RBI annual Report 2021-22

RBI annual Report 2021-22

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “RBI annual Report 2021-22

The Reserve Bank of India released the RBI Annual Report 2021-22.

Structural reforms

They are essential for sustained, balanced and inclusive growth. This is also important to deal with the after-effects of the pandemic.

Future Path of Growth

This can be conditioned by addressing supply-side bottlenecks, calibrating monetary policy to bring down inflation and boosting capital spending.

Russia-Ukraine War Impact

The escalation of geopolitical tensions into war from late February 2022 has delivered a brutal blow to the world economy, battered as it has been through 2021 by multiple waves of the pandemic, supply chain and logistics disruptions, elevated inflation and bouts of financial market turbulence, triggered by diverging paths of monetary policy normalisation.

Slow Recovery

High-frequency indicators has already pointed out the loss of momentum in the recovery gaining traction from the second quarter of 2021-22 which is 86.8 per cent of the adult population fully vaccinated and 3.5 per cent having received booster doses.

Inflation

The inflation which is going forward is a matter of concern and depends on the geopolitical situation.

Excise Duty Cut, Curbs on Exports

  • Removing customs duty on import of raw cotton
  • Reducing road and infrastructure cess (RIC) on petrol by Rs 8 per litre and diesel by Rs 6 per litre
  • Reducing imports duty on certain raw materials for steel and plastic manufacturing
  • Prohibiting wheat exports
  • Increasing exports duty on certain steel products
  • Restricting sugar exports
  • Removing customs duty and agriculture infrastructure
  • Development cess (AIDC) on import of 20 lakh tonnes of crude sunflower oil and crude soybean oil

GDP Estimations

RBI’s Monetary Policy Committee had revised downwards real GDP growth for 2022-23 to 7.2 per cent. It gave the decline to 60 basis points

Risk

The central bank is factoring emerging risks in the FinTech segment. The involvement of BigTechs in the BFSI segment also brings along the systemic risks.

RBI approach

Reserve Bank’s approach is to balance innovation with regulation, without compromising on any of the principles of risk management.

Frauds

Frauds reported by banks and other financial institutions has decreased in 2021-22.

Frauds in tune:

  • In 2021-22: Rs 60,414 crore
  • In 2020-21: Rs 1.38 trillion

Number of frauds:

  • In 2021-22: 9,103
  • In 2020-21: 7,359

According to the data, private sector banks reported maximum number of frauds whereas public sector banks contributed maximum to the fraud amount.

In terms of Card:

Cards/internet constituted 39.5 per cent of the number of frauds but in value terms it was just 0.2 per cent.

Others:

  • In the number of frauds, advances constituted 42.2 per cent and in value terms it was almost 97 per cent at Rs 58,328 crore.
  • Around 93.73 per cent of the frauds in 2021-22 by value occurred in previous fiscal years as against 91.71 per cent recorded in 2020-21

Questions and Answer:

Q.1. What is the estimated GDP growth according to RBI for 2022-23?

Ans. 7.2%

Q.2. What is the number of frauds detected according to the RBI annual report 2021-22?

Ans. 9,103

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