your interview 2015-16

8/16/2019 Your Interview 2015-16

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1

Your Interview, Shrabana Kumar Nial

YOUR INTERVIEW(UPDATED UP TO 31!"#!1"$

Compiled By :

Shrabana Kumar Nial Chief Manager (Lead Bank))

State Bank of India Lead Bank Office, V!"oad

Sundargarh#$$%%%&

e#Mail ' hrabananial*bicoin

Mob ' +-$-.//001$%$$--..


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CONTENTS

S%No

TOPICS PAGE

NO

!1 Tips to face Interview !"

!# SBI ANNUA RESUTS!"#$%"$&%#' !&

!3 SBI POICY GUI(EINES &%#'!#) 11

!' Union B*+,et &%#'!#) 1

!" -IG-IG-TS O. T-E RAIWAY BU(GET &%#'!#) #3

!) Econo/0 S*rve0 of In+ia &%#'!#) 3"

!* +I -ONEYTA+Y PO%I.Y 3

!& SO1E 2NOW -OW "

! SO1E 1ORE 2NOW -OW3 )#

1! AWAR(S AN( RECOGNITION )'

11 EVERY ONE S CORNER‟ )"

1# STATE1ENTS4INTEVIEWS 131

13 New Initiatives 1"1

1' /+OUP DIS.USSION TOPI.S 1#

1" 0ISION -ISSION 0A%UE #)1

1)I/portant E!Circ*5ars

#)#

1* BRIE. NOTES ON BAN2ING AN(.INANCE #&1

1& S-ORT NOTES 3#'

1 SO1ET-ING BEYON( '1'

#! ist of Se5ecte+ A66reviations '*)

S Na/e of t7e In+ivis*a5 Topic Pa,

#



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No$

No

01 SBI ANNUAL RESULTS-31.03.2015 0802 SBI POLICY GUIDELINES 2015-16 1103 Union Bud!" 2015-16 1#0$ RAIL%AY BUDGET 2015-16 23

05 E&ono'( Su)*!( o+ Indi, 2015-16 3506 RBI ONEYTARY POLICY 3#0 SOE /NO% O% 5#08 SOE ORE /NO% O% 620# A%ARDS AND RECOGNITION 6$10 E&ono'i& in,n&i,4 N! 6511 STATEENTS7INTEIE%S 13112 NE% BUSINESS INITIATIES O STATE BAN/ O

INDIA91:151

13 NE% BUSINESS INITIATIES O STATE BAN/ O INDIA ;

CARDS92:

162

1$ AAROAN 16615 CAREER DEELOPENT SCEE 1616 LOAN LIECYCLE ANAGEENT SYSTE 9LLS: 1681 UDRA BAN/ 16#18 A/E IN INDIA 101# NATIONAL PENSION SYSTE 9NPS: 1220 PRADAN ANTRI i4oo>( 1#230 Ano">!) Go4d un" 1#531 Po" B,n? o+ Indi, A44 You N!!d To /no@ 1#632 Co,4-G,"!@ 1#33 NITI A,(o 1#83$ %>," i , ,('!n" ,n? 20035 ,?! in Indi, - !(ond ">! 4o,n 20236 iion 2020 B,n? N!!d "o ! C,u"iou4( O"i'i"i& 20$3 L!on +)o' Indi, d!" &)ii 20638 o i44 o)?4,&! in Indi, 4oo? 4i?! in 2022 20

3



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3# u44 &on*!)"ii4i"( i on i" ,( 20#$0 E&ono'i& )!+o)' Loo?in ,&? ,>!,d 210$1 %>( ">! o*". "oo? , U-"u)n on u4i& d!" o++i&! 21$$2 In+4,"ion i ,d@ u" i d!+4,"ion ood 216$3 %,( "o d!4i*!) ood &u"o'!) !)*i&! 218$$ T>! &u"o'!) i ?in. R!,44( 220

$5 S!44in n!*!) o! ou" o+ +,>ion 222$6 AIIB BRICS B,n? 223$ Indi, in !!" o" o+ 4o!) d!+i&i"@ 'o)! )o"> -

