| PART ONE: THE ECONOMY - REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment: 2016-17 |
| Prospects: 2017-18 |
| II. ECONOMIC REVIEW |
| The Real Economy |
| Price Situation |
| Money and Credit |
| Financial Markets |
| Government Finances |
| External Sector |
| PART TWO: THE WORKING AND OPERATIONS OF THE RESERVE BANK OF INDIA |
| III. MONETARY POLICY OPERATIONS |
| Monetary Policy |
| The Operating Framework |
| Monetary Policy Transmission |
| Sectoral Lending Rates |
| IV. CREDIT DELIVERY AND FINANCIAL INCLUSION |
| Credit Delivery |
| Financial Inclusion |
| Financial Literacy |
| V. 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 |
| Cooperatives 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 |
| Enforcement Department |
| Consumer Education and Protection Department |
| Deposit Insurance and Credit Guarantee Corporation |
| National Housing Bank |
| 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 and Security Printing |
| 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 |
| Strategic Research Unit |
| Enterprise Wide-Risk Management |
| Internal Audit/ Inspection |
| International Relations |
| Government and Bank Accounts |
| Managing Foreign Exchange Reserves |
| Economic and Policy Research |
| Statistics and Information Management |
| Legal Issues |
| Corporate Strategy and Budget Management |
| Corporate Services |
| Rajbhasha |
| Premises Department |
| XI. THE RESERVE BANK’S ACCOUNTS FOR 2016-17 |
| Balance Sheet |
| Statement of Significant Accounting Policies for the year ended June 30, 2017 |
| Income |
| Expenditure |
| Annex: Chronology of Major Policy Announcements: July 2016 to June 2017 |
| Appendix Tables |
| BOXES |
| II.1 Is Consumption-Led Expansion Sustainable?: A Case Study of India |
| II.2 Dynamics of Pulses Production |
| II.3 Distribution of Inflation in India |
| II.4 Decoding CPI Inflation Excluding Food and Fuel |
| II.5 Credit and Output: Macro and Sectoral Dimensions |
| II.6 Indian Equity Prices: A Sustainability Analysis |
| II.7 Fair-value of the Rupee |
| II.8 Recommendations of the FRBM Review Committee |
| II.9 Farm Loan Waiver |
| II.10 Assessment of India’s External Sector Resilience |
| III.1 MCLR, Lending Rates and Health of the Banking Sector |
| IV.1 National Strategy for Financial Inclusion |
| IV.2 Pan India Financial Literacy and Inclusion Survey |
| IV.3 Pilot Project on Setting up Centres for Financial Literacy (CFLs) |
| VI.1 Market Reaction to the NPA Ordinance |
| VI.2 The Insolvency and Bankruptcy Code, 2016 |
| VI.3 Rationalisation of Branch Authorisation |
| VI.4 Modifications in Permissible Activities of IFSC Banking Units (IBUs) |
| VI.5 Implementation of Ind AS - Guidance on the Expected Credit Loss Framework |
| VI.6 Discussion Paper on Wholesale and Long-Term Finance Banks |
| VI.7 Two-tier Rural Cooperative Structure in Jharkhand |
| VI.8 Asset Reconstruction Companies: Progress and the Way Forward |
| VI.9 Asset Quality Review (AQR) in Perspective - Lessons Learnt |
| VI.10 Revised Prompt Corrective Action Framework for Banks |
| VI.11 Standing Committee on Cyber Security |
| VI.12 Sachet Portal |
| VI.13 Supervisory Enforcement Framework |
| VI.14 The Ombudsman Scheme for Non-Banking Financial Companies |
| VI.15 Complaint Management System |
| VIII.1 Survey-Based Estimation of Fake Indian Currency Notes (FICNs) |
| IX.1 Distributed Ledger Technology (DLT) |
| X.1 Social Media and Central Bank Communication: An Overview |
| X.2 The RBI Academy |
| X.3 Risk Tolerance Framework of the Reserve Bank |
| X.4 Developments in the Incident Reporting System |
| X.5 Approaches to Capital Account Liberalisation: OECD and IMF |
| X.6 Effects of G-20 Regulatory Reforms on India |
| X.7 Corporate Strategy in the Reserve Bank |
| APPENDIX TABLES |
| 1. Macroeconomic and Financial Indicators |
| 2. Growth Rates and Composition of Real Gross Domestic Product (At 2011-12 Prices) |
| 3. Gross Savings |
| 4. Inflation, Money and Credit |
| 5. Capital Market - Primary and Secondary |
| 6. Key Fiscal Indicators |
| 7. Combined Receipts and Disbursements of the Central and State Governments |
| 8. India’s Overall Balance of Payments |
| 9. Foreign Direct Investment Flows to India: Country-wise and Industry-wise |