| PART ONE: THE ECONOMY - REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Lessons from the 2018-19 Experience |
| Prospects for 2019-20 |
| 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 |
| 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 |
| 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 |
| XII. THE RESERVE BANK’S ACCOUNTS FOR 2018-19 |
| Balance Sheet |
| Statement of Significant Accounting Policies for the year ended June 30, 2019 |
| Income |
| Expenditure |
| Annex: Chronology of Major Policy Announcements: July 2018 to June 2019 |
| Appendix Tables |
| BOXES |
| II.1.1 Nowcasting India’s GDP Growth |
| II.1.2 Policy Uncertainty Index for India – Big Data Analysis |
| II.1.3 Drivers of Factor Productivity in India |
| II.1.4 The Problems of Plenty |
| II.2.1 Supply Chains and Food Inflation Dynamics |
| II.3.1 Role of Capital in Bank’s Lending Behaviour |
| II.6.1 India’s Third-market Export Competition in Manufacturing Goods |
| II.6.2 India: Emerging Electronics Exporter |
| III.1 Interlinkage between Financial and Economic Cycles |
| IV.1 Expert Committee on Micro, Small and Medium Enterprises (MSME) |
| IV.2 National Strategy for Financial Inclusion |
| V.1 Voluntary Retention Route (VRR) for Foreign Portfolio Investment in Debt |
| V.2 The USD/INR Buy/Sell Swap: A New Armour in RBI’s Liquidity Management Toolkit |
| V.3 New Policy Framework for External Commercial Borrowings (ECB) |
| VI.1 Risk Propagation through Financial Networks |
| VI.2 Implementation of Large Exposures Framework w.e.f. April 1, 2019 |
| VI.3 Establishment of Umbrella Organisation for Primary (Urban) Cooperative Banks (UCBs) |
| VI.4 Liquidity Risk Management Framework for NBFCs |
| VI.5 Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) |
| VI.6 Enforcement Policy and Framework |
| VI.7 Mediation and Conciliation as Tools for Efficient Customer Grievance Redressal |
| VI.8 The Role of Deposit Insurers in Contingency Planning and Crisis Management |
| VII.1 Risk Asymmetry in SDLs |
| VIII.1 Amendment of Note Refund Rules, 2009 |
| IX.1 Tokenisation |
| IX.2 Organisational Restructuring of Indian Financial Technology and Allied Services (IFTAS) |
| X.1 Public Awareness Campaign |
| X.2 Capital Market Convergence across Emerging and Advanced Economies |
| X.3 Leveraging Technology for Direct Handling of Government Transactions by the Reserve Bank of India |
| X.4 Gold in Foreign Exchange Reserves – Recent Trends |
| X.5 Granular Data Access Lab (GDAL) |
| XI.1 Training and Development in the Reserve Bank: Recent Initiatives |
| XI.2 Equal Opportunity Policy |
| XI.3 Expert Committee to review the extant Economic Capital Framework of the Reserve Bank of India – Recommendations and Implementation |
| XI.4 Management of Operational Risk: Importance of Self-Assessment |
| XI.5 Utkarsh 2022 – RBI’s Medium-Term Strategy |
| APPENDIX TABLES |
| 1. Macroeconomic and Financial Indicators |
| 2. Growth Rates and Composition of Real Gross Domestic Product (At 2011-12 Prices) |
| 3A. Gross Savings |
| 3B. Financial Saving of the Household Sector |
| 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 |