2022: A banking year marked by three Cs

The relentless fight against Cryptocurrencies, CBDC taking baby steps, and bank Credit growth at a decadal high

As we approach the end of 2022, let’s look back at yet another eventful year for India’s financial sector — a year marked by three Cs: The relentless fight against Cryptocurrencies, CBDC (central bank digital currency) taking baby steps, and a decadal high growth of bank Credit.

The backdrop is the battle against inflation through a series of rate hikes and rationing liquidity.

Here are some figures to set the context. Retail inflation, which was 6.01 per cent in January, continued to remain above the upper band of the Reserve Bank of India’s target (4 per cent +/- 2 per