| PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment of the 2023-24 Experience |
| Prospects for 2024-25 |
| 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: Liquidity Management |
| 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 Department |
| Department of Regulation |
| FinTech Department |
| Department of Supervision |
| Enforcement Department |
| Consumer Education and Protection Department |
| Deposit Insurance and Credit Guarantee Corporation |
| VII. PUBLIC DEBT MANAGEMENT |
| Debt Management of the Central Government |
| Debt Management of State Governments |
| VIII. CURRENCY MANAGEMENT |
| Developments in Currency in Circulation |
| Currency Management Infrastructure |
| Expenditure on Security Printing |
| 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 |
| 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 Development Initiatives |
| Enterprise-Wide Risk Management |
| Internal Audit/Inspection |
| Corporate Strategy and Budget Management |
| Rajbhasha |
| Premises Department |
| Annex |
| XII. THE RESERVE BANK’S ACCOUNTS FOR 2023-24 |
| Balance Sheet as on March 31, 2024 |
| Income Statement for the year ended March 31, 2024 |
| Schedules forming part of Balance Sheet and Income Statement |
| Statement of Significant Accounting Policies for the year ended March 31, 2024 |
| Notes to Accounts |
| Annex I: Chronology of Major Policy Announcements - April 2023 to March 2024 |
| Annex II: Regulatory Measures Undertaken Post Public Consultations - April 2021 to March 2024 |
| Annex III: Customer Centric Measures - April 2021 to March 2024 |
| Appendix Tables |
| BOXES |
| II.2.1 : Boosting Millet Production in India: Identifying the Supply Side Drivers |
| II.2.2 : Productivity and Digitalisation in India |
| II.3.1 : Dynamics of Inflation Surges in India |
| II.3.2 : India’s Spatial Connectivity and Sub-national Inflation Dynamics: Connecting the Dots |
| II.4.1 : Monetary Policy and Non-Financial Firms in India |
| II.7.1 : Exports Downturn: Structural or Cyclical? |
| III.1 : Monetary Policy Communication in India |
| III.2 : Interest Rate Spread and Monetary Policy Transmission |
| IV.1 : Financial Inclusion Dashboard - ANTARDRISHTI |
| V.1 : Salient Developments in the Indian Government Securities Market |
| VI.1 : Public Consultations for Regulatory Measures by Reserve Bank of India |
| VI.2 : Public Tech Platform for Frictionless Credit (PTPFC) |
| VI.3 : Governance Practices in PSBs and PVBs |
| VI.4 : FATF Mutual Evaluation of India with Special Focus on Supervisory Processes for KYC/AML Risk Assessment |
| VI.5 : Changing Contours of Supervisory Engagements with SEs |
| VI.6 : Customer Centric Measures by Reserve Bank of India |
| VII.1 : Working Group on State Government Guarantees |
| VIII.1 : Survey on the Usage of Coins and Banknotes |
| IX.1 : Enhancements in UPI to Facilitate User Access and Convenience |
| IX.2 : Cloud Facility for India’s Financial Sector |
| X.1 : Central Bank Museums |
| X.2 : Initiatives for Ushering in Efficiency in Government Payment - Implementation of CSS |
| XI.1 : Enhancing Emotional Intelligence (EI) in the Reserve Bank |
| XI.2 : Artificial Intelligence (AI) and Risk Management |
| 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 |