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Published on 27 August 2009

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PART ONE : THE ECONOMY: REVIEW AND PROSPECTS
I.	ASSESSMENT AND PROSPECTS
	Assessment of 2008-09
	Prospects for 2009-10
	Policy Challenges
II.	ECONOMIC REVIEW
	Macroeconomic Policy Environment
	Real Sector Policies
	Fiscal Policy
	Monetary Policy Measures
	Credit Delivery
	Financial Sector Policies
	Real Economy
	Aggregate Supply
	Aggregate Demand
	Money, Credit and Prices
	Reserve Money
	Monetary Survey
	Price Situation
	Government Finances
	Central Government Finances
	State Government Finances
	Combined Government Budgetary Position of Centre and States
	Fiscal Outlook
	Financial Markets
	International Financial Markets
	Domestic Financial Markets
	Money Market
	Foreign Exchange Market
	Government Securities (Secondary) Market
	Credit Market
	Equity and Debt Markets
	External Sector
	International Developments
	India’s Balance of Payments
	External Debt
	Foreign Exchange Reserves
	International Investment Position

PART TWO: THE WORKING AND OPERATIONS OF THE RESERVE BANK OF INDIA
III.	MONETARY POLICY OPERATIONS
	Monetary Policy Operations: 2008-09
	Monetary Policy Operations: 2009-10
	Liquidity Management
IV.	CREDIT DELIVERY
	Priority Sector Lending
	Micro Finance
	Financial Inclusion
	Financial Literacy and Credit Counselling
	Export Credit
	Extension of Collateral Facility – Savings Bonds
	Non-banking Financial Companies
	Scheduled Commercial Banks
V.	DEVELOPMENT AND REGULATION OF FINANCIAL MARKETS
	Money Market
	Government Securities Market
	Foreign Exchange Market
VI.	FINANCIAL REGULATION AND SUPERVISION
	Regulatory Framework for the Indian Financial System
	Committee on Financial Sector Assessment
	Commercial Banks
	Urban Co-operative Banks
	Rural Co-operatives
	Regional Rural Banks
	All India Financial Institutions (AIFIs)
	Non-Banking Financial Companies
	Deposit Insurance and Credit Guarantee Corporation of India
	Macro-Prudential Indicators Review
VII.	PUBLIC DEBT MANAGEMENT
	Central Government
	State Governments
VIII.	CURRENCY MANAGEMENT
	Banknotes in Circulation
	Coins in Circulation
	Currency Operations

IX.	PAYMENT AND SETTLEMENT SYSTEMS AND INFORMATION TECHNOLOGY
	Payment and Settlement Systems
	Developments in Payments and Settlement Systems
	Developments in Use of Information Technology
X.	HUMAN RESOURCES DEVELOPMENT AND ORGANISATIONAL MATTERS
	Human Resource Initiatives
	Other Initiatives
	Research Activities
	Central Board and its Committees
XI.	THE RESERVE BANK’S ACCOUNTS FOR 2008-09
	Income and Expenditure
	Balance Sheet
	Significant Accounting Policies and Notes to the Accounts for 2008-09
	Annex I :	List of Speeches by Governor and Deputy Governors
	Annex II :	List of Reports of Groups/Committees
	Annex III :	List of Publications by the Staff of the Reserve Bank: June 2008 to July 2009
	Annex IV :	Visits of Foreign Delegations to The Reserve Bank
	Annex V :	Chronology of Major Policy Announcements: April 2008-July 2009

BOXES
II.1	Counter-Cyclical Fiscal Policy in the Current Economic Scenario
II.2	Fiscal Transparency at the State Level
II.3	Permanent and Transitory Output Loss
II.4	Growth Cycles in India: Recent Evidence of Cyclical Slowdown
II.5	Rationalisation of MSP Computation
II.6	Global Agricultural Outlook
II.7	Global Climate Change: Emerging Challenges for Indian Agriculture
II.8	Performance of the Electricity Sector
II.9	Industrial Performance – Select Economies
II.10	Global Recession and the Services Sector
II.11	Effects of Global Recession on Unemployment in India
II.12	Financial Crisis and Economic Growth: An Inter-temporal Perspective
II.13	The Management of Economic Slowdown: Rebalancing of Growth
II.14	Report of the High Level Committee on Estimation of Saving and Investment
