| PART ONE: THE ECONOMY- REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Lessons from the 2021-22 Experience |
| Looking Ahead to 2022-23 |
| 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 2021-22 |
| Balance Sheet as on March 31, 2022 |
| Income Statement for the year ended March 31, 2022 |
| Schedules forming part of Balance Sheet and Income Statement |
| Statement of Significant Accounting Policies for the year ended March 31, 2022 |
| Notes to Accounts |
| Annex I: Chronology of Major Policy Announcements: April 2021 to March 2022 |
| Annex II: Chronology of Major Policy Announcements to Mitigate the Impact of COVID-19: April 2021 to March 2022 |
| Appendix Tables |
| BOXES |
| II.1.1 : Corporate Performance during the Pandemic: The Role of Corporate Tax Rate Cut |
| II.1.2 : Role of Central Banks in Climate Change |
| II.1.3 : Impact of COVID-19 Relief Measures on Small Business Financing |
| II.1.4 : Impact of Supply Chain Disruptions on GDP Growth and Labour Markets amidst the COVID-19 Shock |
| II.2.1 : Sensitivity of Inflation in India to Input Cost Pressures |
| II.6.1 : Role of Global Value Chains (GVCs) in Enhancing Exports Competitiveness |
| III.1 : Extraordinary Central Bank Lending Facilities during the Pandemic |
| IV.1 : Expanding the Reach of CFL Project Across the Country |
| V.1 : Roadmap for LIBOR Transition |
| VI.1 : Regulatory Framework for Microfinance Loans |
| VI.2 : Facilitating the FinTech Innovation: The Reserve Bank’s Approach |
| VI.3 : Supervisory Skilling and Empowerment |
| VI.4 : New Initiatives towards Strengthening of Grievance Redress Mechanism for Customers of Regulated Entities |
| VI.5 : Salient Features of Amendments to the DICGC Act, 1961 |
| VII.1 : RBI Retail Direct Scheme |
| VIII.1 : Banknote Survey of Consumers: Major Findings |
| IX.1 : India and Singapore to Link their Fast Payment Systems - UPI and PayNow |
| IX.2 : Household Choice of Digital Payments amidst COVID-19 Pandemic |
| X.1 : Central Bank Outreach and Public Awareness |
| X.2 : BRICS Chair 2021 - RBI Achievements |
| X.3 : NGFS’ Glasgow Declaration and Reserve Bank’s Commitment |
| X.4 : Gold as a Financial Asset in Different Phases of Financial Cycles |
| X.5 : Satellite Images and Remote Sensing Data for Assessment of Agricultural Commodities |
| XI.1 : Setting up of Employee Interface and Analytics Division (EIAD) |
| XII.1 : Form of Presentation of the Balance Sheet and Income Statement |
| 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 |
The accounting year for the Reserve Bank was changed to April-March (earlier July-June) from the financial year 2020-21 onwards.