| PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment of 2025-26 |
| Prospects for 2026-27 |
| 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 |
| Transmission to Deposit and Lending Rates |
| 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 |
| Reserve Bank Innovation Hub (RBIH) |
| 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 (BRBNMPL) |
| IX. PAYMENT AND SETTLEMENT SYSTEMS AND INFORMATION TECHNOLOGY |
| Department of Payment and Settlement Systems |
| Department of Information Technology |
| Reserve Bank Information Technology Private Limited (ReBIT) |
| Indian Financial Technology & Allied Services (IFTAS) |
| 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 |
| External Institutions Funded by the Reserve Bank |
| Rajbhasha |
| Premises Department |
| Annex |
| XII. THE RESERVE BANK’S ACCOUNTS FOR 2025-26 |
| Balance Sheet as on March 31, 2026 |
| Income Statement for the year ended March 31, 2026 |
| Schedules forming part of Balance Sheet and Income Statement |
| Statement of Significant Accounting Policies for the year ended March 31, 2026 |
| Notes to Accounts |
| Annex: Chronology of Major Policy Announcements - April 2025 to March 2026 |
| Appendix Tables |
| BOXES |
| II.4.1 : Bank Time Deposits and Mutual Fund Flows Dynamics - A Comparative Analysis |
| III.1 : Second Review of the Flexible Inflation Targeting Framework |
| IV.1 : National Strategy for Financial Inclusion (NSFI): 2025-30 |
| V.1 : Use of INR and Local Currencies for Cross-Border Trade |
| VI.1 : Regulatory Communication - A Paradigm Shift |
| VI.2 : FREE-AI in the Financial Sector - Key Recommendations |
| VI.3 : Combating Cyber-Enabled Frauds and Money Mules |
| IX.1 : Payments Vision 2028 |
| XI.1 : Utkarsh 2029 - Reserve Bank’s Medium-Term Strategy Framework for 2026-29 |
| APPENDIX TABLES |
| 1. Macroeconomic and Financial Indicators |
| 2. Growth Rates and Composition of Real Gross Domestic Product (At 2022-23 Prices) |
| 3. Gross Savings |
| 4. Inflation, Money and Credit |
| 5. Flow of Financial Resources to Commercial Sector |
| 6. Key Fiscal Indicators |
| 7. India’s Overall Balance of Payments |