| PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Lessons from the 2020-21 Experience |
| Looking Ahead to 2021-22 and Beyond |
| 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 |
| Commercial Banks |
| Cooperative Banks |
| Non-Banking Financial Companies |
| Department of Supervision |
| Commercial Banks |
| Urban Cooperative Banks |
| Non-Banking Financial Companies |
| All Supervised Entities |
| 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 2020-21 |
| Balance Sheet as on March 31, 2021 |
| Income Statement for the year ended March 31, 2021 |
| Schedules forming part of Balance Sheet and Income Statement |
| Statement of Significant Accounting Policies for the year ended March 31, 2021 |
| Notes to Accounts |
| Annex I: Chronology of Major Policy Announcements: March 2020 to March 2021 |
| Annex II: Chronology of Major Policy Announcements to Mitigate the Impact of COVID-19: March 2020 to March 2021 |
| Appendix Tables |
| BOXES |
| II.1.1 : What Drives Recovery in Growth after a Crisis? |
| II.1.2 : Impact of COVID-19 on Corporate Performance |
| II.2.1 : Post - COVID-19 Surge in Mark-ups and Food Inflation Surprise |
| II.4.1 : Is the Bubble in Stock Markets Rational? |
| II.4.2 : The Phenomena of Listing Returns in India: Some Exploration |
| II.5.1 : 15th Finance Commission Recommendations: A Comparative Analysis |
| II.6.1 : COVID-19 Pandemic - Opportunities and Challenges for Indian Pharmaceutical Exports |
| II.6.2 : Is FDI COVID-Proof? |
| III.1 : The Lender of Last Resort |
| IV.1 : Addressing Regional Disparities in the Flow of Priority Sector Credit |
| V.1 : Mitigating COVID-19 Impact on Bond Market through Dynamic Approach in Open Market Operations |
| VI.1 : COVID-19 Related Regulatory Measures - A Cross-country Perspective |
| VI.2 : Revised Regulatory Framework for NBFCs - A Scale-Based Approach |
| VI.3 : Changing Paradigm of UCB Supervision – Way Forward |
| VI.4 : Structural Changes in Business Models of Non-Banking Financial Companies (NBFCs) and Strengthened Supervision |
| VI.5 : Framework for Education from a Consumer Protection Perspective |
| VI.6 : Deposit Insurance Pricing - Mitigating Moral Hazard through Risk-based Premium (RBP) |
| VIII.1 : Automation of Banknote Handling Process |
| IX.1 : Reserve Bank of India – Digital Payments Index (RBI-DPI) |
| IX.2 : FinTech Activity in India: Funding and Employment Trends during COVID-19 |
| IX.3 : RTGS 24X365, Including Lessons from the Country Experience |
| X.1 : Central Bank Communication during Pandemic |
| X.2 : SAARCFINANCE and RBI Initiatives |
| X.3 : Treasury Single Account System for e-Payment by Central Government Autonomous Bodies |
| X.4 : Challenges to Forex Reserves Management in a Low Yield Environment |
| X.5 : Surveys during COVID-19 Pandemic |
| XI.1 : Competency Management Framework for the Reserve Bank |
| XI.2 : The Strategic 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 |
With the change in its accounting year to April-March (earlier July-June), this Annual Report covers the working and functions of the Reserve Bank for the transition period of nine months (July 2020 - March 2021).