E&ono'i& Su)*!(226

$8 o)!in di)!&" in*!"'!n" 9DI: in )!",i4 !&"o) 22$# S>o)",! o+ &,i",4S>ou4d o*!)n'!n"F ",?! in PSU

,n? ! di*!"22#

50 B,n? P)i*,"i,"ion ( ">! B,&?doo) 23151 A n! +),'!o)? +o) 'on!",)( o4i&( 23852 Nu" ,nd o4" o+ +in,n&i,4 in&4uion 23#

53 %>( uin! )ou >ou4d no" on ,n? 2$$5$ %,n"!d An ind!!nd!n"@ ,&&oun",4! RBI 2$655 Indi, ,nd ">! A! o+ A&&!4!),"ion 2$856 %>( Indi,F Co)o),"! Bii %,n" "o ! B,n?!) 2525 ISION ISSION AND ALUE 26158 P)o*iion Co*!),! R,"io 9PCR: 2815# TE BASE RATE SYSTE IN INDIA 2860 CLOUD COPUTING $161 RD GLOSSORY $162 />,nd!4,4 Co''i""!! R!&o''!nd,"ion $20

63 T>! B,!4 III $216$ ULTRA SALL BRANC $2#65 %ISTLE BLO%ER POLICY $3066 DAODARAN COITTEE REPORT ON CUSTOER SERICE IN

BAN/S$35

6 NANO TECNOLOGY $$268 NE% BAN/ LICENSING POLICY $$$6# RUPAY CARD $$80 COPETENCY APPING $551 A44 ,ou" ESOP $52 o ,n?in n!" i44 &4i&? $613 C>!Hu! ',"! $6$ AL I"F ,44 ,ou" )i? ',n,!'!n" $685 T,?!-Ou" in,n&in $6#6 %>," i ">! )oo!d ABCD $1 %>," i S>,do B,n?in S("!' $$8 C,ino ,n?in $6

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TIPS TO .ACE INTERVIEW

Bearin,: al2 eret an4 with on5i4ene %oo2 into the e6e7 o5 the .hairman an4-ember7 when 6ou tal2 to them Smile an4 be 8lea7ant e enthu7ia7ti an4intere7te4 You mu7t be livel6, 2een an4 heer5ul %et 6our o8timi7m an4 ener96 ra4iate

Con+*ct: Po5iteness 8a67 e 76m8atheti an4 attentive Ob7erve metiulou7l6 theo4e o5 manner7 an4 eti:uette Never be ru4e or o55en7ive Do not ne9let to 8a6

om8liment7

Speec7 ; Tal2 7lowl6 4eliberatel6 an4 au4ibl6 You 7houl4 neither 7hout nor mumble

Pronoune 6our wor47 learl6 an4 ri78l6 Never be 4ull or monotonou7 with 6our wor47

Avoi4

the u7e o5 7uh 8hra7e7 li2e, 6ou 7ee, I 7a6, o5 our7e I mean et

(ress: ho7e 6our 4re77 with are It mu7t be be5ittin9 the oa7ion

Persona5 -0,iene: e neat, ti46 an4 lean See that 6ou are well 9roome4

Se5f contro5: Do not beome emotional or 9et nervou7 e on5i4ent an4 8atient

.he2 unnee77ar6 movement7 The oar4 ma6 4eliberatel6 tr6 to 8rovo2e 6ou an4

7ee how ea7il6 6ou oul4 be u87et Never lo7e 6our tem8er

(o not 65*ff: State onl6 what 6ou 2now to be orret Do not ha


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involve4 in un8ro4utive ar9ument7 You have not 9one to the interview to win a

verbal battle but to have an en>o6able onver7ation See how 6ou an a9ree rather

than to 4i7a9ree A7 a la7t re7ort, 6ou ma6 a9ree or 4i7a9ree

isten an+ O6serve: Kee8 6our e6e7 an4 ear7 o8en Stu46 their reation7 You will

2now when to7to8 tal2in9 an4 when to li7ten A7 a rule, 4o not interru8t I5 the other 8er7on wi7he7 to tal2, let him 4o 7o In 5at, enoura9e him to tal2 e an attentive an4

