| 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 |