| PART ONE: THE ECONOMY - REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment: 2017-18 |
| Prospects: 2018-19 |
| 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 |
| Cooperatives Banks: Department of Cooperative Bank Supervision |
| Non-Banking Financial Companies: Department of Non-Banking Supervision |
| Enforcement Department |
| Customer 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 |
| Introduction of New Security Features |
| Bharatiya Reserve Bank Note Mudran Private Limited |
| IX. PAYMENT AND SETTLEMENT SYSTEMS AND INFORMATION TECHNOLOGY |
| Department of Payment and Settlement Systems |
| Department of Information Technology |
| X. COMMUNICATION, INTERNATIONAL RELATIONS, RESEARCH AND STATISTICS |
| Communication Processes |
| Strategic Research Unit |
| International Relations |
| Government and Bank Accounts |
| Managing Foreign Exchange Reserves |
| Economic and Policy Research |
| Statistics and Information Management |
| Legal Issues |
| XI. GOVERNANCE, HUMAN RESOURCES AND ORGANISATIONAL MANAGEMENT |
| Governance Structure |
| Human Resource Initiatives |
| Enterprise-Wide Risk Management |
| Internal Audit/Inspection |
| Corporate Strategy and Budget Management |
| Corporate Services |
| Rajbhasha |
| Premises Department |
| Regional Offices |
| XII. THE RESERVE BANK’S ACCOUNTS FOR 2017-18 |
| Balance Sheet |
| Statement of Significant Accounting Policies for the year ended June 30, 2018 |
| Income |
| Expenditure |
| Annex: Chronology of Major Policy Announcements: July 2017 to June 2018 |
| Appendix Tables |
| BOXES |
| II.1.1 Investment Climate for Growth: What are the Key Enabling Factors? |
| II.2.1 Inflation in Asia after the Global Financial Crisis - How is it Different from the Rest of the World? |
| II.2.2 Minimum Support Prices (MSPs) – Do they Influence Inflation Trajectory in India? |
| II.2.3 Impact of MGNREGS on Rural Labour Market: An Assessment Using Survey Data |
| II.3.1 Standing Deposit Facility (SDF) |
| II.3.2 Cryptocurrency: Evolving Challenges |
| II.4.1 Equity Indices and Implied Volatility |
| II.5.1 Relationship between Fiscal Policy and Inflation: Results from Quarterly Projection Model |
| II.6.1 Working Capital Constraints and Exports |
| II.6.2 Measuring India’s External Competitiveness |
| II.6.3 The Curious Case of Reverse Import Substitution: The Indian Experience |
| III.1 Sterilisation of Capital Flows |
| IV.1 Access to Formal Finance for MSMEs: Some Assessment |
| IV.2 Pilot Project on Centres of Financial Literacy (CFL) |
| VI.1 Resolution of Stressed Assets – Revised Framework |
| VI.2 The Framework on Limiting Liability of Customers in Unauthorised Electronic Banking Transactions |
| VI.3 FinTech Regulatory Sandbox- Objectives, Principles, Benefits and Risks |
| VI.4 Regulatory Framework for Government-Owned NBFCs |
| VI.5 Improving Audit Systems in Banks |
| VI.6 Ombudsman Scheme for Bank Customers – A Perspective |
| VI.7 Bail-in as a Resolution Tool of Financial Institutions: International Best Practices |
| VII.1 States’ Market Borrowings and Increasing Cash Surplus |
| VIII.1 Committees on Currency Movement |
| IX.1 Endpoint Security in RTGS |
| IX.2 Role of the Reserve Bank in GST Payments Infrastructure |
| X.1 Mint Street Memos (MSM) |
| X.2 Reaching out to the Public through SMS |
| X.3 India - Financial Sector Assessment Programme (FSAP), 2017 |
| X.4 Opening of Government Banking Divisions in Seven Regional Offices |
| XI.1 Surplus Distribution Policy in Central Banks: An Overview |
| XI.2 Vulnerability Assessment and Penetration Testing (VA-PT) of Critical IT infrastructure in the 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 |