enthu7ia7ti li7tener

Practice: Pratie, Pratie an4 Pratie You mu7t have a7 muh 8ratie a7 8o77ible

Enli7t the 9oo4will an4 o?o8eration o5 6our 5rien47, ollea9ue7, el4er7 an4 5amil6

member7 an4 have 8ratie 7e77ion with them The more 8ratie 6ou

1ORE I1PORTANT TIPS .OR .ACING INTERVIEWS

You 4o nee4 to be aware about 6our 7urroun4in97 an4 thi7 inlu4e7 7ome

5amiliarit6 with urrent a55air7 an2in9 in4u7tr6 78ei5i :ue7tion7 are ommon In

a44ition, there are ertain :ue7tion7 6ou ma6 enounter 4urin9 the interview, in one

5or or another The7e relate to :ue7tion7 about 6our7el5, what 6ou have been 4oin9 an4

what 6ou want to 4o in 5uture It i7 a 9oo4 i4ea to 7it 5or mo2 interview7 with 6our 5rien47

or ollea9ue7 +emember, 8ratie ma2e7 man 8er5et@ere are 7ome 9eneral :ue7tion7

6ou an an7wer 4urin9 6our mo2 7e77ion7;

W 7at are 0o*r stren,t7s an+ wea8ness3

Su88o7e 6ou oul4 hoo7e an6 8artiular 8o7t in the new 7ale 9ra4e, what woul4 it

e an4 wh6B

hat 4oe7 7ue77 mean7 to 6ou an4 how 4o 6ou mea7ure itB

hat motivate7 6ouB

Narrate an6 two 7tren9th7wea2ne77e7 o5 6our7 @ave 6ou 4one an6thin9B In the

la7t one 6ear to im8rove 6our7el5B I5 6e7, whatBhat ha7 been 6our 9reate7t ahievement in the an2in 6our 8er7onal li5e B An4

6our bi99e7t 4i7a88ointmentB

Sa6 7omethin9 about 6our be7t an4 wor7t bo77e7

hat :ualitie7 4o 6ou value mo7t in tho7e who re8ort 4iretl6 to 6ouB

)



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h6 6ou 7houl4 be 8romote4B

In 6our view, what were 6our 7hortomin97 in the earlier te7t7 interview7B

hat are 6our hobbie7B

ho i7 the e4itor o5 new78a8er 6our rea4B

In our an2, what im8re77e4 6ou muhB

@ow 4o 6ou han4le 7tre77B

I7 there an6thin9 el7e 6ou woul4 li2e to tell u7 about 6our7el5B

In a44ition to the7e 9eneral :ue7tion7, 6ou ma6 5ae ertain :ue7tion7

About 6our 8reviou7 a77i9nment7 Some o5 the7e :ue7tion7 an inlu4e the 5ollowin9

C hat 4o 6ou li2e an4 4i7li2e mo7t about 6our urrent a77i9nmentBC Do 6ou wor2 in4e8en4entl6 in 6our urrent a77i9nment or a 8art o5 a teamB

C Do 6ou 8re5er wor2in9 in4e8en4entl6 or a7 8art o5 a teamB

C hat are 7ome o5 the 8roblem7 6ou enountere4 in 6our earlier A77i9nment7 an4

how 4i4 6ou 7olve themB

To un4er7tan4 6our 5uture ambition7 an4 the rea7on7 5or 7ee2in9 Promotion7, the boar4

ma6 a72 :ue7tion7 li2e;

h6 4o 6ou want to wor2 in the new 9ra4e 7ale

hat 2in4 o5 e=8eriene 4o 6ou thin2 thi7 a77i9nment will 8rovi4e that Your

earlier a77i9nment 4i4 not 8rovi4eB

@ow 4o 6ou 5eel about wor2in9 late in the evenin97 B An4 wor2in9 Durin9 the

wee2en47

hat 4o 6ou 7ee a7 6our 5uture in the an2B

Are 6ou on7i4erin9 8remature retirement at thi7 8ointB h6B

@ow 4oe7 thi7 >ob om8are with 6our earlier >obB

@ow an 6ou ontribute more to our an2B

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@ow 4o 6ou 5eel about tran75er to other -o4ule .irleB

