Monetary Management and Financial Intermediation: Refining the Regulatory Touch

  • Banking Performance: Record-low asset quality reached in September 2025 with gross non-performing asset (GNPA) at 2.2% and NNPA at 0.5%; SCB credit growth surged to 14.5% YoY by Dec 2025 (vs 11.2% in Dec 2024).
  • Financial Inclusion: Pradhan Mantri Jan Dhan Yojana (PMJDY) hit 55.02 crore accounts by March 2025 (36.63 crore rural); Pradhan Mantri Mudra Yojana (PMMY) disbursed Rs.36.18 lakh crore across 55.45 crore accounts by Oct 2025; supported by Stand-Up India and Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme.
  • Retail Participation: Total demat accounts reached 21.6 crore (235 lakh added in FY26); unique ....
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