 and deposits rose 9.9%. SBI, HDFC Bank, and ICICI Bank are designated Domestic Systemically Important Banks. Prudential policy highlights the Capital Conservation Buffer as the key tool shaping distributions and risk-taking, with India’s current CCB set at 2.5%.
Growth, External Balances, and IMF Assessments From April to September 2025, the current account balance was $15.1 billion and the capital account balance was $8.6 billion. Real GDP expanded 8.2% in Q2 FY2026, industrial output rose 4% in October 2025, and the housing price index increased 2.2% year-on-year in Q2 FY2026. The IMF reclassified India’s de facto FX regime to a crawl-like arrangement and assigned a C grade to its national accounts assessment.
Liquidity Management, Faster Payment Oversight, UPI Delegation, and New Financing Moves RBI used Variable Rate Reverse Repo to absorb surplus liquidity and launched Banking Connect to speed standardized net-banking transaction reporting. UPI introduced full delegation so designated individuals can transact within defined limits for dependents and seniors, and volumes rose 23% year-on-year in November 2025. A $400 million results-based lending program was approved for Maharashtra to strengthen transport and reduce environmental risks. SBI and BOI formed a joint center of excellence focused on project finance. The NUDGE program—Non-Intrusive Usage of Data to Guide and Enable—seeks to improve voluntary compliance in reporting overseas income and assets.