There i7 no orret an7wer a7 7uh hat 6ou nee4 to 4o i7 to an7wer thi7 :ue7tion

alml6 Even 4urin9 the real interview, 6ou 7houl4 thin2 be5ore an7werin9 the

:ue7tion7 You nee4 to 8au7e be5ore an7werin9 a7 it will hel8 6ou 8ut to9ether

all the 8oint7, 7ub7tantiatin9 6our re78on7e Thou9h 6ou 7houl4 not 9lo77 over

6our wea2ne77e7, 6ou nee4 to 5ou7 on 6our 7ue77 an4 6our ahievement7

7tren9th7 You nee4 to onvine the interviewer that 6ou are the orret 8er7on 5or

the hi9her 8o7ition

SBI ANNUA RESUTS!"#$%"$&%#'

SBI STAN( AONE RESUTS

-IG-IG-TS .Y #' over .Y #9

Net Profit inrea7e4 b6#!3! 5rom +71!,&1 rore7 in Y1' to +7131!# rore7 iY1"

Operatin, Profit inrea7e4 b6 #11F 5rom +73#,1! rore7 in Y 1' to +7 3&,1rore7 in Y1"

Tota5 Interest Inco/e b6 11**F 5rom +7 1,3),3"1 rore7 in Y1' to +71,"#,3rore7 in Y 1"

Tota5 Interest Epenses b6 11&'; 5rom +7&*,!) rore7 in Y1' to +7 *,3&rore7 in Y1"

Net Interest Inco/e inrea7e4 b6 11)3F 5rom +7 ',# rore7 in Y 1' to+7"",!1' rore7 in Y

Non Interest Inco/e inrea7e4 b6 #1)F 5rom +7 1&,""3 rore7 in Y 1' to +7##,"** rore7 in Y

Operatin, Inco/e inrea7e4 b6 inrea7e4 b6 1'3&F 5rom +7 )*,&3" rore7 in Y1'to +7 **,"1 rore7 in Y

Staff Epenses inrea7e4 inrea7e4 b6 '"F 5rom +7##,"!' rore7 in Y1' to+7#3,"3* rore7 in Y1"

Epenses Ratio ha7 4eline4 b6 # b87 5rom "#)*F in -ar 1' to '&"F in -a1"

Net Interest 1ar,in 5or Dome7ti O8eration7 u8 b6 " b87 5rom 3'F in Y1' t

3"'F in Y1" Gross NPA Ratio i7 4own b6 *! b87 5rom '"F in -ar 1' to '#"F in -ar 1"

PRO.ITABIITY:


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Operatin, profit inrea7e4 5rom +71!,)#& rore7 in G'Y1' to +71#,'! rore7 iG'Y1" ( 1)*)F YOY 9rowth$

Tota5 Interest Inco/e inrea7e4 5rom +7 3",&"& rore7 in G'Y1' to '!1!! rorein G'Y1" (11&3F YOY 9rowth$

Tota5 Interest Epenses inrea7e4 5rom +7##,"" rore7 in G'Y1' to +7 #",3&rore7 in G'Y1" (1!)1F YOY 9rowth$

Staff Epenses inrea7e4 5rom +7 ",#* rore7 in G'Y1' to +7 ),")* rore7 iG'Y1" (#'3FYOY 9rowth$

Operatin, Epenses inrea7e4 5rom +7 &,&)1 rore7 in G'Y1' to +71!,&1& rorein G'Y1" (##!F YOY 9rowth

(EPOSITS

(eposits o5 the an2 inrea7e4 5rom +713,','! rore7 in -ar 1' to +71",*),*rore7 in -ar 1"( 13!&FYOY 9rowth$

