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RBI Annual Report for 2021-22

Published on May 28, 2022
Current Context: The Reserve Bank of India has released the RBI Annual Report 2021-22.which mainly focus on structural reforms for sustained, balanced, and inclusive growth.
RBI Annual Report for 2021-22
  • Highlights of the Report:
    • As per RBI, there is a need of creating a future path of growth that would be accustomed by addressing supply-side bottlenecks, calibrating monetary policy to bring down inflation, and enhancing capital spending.
    • The surplus of Rs 30,307.45 crore in 2021-22 compared to Rs 99,122 transferred to the government was due to a sharp increase in the Contingency Fund.
    • As per the report, the frauds reported by banks and other financial institutions in FY22 saw more bank frauds but the value decreased by half.
    • Over the last three years it shows that while private sector banks reported the maximum number of frauds, public sector banks contributed the maximum to the fraud amount.
    • In this report, it has also been discussed about shadow banking and red-flagged non-banking financial companies (NBFCs) by observing that the balance sheets of shadow banks expanded even as the asset quality deteriorated. This will pose a potential threat to financial stability as their size increases due to higher risk appetite.
    • RBI's Monetary Policy Committee had revised downwards real GDP growth for 2022-23 to 7.2%.
    • Apart from that supply-side policy interventions such as removing customs duty on import of raw cotton, prohibiting wheat exports, reducing taxes on petrol by Rs 8 per liter and diesel by Rs 6 per liter, etc. provide some offset reliefs.

Question:

Q.1 According to the RBI Annual Report, which sectors of banks contributed to a maximum number of frauds, not in terms of the amount?
a. Private Sector
b. Public Sector
c. NBFC’s
d. Small Finance Banks
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