WSS Full Form

WSS stands for ‘Weekly Statistical Supplement’ which is a weekly bulletin of the Reserve Bank of India that is published every week since 1986 as a supplement to the RBI Monthly Bulletin. Containing high-frequency current data, the report is released at 5.00 PM every Friday on the central bank’s website and as a time series version on the Database on Indian Economy (DBIE), again at 5.00 PM of every Friday.

WSS is a compilation of RBI’s balance sheet, reserve money, and forex reserve data. Precisely, the RBI is the bank of the government and banks (including public and commercial both). So, the balance sheet of the central bank reflects the various functions, and most importantly it reflects the role of RBI as a monetary authority and as a banker for the government and banks (as mentioned above).

Reserve Bank of India (RBI) and its Responsibilities?

Initially, set up as a private entity, the Reserve Bank of India was established in 1935 through the Reserve Bank of India Act 1934. The banking org was nationalized after the Independence of India in 1949 and since then it is entirely owned by the Ministry of Finance of the Government of India (GOI).

The central bank has four regional representations and 31 branches all over India, mostly branches situated in the capital cities of the Indian states. Apart from that, the four regional representations are situated in New Delhi (North), Chennai (South), Kolkata (East), and Mumbai (West).

The central bank acts as the regulator and the supervisor of the entire financial system of India. It also acts as an issuer of the Indian currency, which only the RBI can issue. The RBI also holds the right to destroy the national currency based on the condition of the current circulation. This means, it manages the right to issue and destroy the national currency and is the only entity to be in such a position.

Interestingly, the RBI also controls the Repo Rate and Bank Rate. This factor defines the ‘Bank of Banks’ role of the Reserve Bank of India. Both the rates refer to the lending and borrowing activities that are carried out by the public and central banks. Notably, this factor defines the ‘Bank of Banks’ role of the Reserve Bank of India. Both the rates refer to the lending and borrowing activities that are carried out by the public and central banks.

Repo Rate – Repo Rate is basically an interest rate at which banks can take a loan from the central bank by selling securities. The process includes an agreement between the lender and borrower, in which a price is predetermined for the borrower to repurchase the securities. Repo exists to help banks when they face a shortage of funds. This type of loan is meant for the management of short-term financial crises of banks.

Bank Rate – Bank Rate is an interest rate at which the RBI provides loans to banks and the banks are not required to sell any sort of securities in this system. Bank Rate is usually higher than Repo Rate. This type of loan is meant for the management of the long-term financial crisis of banks.