II.15	Adjusted Reserve Money and Money Multiplier
II.16	The Deflation Perceptions
II.17	Pass-through of Exchange Rate Movements to Inflation in India
II.18	WPI and CPIs : Divergence in Inflation
II.19	CPI for the Urban and Rural Population: The Approach
II.20	Wealth Effects of Corrections in Stock Prices in India
II.21	House Price Index: Recent Developments
II.22	Housing Start-Up Index in India
II.23	Fiscal Stimulus Measures: Cross-Country Evidence
II.24	Role of Automatic Fiscal Stabilisers
II.25	Fiscal Stimulus and Debt Sustainability in India
II.26	Implementation of Fiscal Responsibility Laws at State Level –Recent Developments
II.27	Policy Response of the Reserve Bank since mid-September 2008
II.28	Turmoil in Global Financial Markets – Impact on Indian Capital Market
II.29	Mutual Funds Industry in India - Current Issues
II.30	Globalisation and the Pattern of World Growth: Issues of Decoupling
II.31	Impact of the Global Crisis on India’s Exports
II.32	The Export Demand Function for India: Some Inferences on the Impact of the Global Recession on India
II.33	Software Exports: Outlook and Prospects
II.34	Impact of Global Slowdown on Remittances
II.35	Global Financial Crisis and Capital Flows
II.36	Trade Credit
III.1	Changing Stance of Monetary Policy in India
III.2	Central Banks’ Unconventional Policy Measures - International Experience on Liquidity Support to Non-banking Financial Entities
IV.1	Augmentation of the Resource Base of SIDBI, NHB and NABARD
IV.2	Draft Report of the High Level Committee to Review the Lead Bank Scheme
IV.3	Financial Inclusion: Policy Prescriptions
IV.4	Implementation of Recommendations of the Working Groups on Improvement of Banking Services in Different States/Union Territories
IV.5	Technical Group for Review of Legislation on Money Lending
IV.6	Financial Literacy and Credit Counselling Centres – Model Scheme
V.1	Separate Trading of Registered Interest and Principal of Securities (STRIPS) – Operational Guidelines
V.2	Inter-Regulatory Coordination
VI.1	Global Financial Crisis and the Indian Banking System: An Assessment of MTM Losses
VI.2	Major Recommendations of the Committee on Financial Sector Assessment (CFSA)
VI.3	Risk Management: Role of Stress Testing
VI.4	Committee on Customer Services
VI.5	Merger and Amalgamation of UCBs
VI.6	Revival of Co-operative Credit Structure
VI.7	Liquidity Crisis – Implications for NBFCs
VI.8	Evolving Regulatory Changes in Response to the Crisis: The Indian Position .
VII.1	Debt Management and the Global Financial Crisis
VII.2	Private Placement of Sovereign Debt with the Central Banks – Cross-country Practices
VIII.1	Steps taken by the Reserve Bank to curb currency counterfeiting
IX.1	Mobile Banking : Select Country Experiences
IX.2	Pre-paid Payment Instruments in India
IX.3	Work Flow and Knowledge Management
IX.4	Virtual Private Networks: Safety and Efficiency Parameters
X.1	Commemoration of Reserve Bank’s Platinum Jubilee Year
X.2	ISO Certifications in the Bank
X.3	IS Audit Policy
X.4	Major Decisions of the Central Information Commission (CIC)
X.5	Expert Committee on Research Funding Policy

CHARTS
II.1	Inter-Temporal Progress of Monsoon
II.2	Spatial Distribution of Monsoon
II.3	Performance of 17 Two-Digit Manufacturing Industries During Slowdown in the Past
II.4	Performance of 17 Two-Digit Industries During Slowdown in 2007-08 and 2008-09
II.5	Growth in Six Infrastructure Industries
II.6	Growth Trend in Services Sector
II.7	Services Exports and GDP Originating from Services Sector
II.8	Gross Domestic Saving
II.9	Reserve Money Growth
II.10	Important Sources of Reserve Money Variation
II.11	Broad Money Growth
II.12	Currency in Circulation and WPI Inflation
II.13	Fortnightly Variation in Currency in Circulation
II.14	Time Deposits Growth Rates
II.15	Time Deposits and Small Savings
II.16	Non-Food Credit Growth
