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

Speakers from RBI: Dr. Raghuram G. Rajan – Governor Dr. Urjit Patel – Deputy Governor Dr. K.C. Chakrabarty – Deputy Governor Shri Deepak Mohanty – Executive Director Shri R. Gandhi – Executive Director Dr. Michael D. Patra – Principal Adviser, Monetary Policy Department Shri G. Mahalingam – Principal Chief General Manager Financial Markets Department Moderator: Ms. Alpana Killawala – Principal Chief General Manager, Department of Communication Moderator: Ladies and Ge

Speakers from RBI: Dr. Raghuram G. Rajan – Governor Dr. K.C.Chakrabarty – Deputy Governor Shri H.R. Khan – Deputy Governor Dr. Urjit Patel – Deputy Governor Shri Deepak Mohanty – Executive Director Moderator: Ms. Alpana Killawala – Principal Chief General Manager, Department of Communication 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 liste

Participants from RBI: Dr. Raghuram Rajan – Governor Dr. K.C. Chakrabarty –Deputy Governor Shri Anand Sinha, Deputy governor Shri H. R. Khan – Deputy Governor Dr. Urjit Patel – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager, Department of Communication Moderator: Ladies and Gentlemen, good day and welcome to the Reserve Bank of India Post Policy Conference Call for Media. As a reminder all participants’ line will be in the listen-onl

Dr. Raghuram Rajan – Governor Dr. K.C. Chakrabarty – Deputy Governor Shri Anand Sinha, Deputy governor Shri H. R. Khan – Deputy Governor Dr. Urjit Patel – Deputy Governor Moderator: Alpana Killawala, Chief General Manager Department of Communication 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 participants’ lines will be in the listen-only mode and later w

Speakers from RBI:Dr. Raghuram Rajan – GovernorDr. K.C. Chakrabarty –Deputy Governor Shri Anand Sinha, Deputy governorShri H. R. Khan – Deputy GovernorDr. Urjit Patel – Deputy GovernorShri Deepak Mohanty – Executive Director Dr. M. D. Patra – Principal Adviser, Monetary Policy Department Moderator: Ms. Alpana Killawala – Principal Chief General Manager, Department of Communication Moderator: Ladies and Gentlemen, Good Day and welcome to the Reserve Bank of India Post-

Speakers Dr. Raghuram Rajan – Governor Dr. K.C. Chakrabarty – Deputy governor Shri Anand Sinha – Deputy Governor Shri H.R. Khan – Deputy Governor Dr. Urjit Patel – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Chief General Manager, Department of Communication Moderator: Ladies and Gentlemen, Good Day and Welcome to the Reserve Bank of India Post Policy Conference Call for Media. As a reminder, all participants’ lines will be in the listen-only mode, and