Reserve Bank of India data reported that non-food bank credit grew by 19.1% year-on-year in the fortnight ended July 31, 2026, compared to 9.9% in the corresponding period of the previous year. ^[1] Gold loans against jewelry accounted for 13.6% of all new non-food credit in the Indian banking system during the fortnight ended July 31, 2026. ^[2] Gold loans drew an incremental credit of Rs 90,888 crore during the first four months of fiscal year 2026 (April-July). ^[3] The Reserve Bank of India (RBI) released preliminary data on Tuesday stating that India's current account deficit widened to $4.2 billion, or 0.5% of GDP, in the first quarter of 2026-27. ^[4] The author argues that the critical problem is why a categorical assurance was given when the possibility of an early exit was already being discussed. ^[5] The figures are based on sectoral deployment of bank credit data collected from 41 select scheduled commercial banks, which account for about 95% of total non-food credit extended by all scheduled commercial banks. ^[6] The widening deficit was primarily driven by a higher merchandise trade gap, which increased to $86.1 billion in Q1 FY27 from $68.9 billion in the corresponding quarter of 2025-26. ^[7] The article states that the central issue is not whether the Reserve Bank of India was entitled to change its policy course. ^[8] The net outgo under the primary income account declined to $10.5 billion in Q1 FY27 from $13.3 billion in the year-ago quarter, mainly reflecting lower investment income payments. ^[9]