On Monday, the Reserve Bank of India’s monthly bulletin released data on households’ financial assets and liabilities up to 2022-23. The data provided by RBI are flow, not stock numbers, and therefore measure the change in financial assets and liabilities of households in a fiscal year rather than their total assets or liabilities at a point of time. The key takeaway from the data is that there has been a sharp fall in net financial assets of households as a share of GDP with the number falling from 11.5% in 2020-21 to just 5.1% in 2022-23.