II.17	Bank Credit and Investment in Government Securities
II.18	Income Velocity of Money
II.19	SLR Investment by Scheduled Commercial Banks
II.20	Global Inflation
II.21	Volatility in CPI Inflation
II.22	Increase in International Commodity Prices (year-on-year)
II.23	Annual WPI Inflation
II.24	Food Price Inflation
II.25	Asset Price Movements
II.26	Deficit Indicators of the Central Government
II.27	Debt Service Burden of the Central Government
II.28	Major Deficit Indicators of the State Governments
II.29	Indicators of Global Financial Market Developments
II.30	Movement of the LAF and Call Money Rate
II.31	Volumes and Rates in the Money Market
II.32	Movement of WADR of CD and Average Call Money Rate
II.33	Movement of WADR of CPs and Average Call Money Rate
II.34	Nominal and Real Exchange Rates of Indian Rupee
II.35	Rupee-US Dollar Forward Premia
II.36	Average Daily Turnover in the Foreign Exchange Market
II.37	Yield on Government Bonds
II.38	Yield and Trading Turnover in Government Securities
II.39	Resource Mobilisation in Primary Market
II.40	Key Global Indicators
II.41	Key Balance of Payments Indicators
II.42	External Demand and India’s Export Growth
II.43	Exports Growth of India vis-a-vis Advanced Economies and EMEs during October 2008-April 2009
II.44	India’s Export Growth - Principal Commodities (April-February)
II.45	India’s Import Growth - Principal Commodities (April-February)
II.46	Monthly Movements in Exports, Imports and Trade Balance
II.47	India’s Gross Invisible Receipts
II.48	Growth of India's Software Services Exports
II.49	Movements in Oil Price and Remittance Inflows to India
II.50	Movements in Monthly FDI and Net Portfolio Inflows
III.1	Cash Reserve Ratio
III.2	MSS Buyback and Issuance of Central Government Securities
III.3	Outstanding LAF, MSS and GOI Balance
III.4	Report(+)/Reverse Repo(-) Under LAF
VI.1	Extension of Protection Accorded to the Depositors
VI.2	Frequency Distribution of CRAR of Reporting NBFCs
VII.1	Weighted Average Yield of Primary Issues of Dated Securities
VII.2	Primary Market Yields of Treasury Bills
VII.3	Cash Balances of the Central Government
VII.4	Weighted Average Yield on SDLs and Yield to Maturity (YTM) on 10-year Central Government Security
VIII.1	Currency and Major Aggregates
VIII.2	Banknotes in Circulation : End-March 2009
IX.1	Share of Paper-based versus Electronic Transactions
IX.2	Trends in Real time Gross Settlement (RTGS) Transactions
X.1	Total Staff Strength of the Reserve Bank
XI.1	Sources of Income
XI.2	Major Items of Expenditure
XI.3	Trends in Foreign Currency and Domestic Assets (as at end of June)

TEXT TABLES
2.1	Growth Rates of Real GDP
2.2	Agricultural Production
2.3	Season-wise Agricultural Production
2.4	Gross Capital Formation in Agriculture
2.5	Management of Food Stocks
2.6	Growth Performance of Industrial Sector based on Index of Industrial Production (IIP)
2.7	Phases of Slowdown in Indian Industry
2.8	Index of Industrial Production: Sectoral and Use-based Classification of Industries
2.9	Trends in Growth of Consumer Goods
2.10	Capacity Utilisation
2.11	Targets and Achievements of Infrastructure Industries
2.12	Performance of Central Sector Projects
2.13	Industrial Investment Proposals
2.14	Performance of Micro, Small and Medium Enterprises
2.15	Performance of the Services Sector
2.16	Indicators of Services Sector Activity
2.17	Demand Side of GDP-Shares
2.18	Demand Side of GDP - Growth Rates
2.19	Gross Capital Formation
2.20	Household Saving in Financial Assets
2.21	Reserve Money – Variations
2.22	Monetary Indicators
2.23	Operations of Scheduled Commercial Banks
2.24	Credit Flow from Scheduled Commercial Banks
2.25	Non-food Bank Credit - Sectoral Deployment
2.26	Flow of Resources to Commercial Sector
2.27	Scheduled Commercial Banks’ Non-SLR Investments
2.28	Global Inflation Indicators
