| GOVERNOR’S FOREWORD TO ANNUAL REPORT |
| PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment: 2015-16 |
| Prospects: 2016-17 |
| 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 |
| Disinflation |
| Operating Framework |
| Sectoral Lending Rates |
| Experience of the MCLR System |
| 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 |
| Co-operative Banks: Department of Co-operative Bank Regulation |
| Non-Banking Financial Companies: Department of Non-Banking Regulation |
| Supervision of Financial Intermediaries |
| Commercial Banks: Department of Banking Supervision |
| Co-operative Banks: Department of Co-operative Bank Supervision |
| Non-Banking Financial Companies: Department of Non-Banking Supervision |
| Consumer Education and Protection |
| Consumer 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 |
| Trends in Currency |
| Currency Management Architecture |
| Clean Note Policy |
| Counterfeit Notes and Security Printing |
| Department of Currency Management |
| Bharatiya Reserve Bank Note Mudran Private Limited |
| IX. PAYMENT AND SETTLEMENT SYSTEMS AND INFORMATION TECHNOLOGY |
| Department of Payment and Settlement Systems |
| Trend and Progress in Payment Systems |
| Department of Information Technology |
| X. GOVERNANCE, HUMAN RESOURCES AND ORGANISATIONAL MANAGEMENT |
| Governance Structure |
| Communication Processes |
| Human Resource Initiatives |
| Enterprise-Wide Risk Management |
| Internal Audit/ Inspection |
| International Relations |
| Government and Bank Accounts |
| Managing Foreign Exchange Reserves |
| Economic and Policy Research |
| Statistics and Information Management |
| Legal Issues |
| Corporate Strategy and Budget Management |
| Corporate Services |
| Rajbhasha |
| Premises Department. |
| XI. THE RESERVE BANK’S ACCOUNTS FOR 2015-16 |
| Balance Sheet |
| Statement of Significant Accounting Policies for the year ended June 30, 2016 |
| Income |
| Expenditure |
| Annex: Chronology of Major Policy Announcements: July 2015 to June 2016 |
| Appendix Tables |
| BOXES |
| II.1 Decoding Disinflation |
| II.2 Price Setting Behaviour in India |
| II.3 Currency Demand in India |
| II.4 Regional Imbalance in Socio-economic Development |
| II.5 Factors Influencing Remittances to India |
| III.1 Monetary Policy Framework Agreement (MPFA) |
| III.2 Committee Approach to Monetary Policy: International Experience |
| IV.1 Priority Sector Lending Certificates (PSLCs) |
| IV.2 Bank Credit to Small Borrowers: Some Insights |
| IV.3 Committee on Medium-Term Path on Financial Inclusion |
| V.1 Masala Bonds |
| VI.1 Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 |
| VI.2 Fin Tech and Digital Innovation – Opportunities, Challenges and Risks |
| VI.3 Revival and Licensing of Unlicensed DCCBs |
| VI.4 NBFC-Account Aggregator |
| VI.5 Peer-to-Peer Lending |
| VI.6 Banking Ombudsman Scheme – A Review |
| VII.1 Sovereign Gold Bond Scheme |
| VIII.1 Banknotes: New Numbering Pattern and Visually Impaired-Friendly |
| IX.1 Payment and Settlement Systems in India: Vision 2018 |
| IX.2 Reserve Bank Information Technology Private Limited (ReBIT) |
| X.1 The RBI Policy Challenge: A National Level Competition for Students |
| X.2 IORWG Survey: RBI’s Process Adjudged as an International Best Practice |
| X.3 Green Finance: An Analysis |
| X.4 Electronic Documents Management System (EDMS)-Darpan |
| 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 |