PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
I. ASSESSMENT AND PROSPECTS |
Assessment of the 2022-23 Experience |
Prospects for 2023-24 |
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 Unit |
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 2022-23 |
Balance Sheet as on March 31, 2023 |
Income Statement for the year ended March 31, 2023 |
Schedules forming part of Balance Sheet and Income Statement |
Statement of Significant Accounting Policies for the year ended March 31, 2023 |
Notes to Accounts |
Annex I: Chronology of Major Policy Announcements: April 2022 to March 2023 |
Annex II: Chronology of Major Policy Announcements to Mitigate the Impact of COVID-19: April 2022 to March 2023 |
Appendix Tables |
BOXES |
II.2.1 : Unorganised Sector Recovery Post-Pandemic |
II.2.2 : Role of Credit in Driving a Turnaround in Private Investment Cycle |
II.3.1 : Monetary Policy and Disinflation |
II.3.2 : Recent Inflation Dynamics in India - Role of Supply vis-à-vis Demand |
II.4.1 : The Currency Demand Paradox in India |
II.5.1 : Drivers of Term Premia and Risk Premia in Financial Markets |
II.7.1 : India’s Exports in an Adverse Global Environment |
II.7.2 : Interest Rate Sensitivity of Capital Flows: The Indian Experience |
III.1 : Reserve Requirements and Monetary Policy |
III.2 : Decoding Policy Expectations of Market Participants |
IV.1 : Centre for Financial Literacy (CFL): Progress Achieved and the Way Ahead |
V.1 : Unauthorised Forex Trading Platforms |
V.2 : Effectiveness of the Reserve Bank Measures in Containing INR Volatility |
V.3 : Operationalisation of a New Overseas Investment (OI) Regime |
VI.1 : Securitisation of Stressed Assets |
VI.2 : Pilot on Digitalisation of Kisan Credit Card (KCC) Lending |
VI.3 : Asset Quality Post Restructuring by Banks |
VI.4 : Focused Supervision of KYC/AML Risks in Supervised Entities |
VI.5 : DAKSH - Reserve Bank’s Advanced Supervisory Monitoring System |
VI.6 : International Best Practices in Off-site Monitoring |
VI.7 : Nationwide Intensive Awareness Programme |
VI.8 : DICGC’s Compliance with IADI Core Principles for Effective Deposit Insurance System |
VII.1 : India’s Sovereign Green Bonds |
VIII.1 : Pilot Project on QR Code-based Coin Vending Machine (QCVM) |
IX.1 : Payments Vision 2025 |
IX.2 : Second Greenfield Data Centre and Enterprise Computing and Cyber Security Training Institute |
IX.3 : Lightweight Payment and Settlement System (LPSS) |
X.1 : Use of Social Media in Central Bank Communication |
X.2 : Finance Track (FT) Priorities Under the G20 India Presidency 2023 |
X.3 : Initiatives for Convenience to Taxpayers and Ease of Doing Business |
X.4 : Basic Statistical Returns @50 Years |
XI.1 : Employee Assistance Programme |
XI.2 : Fostering of Risk Culture |
XI.3 : Zonal Inspectorates (ZIs) |
XI.4 : Utkarsh 2.0: The Medium-Term Strategy Framework of 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 |