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News: Reserve Bank of India(RBI) has released its Annual Report 2019-20.
Facts:
- Balance sheet of RBI: The balance sheet of RBI has increased by 30%, due to increase in domestic and foreign investments, loans, advances and in gold.
- Economic Growth: The economy is expected to contract and is expected to take some time to regain the pre-Covid momentum as the shock to consumption is severe and the poorest have been hit the hardest.
- Inequity: The pandemic has exposed new inequities — white collar employees can work from home while essential workers have to work on site exposed to the risk of getting infected.
- Investment: RBI has suggested targeted public investment funded by asset monetisation and privatisation of major ports as a viable way to revive the economy.
- Frauds: The frauds reported by banks of ₹1 lakh and above have increased by 28% by volume and 159% by value during 2019-20.Public sector banks accounted for 80% of the frauds followed by private sector banks at 18%.
- Currency in Circulation: Since March 2020, currency in circulation has risen to 26.9 lakh crore—a hike of 10% since the lockdown began as pandemic has triggered a ‘dash to cash’ with many households hoarding bank notes.However,the number of Rs 2000 notes in circulation has dipped sharply in last two years.
- Fake Notes: The number of fake notes in Rs 500 denomination has increased in 2019-20.However,there has been a decline in the overall number of counterfeit notes detected compared to the previous year.
