Why the RBI’s stability report must go beyond rituals and routines

It’s a familiar scene every six months with the Reserve Bank of India (RBI) releasing its Financial Stability Report (FSR). The report is intended to serve a vital purpose – identify systemic risks, assess the resilience of the financial system, and inform policy direction. The latest edition, like its predecessors, checks the usual boxes; it’s data-rich, comprehensive, and professionally presented. Yet, the persistent criticism remains: are