2.29	Nominal and Real Policy Rates : Select Countries
2.30	International Commodity Prices
2.31	Key Commodity Price Movements – Global vis-à-vis Domestic
2.32	Wholesale Price Inflation in India
2.33	Consumer Price Inflation - Major Groups
2.34	Major Fiscal Indicators: Combined Finances
2.35	Major Fiscal Indicators of the Central Government
2.36	Subsidies of the Centre
2.37	Key Deficit Indicators of the Centre for 2008-09 - Provisional Accounts
2.38	Average Interest Rates on Outstanding Domestic Liabilities of the Centre
2.39	Indicators of Combined Finances of the Centre and States
2.40	Combined Liabilities of the Centre and States
2.41	Outstanding Government Guarantees
2.42	Decomposition of the GFD of the Central Government
2.43	Revenue Position of the Central Government
2.44	Gross Tax Revenues of the Central Government
2.45	Expenditure Pattern of the Central Government
2.46	Expenditure on Select Development Heads of the Central Government
2.47	Financing Pattern of Gross Fiscal Deficit of the Central Government
2.48	Eleventh Plan Projections for the Central Government vis-à-vis the Budget Estimates
2.49	Deficit and Debt Indicators of the Central Government-Select Countries
2.50	Major Deficit Indicators of the State Governments
2.51	Aggregate Receipts of the State Governments
2.52	Expenditure Pattern of the State Governments
2.53	Decomposition and Financing Pattern of Gross Fiscal Deficit of States...........
2.54	Measures of Deficit of the Central and State Governments
2.55	Combined Receipts and Disbursement of the Centre and States
2.56	Financing of Gross Fiscal Deficit of the Centre and States
2.57	Combined Expenditure of the Centre and States on Social Sector
2.58	International Stock Markets
2.59	Appreciation (+)/Depreciation (-) of the US dollar vis-à-vis other Currencies
2.60	Domestic Markets at a Glance
2.61	Activity in Money Market Segments
2.62	Commercial Paper-Major Issuers
2.63	Purchase and Sales of US dollar by the Reserve Bank
2.64	Movements in Deposit and Lending Rate
2.65	Changes in Deposit and Lending Rates
2.66	Mobilisation of Resources from the Primary Market
2.67	Indian Equity Markets - Key Indicators
2.68	BSE Sectoral Stock Indices
2.69	Trends in Institutional Investments
2.70	Resource Mobilisation by Mutual Funds
2.71	Funds Mobilised by Mutual Funds - Type of Schemes
2.72	Resources Raised by way of Bonds/Debentures by Select All-India FIs
2.73	Direction of India’s Exports
2.74	Direction of India’s Imports
2.75	Balance of Payments : Key Indicators
2.76	Structure of India’s Service Exports
2.77	India’s Share in World Exports of Goods and Services
2.78	Computer & Information Services Exports
2.79	Foreign Tourists Arrival in India and Outbound Tourist Traffic
2.80	Non-Software Miscellaneous Receipts & Payments
2.81	Composition of Private Transfers to India
2.82	Migrant Remittances: Top Recipients
2.83	Trade and Current Account Balances in Select Countries
2.84	Gross Capital Inflows and Outflows
2.85	Foreign Investment Flows to India
2.86	Foreign Direct Investment Flows to India: Country-wise and Industry-wise
2.87	India’s Direct Investment Abroad
2.88	India’s Grants and Loans to Foreign Governments
2.89	Balances under NRI Deposit Schemes
2.90	Ceiling Interest rates on NRI Deposits
2.91	India’s External Debt
2.92	External Debt Service Payments
2.93	International Comparison of Top Ten Debtor Countries, 2007
2.94	Sources of Variation in Foreign Exchange Reserves
2.95	Foreign Exchange Reserves of the Major EMEs
2.96	Deployment Pattern of Foreign Currency Assets
2.97	International Investment Position of India
3.1	Movement in Key Policy Rates and Reserve Requirements
3.2	Reserve Bank’s Liquidity Management Operations
3.3	Monthly Primary Liquidity Flows and Open Market Operations
3.4	Indicators of Liquidity
3.5	Reserve Bank’s Holdings of Central Government Dated Securities
