| GOVERNOR’S OVERVIEW: ANNUAL REPORT, 2014-15 |
| PART ONE: THE ECONOMY: REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment: 2014-15 |
| Prospects: 2015-16 |
| II. ECONOMIC REVIEW |
| The Real Economy |
| Price Situation |
| Money and Credit |
| Financial Markets |
| Government Finances |
| The External Sector |
| PART TWO: THE WORKING AND OPERATIONS OF THE RESERVE BANK OF INDIA |
| III. MONETARY POLICY OPERATIONS |
| The Changing Institutional Edifice of Monetary Policy |
| IV. CREDIT DELIVERY AND FINANCIAL INCLUSION |
| Credit Delivery |
| Financial Inclusion |
| Financial Literacy |
| V. REGULATION OF FINANCIAL MARKETS AND FOREIGN EXCHANGE MANAGEMENT |
| Financial Markets Regulation Department |
| Financial Markets Operations Department |
| Foreign Exchange Department |
| VI. REGULATION, SUPERVISION AND FINANCIAL STABILITY |
| Financial Stability Unit |
| Regulation of Financial Intermediaries |
| Commercial Banks: Department of Banking Regulation |
| Cooperative Banks: Department of Cooperative Bank Regulation |
| Non-Banking Financial Companies: Department of Non-Banking Regulation |
| Supervision of Financial Intermediaries |
| Commercial Banks: Department of Banking Supervision |
| Cooperative Banks: Department of Cooperative Bank Supervision |
| Non-Banking Financial Companies: Department of Non-Banking Supervision |
| Deposit Insurance and Credit Guarantee Corporation |
| National Housing Bank |
| Consumer Education and Protection |
| VII. PUBLIC DEBT MANAGEMENT |
| Debt Management of the Central Government |
| Debt Management of State Governments |
| VIII. CURRENCY MANAGEMENT |
| Trends in Currency |
| Currency Management Infrastructure |
| Clean Note Policy |
| Counterfeit Notes |
| Expenditure on Security Printing and Distribution |
| Department of Currency Management |
| Bharatiya Reserve Bank Note Mudran Private Limited |
| IX. PAYMENT AND SETTLEMENT SYSTEMS AND INFORMATION TECHNOLOGY |
| Department of Payment and Settlement Systems |
| Trend and Progress in Payment Systems |
| Department of Information Technology |
| X. GOVERNANCE, HUMAN RESOURCES AND ORGANISATIONAL MANAGEMENT |
| Governance Structure |
| Communication Processes |
| Human Resource Initiatives |
| Enterprise-Wide Risk Management in the Bank |
| Internal Audit/ Inspection in the Reserve Bank |
| International Relations |
| Government and Bank Accounts |
| Managing Foreign Exchange Reserves |
| Economic and Policy Research |
| Statistics and Information Management |
| Legal Matters |
| Corporate Strategy and Budgeting |
| Corporate Services |
| Rajbhasha |
| Premises |
| XI. THE RESERVE BANK’S ACCOUNTS FOR 2014-15 |
| Balance Sheet |
| Statement of Significant Accounting Policies for the year ended June 30, 2015 |
| Income |
| Expenditure |
| Annex: Chronology of Major Policy Announcements: July 2014 to June 2015 |
| Appendix Tables |
| APPENDIX TABLES |
| 1. Macroeconomic and Financial Indicators |
| 2. Growth Rates and Composition of Real Gross Domestic Product (At 2011-12 Prices) |
| 3. Inflation, Money and Credit |
| 4. Capital Market - Primary and Secondary |
| 5. Key Fiscal Indicators |
| 6. Combined Receipts and Disbursements of the Central and State Governments |
| 7. India’s Overall Balance of Payments |
| 8. Foreign Direct Investment Flows to India: Country-wise and Industry-wise |
| BOXES |
| 1. Box II.1 How Monsoon Proof is Indian Agriculture? |
| 2. Box II.2 Wage Growth and Rural Inflation – Are They Related? |
| 3. Box II.3 Spillovers and Spillbacks |
| 4. Box II.4 Factors Underlying Recent Credit Slowdown: An Empirical Exploration |
| 5. Box II.5 Quality of Fiscal Adjustment |
| 6. Box II.6 Trade Linkages and Elasticities |
| 7. Box II.7 India’s New Foreign Trade Policy 2015-20 |
| 8. Box III.1 Monetary Policy Report – A Communication Tool under Inflation Targeting |
| 9. Box III.2 Time-varying Natural Interest Rate in India |
| 10. Box IV.1 Priority Sector Lending – A Fresh Look |
| 11. Box IV.2 RBI@80: Conference on Financial Inclusion |
| 12. Box V.1 G20 Commitments and Reforms in the OTC Derivatives Market in India |
| 13. Box VI.1 Discussion Paper on Large Exposures (LE) Framework and Enhancing Credit Supply through the Market Mechanism |
| 14. Box VI.2 Bankruptcy Procedures in India |
| 15. Box VI.3 Asset Quality of NBFCs and Revised Guidelines |
| 16. Box VI.4 Micro Units Development Refinance Agency (MUDRA) Ltd. |
| 17. Box VI.5 Risk-based Premium for Banks |
| 18. Box VI.6 Charter of Customer Rights |
| 19. Box VII.1 New Initiatives in Government Banking |
| 20. Box VIII.1 Efforts for Indigenisation of Currency Printing |
| 21. Box X.1 Reserve Bank of India: Core Purpose, Values and Vision Statement |
| 22. Box X.2 Organisational Restructuring of the Reserve Bank |
| 23. Box X.3 Operational Risk Monitoring Framework in Central Banks |
| 24 Box X.4 Risk Management and Economic Capital in Central Banks |