Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy GovernorDr. Urjit R. Patel – Deputy Governor Dr. Michael D. Patra – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Good Day, Ladies and Gentlemen and Welcome to the Fifth Bi-Monthly Monetary Policy Governor’s Teleconference with Media. As a remainder, all participant lines will be in the listen-only mode. There will be an opportunity for you

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy GovernorDr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S.S. Mundra – Deputy GovernorDr. Michael D. Patra –Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, Good day and Welcome to the Fourth Bi-Monthly Monetary Policy Governor’s Teleconference with Media. As a reminder, all participant lines are

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S.S. Mundra – Deputy Governor Dr. Michael D. Patra – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, Good Day and Welcome to the Fourth Bi-Monthly Monetary Policy Governor’s Teleconference with Researchers and Analysts. As a reminder, all

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S.S. Mundra – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, good day and welcome to the Third Bi-monthly Monetary Policy Governor’s Teleconference with Media. As a reminder, all participants’ line will be in the listen-only mode and there w

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S.S. Mundra – Deputy Governor Dr. Michael D. Patra – Executive Director Shri G. Mahalingam – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, good day and welcome to the Third Bi-monthly Monetary Policy Governor’s Teleconference with Resear

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri S.S. Mundra – Deputy Governor Dr. Michael D. Patra – Executive Director Shri G. Mahalingam – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen Good Day, and Welcome to Reserve Bank of India Post Policy Conference Call for Media. As a reminder, all participant lines will be i

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri S.S. Mundra – Deputy Governor Shri N. S. Vishwanathan – Executive Director Dr. Michael D. Patra – Executive Director Shri G. Mahalingam – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, Good Day and Welcome to the Reserve Bank of India Post Policy Conference Call for Anal

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.KHAN – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S.S. Mundra – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, good day and welcome to the Reserve Bank of India Conference Call on First Bi-Monthly Monetary Policy 2015-16. As a reminder, all participant lines will be in the listen-only mode.

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan - Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S.S. Mundra – Deputy Governor Dr. Michael D. Patra –Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, good day and welcome to the Reserve Bank of India Conference Call on First Bi-monthly Monetary Policy, 2015-16. As a reminder, all particip

Participants from RBI: Dr. Raghuram G. Rajan – Governor, RBI. Shri R. Gandhi – Deputy Governor Dr. Michael D. Patra – Executive Director Moderator : Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, Good Day and welcome to the RBI Governor’s Conference Call with Researchers and Analysts. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentatio

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H. R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri G. Padmanabhan – Executive Director Dr. Michael D. Patra – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, Good Day and welcome to the Reserve Bank of India Post Policy Conference Call for Researchers and Analysts. As a reminder, all par

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H. R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and gentlemen, good day and welcome to the Reserve Bank of India post policy conference call for media. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions

Participants from RBI: Dr. Raghuram G. Rajan – Governor, Shri H. R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri S. S. Mundra – Deputy Governor Dr. Michael D. Patra – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and gentlemen, good day and welcome to the Reserve Bank of India Post Policy Conference Call for researchers and analysts. As a reminder, all participant lines will be in the listen-

Participants from RBI: Dr. Raghuram G. Rajan – Governor, Shri H. R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri S. S. Mundra – Deputy Governor Dr. Michael D. Patra – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Participants, thank you for standing by. I now hand the conference over to Ms. Alpana Killawala. Thank you and over to you Ma’am. Alpana Killawala: Thank you, Shyma and welcome once again t

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H. R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi - Deputy Governor Shri S.S. Mundra- Deputy Governor Shri Deepak Mohanty, Executive Director Shri P. Vijaya Bhaskar, Executive Director Dr. Michael D. Patra – Principal Adviser Monetary Policy Department Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and gentlemen, good day and welcome to the

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H. R. Khan – Deputy governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi - Deputy Governor Shri S. S. Mundra – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager Dr. Raghuram G. Rajan: Well, many of you have already read the policy. Just a couple of points there. As far as the rates go, we did not make any move, but I think what you should read in the policy is both our

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H. R. Khan – Deputy Governor Dr. Urjit Patel – Deputy Governor Shri R Gandhi – Deputy Governor Shri S. S. Mundra – Deputy Governor Shri Deepak Mohanty, Executive Director Moderator: Alpana Killawala – Principal Chief General Manager Moderator: Ladies and Gentlemen, good day and welcome to the Reserve Bank of India Post Policy Conference Call for Researchers and Analysts. As a reminder, all participant lines

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H. R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri S. S. Mundra – Deputy Governor Shri Deepak Mohanty, Executive Director Dr. Raghuram Rajan: Good Morning, everyone. You all have seen the statement I presume, so I am not going to read out anything, I would be happy to take questions and my colleagues here will also help me answer. Aniruddh: Aniruddh from E

Participants from RBI:Dr. Raghuram Rajan – GovernorDr. K.C. Chakrabarty – Deputy GovernorShri H. R. Khan – Deputy GovernorDr. Urjit R. Patel – Deputy GovernorShri Deepak Mohanty – Executive DirectorShri B. Mahapatra – Executive DirectorDr. Michael D. Patra – Principal Adviser, Monetary Policy Department Moderator: Ms. Alpana Killawala – Principal Chief General Manager Moderator: Ladies and gentlemen, good day and welcome to the Reserve Bank of India Post Policy Confer

Participants from RBI Dr. Raghuram Rajan – Governor Dr. K.C. Chakrabarty – Deputy Governor Shri H. R. Khan – Deputy Governor Dr. Urjit Patel – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager, Department of Communication Dr. Raghuram Rajan’s Statement on the Policy: Good morning and welcome to the Reserve Bank. On the basis of an assessment of the current and evolving macroeconomic situation, we have decided today to keep the policy re