3.6	Reverse Repo/Repo Bids under LAF
4.1	Priority Sector Advances
4.2	Disbursements under Special Agricultural Credit Plans
4.3	Targets and Actual Disbursement to Agriculture by Banks
4.4	Outstanding Agricultural Advances
4.5	Public Sector Banks – Recovery of Direct Agricultural Advances
4.6	Proposed Reimbursement
4.6	Outstanding Credit to Micro and Small Enterprises
4.7	Credit to Sick Micro and Small Enterprises
4.8	Bank Credit to Minority Communities by SCBs under Priority Sector Advances
4.9	Bank Loans Outstanding against SHGs as on March 31, 2008
6.1	Health of Scheduled Commercial Banks in India
6.2	Offices of Indian Banks Opened Abroad – Between July 2008 and June 2009
6.3	Offices of Foreign Banks Opened in India – Between July 2008 and June 2009
6.4	Timeframe for Implementation of Advanced Approaches in India
6.5	Resolution of NPAs
6.6	Frauds in the Banking Sector
6.7	Utilisation of Refinance Facilities
6.8	Select Financial Indicators
6.9	Scheduled Commercial Banks – Frequency Distribution of CRAR
6.10	CRAR and Net NPAs of Select Financial Institutions (End-March 2009)
6.11	Scheduled Commercial Banks - Performance Indicators
6.12	Net NPA to Net Advances of Scheduled Commercial Banks
6.13	Net NPAs to Net Advances of SUCBs
6.14	Scheduled Commercial Banks – Cost of Funds and Return on Funds
6.15	Operational Results of Scheduled Commercial Banks – Key Ratios
6.16	Operational Results of Scheduled Commercial Banks: 2008-09
6.17	Operational Results of SUCBs – Key Ratios
7.1	Gross and Net Market Borrowings of the Central Government
7.2	Central Government’s Market Loans- A Profile
7.3	Primary Cut-Off Yield and Prevailing Secondary Market Yield
7.4	Maturity Profile of Central Government Dated Securities
7.5	Treasury Bills in the Primary Market
7.6	Annual Market Borrowings of State Governments
7.7	Yield on State Government Securities
7.8	Month-wise Market Borrowings of State Governments
7.9	Weighted Average Spreads during 2008-09
7.10	Frequency Distribution of Tranches of Auctions during 2008-09
7.11	Maturity Profile of Outstanding State Development Loans and Power Bonds
7.12	WMA/Overdrafts of the State Governments
7.13	State-wise Availment of WMA/Overdraft
7.14	Investments of the State Governments/UT
8.1	Banknotes in Circulation
8.2	Coins in Circulation
8.3	Currency Chests
8.4	Small Coin Depots
8.5	Volume of Banknotes Indented and Supplied
8.6	Value of Banknotes Indented and Supplied
8.7	Supply and Cost of Banknotes
8.8	Indent and Supply of Coins (Volume)
8.9	Indent and Supply of Coins (Value)
8.10	Disposal of Soiled Notes and Supply of Fresh Banknotes
8.11	Counterfeit Notes Detected
8.12	Number of Counterfeit Notes Detected at the Reserve Bank and Bank Branches
9.1	Payment System Indicators - Annual Turnover
9.2	Retail Electronic Funds Transfer Systems
9.3	Card-Based Payment Transactions
9.4	Evaluation of Critical IT Implementation: 2008-09
10.1	Reserve Bank Training Establishments - Programmes Conducted
10.2	Select Programmes/ Seminars/ Workshops Conducted by Training Colleges during 2008-09
10.3	Number of Officers Trained in External Training Institutions in India and Abroad
10.4	Courses Conducted under Joint India- IMF Training Programme-Pune
10.5	Recruitment by the Reserve Bank - 2008
10.6	Staff Strength of Reserve Bank
10.7	Category-wise Actual Staff Strength (As on December 31, 2008)
10.8	Department-wise Staff Strength of the Reserve Bank
10.9	Reserve Bank’s Office-wise Strength of Staff
10.10	Right to Information Act, 2005 – Requests Received and Resolved during the year
11.1	Trends in Gross Income, Expenditure and Net Disposable Income
11.2	Gross Income
11.3	Contingency and Asset Development Reserves and Surplus Transfer to the Government
11.4	Earnings from Foreign Sources
11.5	Earnings from Domestic Sources
11.6	Expenditure
