| PART ONE: THE ECONOMY - REVIEW AND PROSPECTS |
| I. ASSESSMENT AND PROSPECTS |
| Assessment of 2024-25 |
| Prospects for 2025-26 |
| 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 Department |
| 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 2024-25 |
| Balance Sheet as on March 31, 2025 |
| Income Statement for the year ended March 31, 2025 |
| Schedules forming part of Balance Sheet and Income Statement |
| Statement of Significant Accounting Policies for the year ended March 31, 2025 |
| Notes to Accounts |
| Annex I: Chronology of Major Policy Announcements - April 2024 to March 2025 |
| Annex II: Regulatory Measures Undertaken Post Public Consultations - April 2022 to March 2025 |
| Annex III: Customer Centric Measures - April 2022 to March 2025 |
| Appendix Tables |
| BOXES |
| II.2.1 : R&D Expenditure as a Driver of India’s Productivity Growth |
| II.3.1 : Food Inflation Persistence and Shifting Household Consumption Pattern |
| II.4.1 : Drivers of Firm Demand for Credit |
| II.5.1 : What Drives the Money Market Term Spread? |
| II.7.1 : India’s Outward FDI Trends: Insights from the Gravity Model |
| III.1 : Liquidity Management Challenges from Forex Market Operations |
| VI.1 : Reserve Bank - Climate Risk Information System (RB-CRIS) |
| VI.2 : Exploring Supervisory Dimensions Through Cross-border Cooperation |
| VII.1 : Review of Financial Accommodation Facilities for the State Governments |
| VIII.1 : Sustainable Use of Banknote Shreds/Briquettes |
| IX.1 : Project Nexus: A Multilateral Approach for Inter-linking Fast Payment Systems (FPS) |
| X.1 : Podcasts by Central Banks - A Distinct Digital Communication Tool |
| X.2 : Framework on Currency Swap Arrangement for SAARC Countries, 2024-27 |
| X.3 : Initiatives for Ushering in Efficiency in Government Transactions |
| X.4 : Reserve Management in an Era of Uncertainty |
| X.5 : Local Currency Settlement in the Changing Global Financial Order |
| XI.1 : Economic Capital Framework (ECF) of the Reserve Bank of India – Internal Review |
| XI.2 : ERM in the Reserve Bank - Reflections from More Than a Decade of Implementation |
| XI.3 : Audit Management System (AMS) |
| 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 |