| PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment of the 2019-20 Experience |
| Prospects for 2020-21 |
| 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 |
| Strategic Research Unit |
| 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 2019-20 |
| Balance Sheet |
| Statement of Significant Accounting Policies for the year ended June 30, 2020 |
| Income |
| Expenditure |
| Annex I: Chronology of Major Policy Announcements: July 2019 to June 2020 |
| Annex II: Chronology of Major Policy Announcements to Mitigate the Impact of COVID-19 |
| Appendix Tables |
| BOXES |
| II.1.1 : Macroeconomic Impact of COVID-19 |
| II.1.2 : Climate Change - The Challenges for Indian Agriculture |
| II.3.1 : Impact of COVID-19 on Monetary and Credit Aggregates |
| II.4.1 : Impact of Special Operations by the Reserve Bank on Financial Markets |
| II.4.2 : India’s Financial Markets: Impact of COVID-19 |
| II.6.1 : Global Value Chains in Pandemic Times |
| II.6.2 : Capital Flows and Foreign Exchange Reserves: An Analytical Perspective on Absorptive Capacity of the Domestic Economy |
| III.1 : Voting Diary of the Monetary Policy Committee, 2016-20 |
| IV.1 : Report of the Internal Working Group to Review Agricultural Credit and Implications for Agriculture Sector |
| V.1 : Foreign Exchange Market: Improving Access, Transparency and Pricing |
| V.2 : Unconventional Tools of Liquidity Management: The Recent RBI Experience |
| VI.1 : Secondary Market for Corporate Loans |
| VI.2 : Governance in Primary (Urban) Cooperative Banks (UCBs) |
| VI.3 : Core Investment Companies (CICs) |
| VI.4 : Environment, Social and Governance (ESG) Policy |
| VI.5 : Benchmarking to G20 High Level Principles on Financial Consumer Protection |
| VI.6 : Survey of Customer Satisfaction from the Offices of Banking Ombudsmen (OBOs) |
| VI.7 : The Significance of Reserve Ratio in Deposit Insurance (DI): A Cross-Country Perspective |
| VII.1 : Consolidated Sinking Fund (CSF) and Guarantee Redemption Fund (GRF) Schemes of States: Relevance in Current Scenario |
| VIII.1 : Mobile Aided Note Identifier (MANI) for the Visually Impaired |
| IX.1 : COVID-19 Crisis: Implications for Payment Systems |
| IX.2 : NEFT 24X7 |
| X.1 : Public Awareness Campaign through SMS |
| X.2 : Framework on Currency Swap Arrangement for SAARC Countries, 2019-22 |
| X.3 : e-Kuber and Tax Information System (TIN) 2.0: Integration for Direct Taxes |
| XI.1 : Progress on Implementation of Strategy Framework – Utkarsh 2022 |
| XI.2 : Reserve Bank’s Business Continuity Plan (BCP) for COVID-19 Pandemic |
| 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 |