RBI Financial Stability Report, December 2025

31 December 2025National

The FSR pegged FY26 growth at 7.8% (Q1) and 8.2% (Q2) and reported the gross NPA ratio of scheduled commercial banks at a multi-year low of 2.1%, while flagging risks from unsecured retail lending and stablecoins.

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Razorpay and IndusInd Bank Launch AI Account Manager 'RAY' on WhatsApp

Razorpay, in partnership with IndusInd Bank, launched 'RAY', a conversational Artificial Intelligence account manager on WhatsApp for businesses. RAY lets MSMEs manage payments, analyse transactions, generate payment links, issue refunds and resolve queries through simple chat messages, executing actions directly without a dashboard while tracking payment health and pushing alerts, insights and recommendations. Bajaj Finserv is among the first live users, and the platform has already recorded over 20,000 conversations, signalling a shift towards AI-led, real-time business support in Indian fintech. Razorpay, founded in 2014 by Shashank Kumar and Harshil Mathur, is headquartered in Bengaluru, Karnataka.

GK ByteIndusInd Bank was incorporated in 1994 as one of the first new-generation private banks and is headquartered in Mumbai | Razorpay was founded in 2014 and is headquartered in Bengaluru, Karnataka | MSMEs in India are classified under the revised composite criteria of investment and turnover

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SEBI and ESMA Sign MoU to Strengthen Cooperation on Central Counterparties

The Securities and Exchange Board of India (SEBI) and the European Securities and Markets Authority (ESMA) signed a Memorandum of Understanding to deepen cooperation and information exchange on Central Counterparties (CCPs) regulated by SEBI. Signed by SEBI Chairman Tuhin Kanta Pandey and ESMA Chair Verena Ross, it replaces their earlier 2017 agreement. The MoU lets SEBI-supervised Indian CCPs re-apply for ESMA recognition under Article 25 of the European Market Infrastructure Regulation (EMIR), and allows ESMA to rely on SEBI's supervision of those clearing houses. A CCP interposes itself between buyer and seller to manage counterparty risk and settle trades, making the pact important for India–EU cross-border clearing.

GK ByteSEBI was established in 1988 and given statutory powers by the SEBI Act, 1992; it is headquartered in Mumbai | ESMA, the EU's securities markets regulator, was established in 2011 and is headquartered in Paris | India's main CCPs include NSE Clearing Ltd, Indian Clearing Corporation and the Clearing Corporation of India

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Axis Bank and Scapia Launch Co-Branded Travel Credit Card

Axis Bank and travel fintech Scapia launched the co-branded 'Scapia Axis Bank Credit Card' aimed at digitally native Indian travellers. It is issued on both the Mastercard and RuPay networks and carries zero joining and annual fees, zero forex mark-up on international transactions and a Smart Forex feature for overseas spending. Cardholders get unlimited domestic airport lounge access on spending Rs 20,000 in the preceding month and a 1% fuel surcharge waiver. Rewards run at 10% on the Mastercard variant and 5% on the RuPay variant for eligible spends of Rs 500 or more, and 20% on bookings made through the Scapia app.

GK ByteScapia was incorporated in 2022, is headquartered in Bengaluru, Karnataka, and was founded by Anil Goteti | Axis Bank, headquartered in Mumbai, began in 1993 as UTI Bank and was renamed Axis Bank in 2007 | RuPay is the domestic card network operated by the National Payments Corporation of India (NPCI), launched in 2012

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Japan Credit Rating Agency Upgrades India's Sovereign Rating to 'A-' with Stable Outlook

The Japan Credit Rating Agency (JCR) upgraded India's Long-Term Foreign Currency and Local Currency Issuer Ratings by one notch from 'BBB+' to 'A-', retaining a Stable Outlook, and also raised India's country ceiling by one notch to 'A'. JCR cited India's solid economic growth, the effectiveness of economic policies in strengthening growth foundations, and improved soundness of the financial system. The upgrade continues a run of positive sovereign actions on India and sits alongside the record foreign exchange reserves of $740.803 billion reported for the week ended 28 August 2026, both pointing to strengthening external buffers and investor confidence.

GK ByteThe big three global rating agencies are S&P Global Ratings, Moody's and Fitch Ratings; JCR is a Japanese agency headquartered in Tokyo | 'BBB-' and above is investment grade; a move to 'A-' takes a sovereign two notches above the investment-grade floor | India's foreign exchange reserves are managed by the RBI and comprise foreign currency assets, gold, SDRs and the reserve position in the IMF

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