11.7	Balances in Currency and Gold Revaluation Account and Exchange Equalisation Account
11.8	Balances in Contingency Reserve and Asset Development Reserve
11.9	Outstanding Foreign Currency and Domestic Assets
11.10	Investments in Shares of Subsidiaries/Associate Institutions

APPENDIX TABLES
1	Select Macroeconomic and Financial Indicators
2	Growth Rates and Sectoral Composition of Real Gross Domestic Product (At 1999-2000 prices)
3	Quarterly Growth Rates and Composition of Real Gross Domestic Product (At 1999-2000 prices)
4	Agricultural Production
5	Procurement, Off-take and Stocks of Foodgrains
6	Trends in Index of Industrial Production (Base: 1993-94=100)
7	Growth in Index of Seventeen Major Industry Groups of Manufacturing Sector (Base : 1993-94=100)
8	Frequency Distribution of Growth Rates of Seventeen Major Industry Group of Manufacturing Sector - 2004-05 to 2008-09
9	Use-Based Classification of Industrial Production (Base: 1993-94=100)
10	Growth of Six Infrastructure Industries (Base: 1993-94=100)
11	Gross Domestic Saving and Investment
12	Financial Saving of the Household Sector (Gross)
13	Variations in Reserve Money
14	Reserve Bank of India (RBI) Survey
15	Variations in Money Stock
16	New Monetary Aggregates
17	Liquidity Aggregates
18	Important Banking Indicators - Scheduled Commercial Banks
19	Commercial Bank Survey
20	Sectoral Deployment of Gross Bank Credit
21	Industry-Wise Deployment of Gross Bank Credit
22	Reserve Bank’s Accommodation to Scheduled Commercial Banks
23	Variations in Index Numbers of Wholesale Prices
24	Variations in Wholesale Prices - Weighted Contributions
25	Variations in Price Indices (Year-on-Year)
26	Measures of deficit of the Central Government
27	Major Items of Receipts and Expenditures of the Central Government
28	Financing of Gross Fiscal Deficit of the Central Government
29	Outstanding Liabilities of the Central Government
30	Budgetary Operations of the State Governments
31	Financing of Gross Fiscal Deficit and Outstanding Liabilities of State Governments
32	Direct and Indirect Tax Revenues of the Central and the State Governments
33	Combined Receipts and Disbursements of the Central and State Governments
34	Market Borrowings of the Central and State Governments
35	Repo/Reverse Repo Auctions Under Liquidity Adjustment Facility
36	Issue of Certificates of Deposit by Scheduled Commercial Banks
37	Commercial Paper
38	Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) of the Indian Rupee
39	Inter-Bank and Merchant Transactions in the Foreign Exchange Market
40	Secondary Market Transactions in Government Securities
41	Interest Rate Structure of Scheduled Commercial Banks
42	New capital Issues by Non-Government Public Limited Companies
43	Domestic Stock Indices
44	Major Indicators of Domestic Equity Markets
45	Turnover in the Equity Derivatives Market
46	Assistance Sanctioned and Disbursed by Financial Institutions
47	Select Economic Indicators - World
48	India’s Foreign Trade
49	India’s Exports of Principal Commodities
50	India’s Imports of Principal Commodities
51	India’s Overall Balance of Payments
52	Invisibles by Category of Transactions
53	Composition of Capital Flows (Net)
54	External Assistance
55	India’s External Debt (As at end-March)
56	India’s Foreign Exchange Reserves
57	Interest Rates on Export Credit
58	Profile of Central Government Dated Securities
59	Issuances of Central Government Dated Securities
60	Additional Issuance of Treasury Bills during 2008-09
61	Profile of Treasury Bills
62	Market Borrowings Programme of the State Governments/Union Territories - 2008-09
63	Weighted Average Yields and Spreads in Auction of SDLs during 2008-09
64	Market Borrowings of the State Governments/U.T. Raised Through Auctions
65	Maturity Profile of Outstanding Securities of State Governments/U.T.
66	Normal WMA Limits of States/UT