Savin,s Ban8 (eposits inrea7e4 5rom +7',),#)# rore7 in -ar 1' to +7",13,!" rore7 in -ar 1" ("1F YOY 9rowth$

C*rrent Acco*nt (eposits inrea7e4 5rom +71,1!,3" rore7 in -ar 1' t+71,#3,&"" rore7 in -ar 1" (11)"F YOY 9rowth$

A(VANCES

Gross A+vances +713,3",'#' rore7 in inrea7e4 5rom +7 1#,'",1## rore7 in -a1' to +713,3",'#' rore7 in -ar 1" (*#"F YOY 9rowth$

ar,e Corporate A+vances inrea7e4 5rom +7#,'#,*1 rore7 in -ar 1' t+7#,*1,**& rore7 in -ar 1" (11*F YOY 9rowth$

Retai5 A+vances inrea7e4 5rom +7 #,3*,))* rore7 in -ar 1' to +7#,*#,'# rorein -ar 1" (1')3F YOY 9rowth$ @ome loan7 inrea7e4 5rom +71,'!,*3& rore7 in

-ar 1' to +71,",#3* rore7 in -ar 1" ( 131' F YOY 9rowth$

ASSET Net NPA =;> PCR=;>

-ar 1' 9$?' &$'@ )&$)-ar 1" 9$&' &$#& )?$#"

Gross NPAs 4eline4 5rom +7)1,)!" rore7 in -ar 1' to +7")*#" rore7 in -ar

2EY .INANCIA RATIOS =SBI>

Ret*rn on Assets !)&F in -ar 1" inrea7e4 5rom !)"F in -ar 1' Ret*rn on E*it0 111*F in -ar 1" inrea7e4 5rom 1!'F in -ar 1' Avera,e Cost of (eposits move4 to )3'F in -ar 1" 5rom )#*F in -ar 1' Avera,e Yie5+ on A+vances move4 to 1!"&F in -ar 1" 5rom 1!'*F in -ar 1'



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Perfor/ance of Associates an+ S*6si+iaries:

Net Pro5it o5 all Associate Ban8s inrea7e4 b6 1"#3F 5rom +7#,*** rore7 in Y1'to +73,#!! rore7 in Y 1"

Net Pro5it o5 all Non! Ban8in, S*6si+iaries inrea7e4 b6 1#*!F 5rom +71,3)rore7 in Y 1' to +71,"3' rore7 in Y 1"

Net Pro5it (a5ter minorit6 intere7t$ o5 SBI Gro*p ha7 inrea7e4 5rom +7 1',1*' rorein Y1' to +7 1),' rore7 in Y1" (1!F YOY 9rowth$ +eturn on E:uit6 o5 SBI Gp i7 u8 b6 )& b87 5rom 1!&3F in Y 1' to 11"1F in Y 1" SBI Capita5 1ar8ets t+ (on7oli4ate4$ ha7 re9i7tere4 a net 8ro5it o5 +733' rore7 i

Y 1" u8 5rom +7#)# rore7 in Y1' (#*3#FYOY 9rowth$

ANNEXURE

Detail7 o5 8ro5it an4 lo77 aount 5or 7tan4 alone are a7 5ollow7

&%#"!#9 &%#9!#' Growt7.Y #'

over .Y#9

Growt7


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POICY GUI(EINES.INANCIA YEAR &%#'!#)

e are witne77in9 the In4ian Eonom6 8a77in9 throu9h a ver6 ritial 8erio4 hile, there io8timi7m that the In4ian eonom6 will reboun4 an4 a9ain 8o7t robu7t 9rowth,aution an4on7ervati7m ha7 8revaile4 5or the ma>or 8art o5 the 6ear, with inve7tor7 an4 or8orate8re5errin9 to Hait an4 ath till eonomi re5orm7 atuall6 be9in to 2i2?7tart the eonom6 Iline with in4u7tr6, the ban2in9 7etor too, i7 witne77in9 mute4 9rowth The li:ui4it6 i7 am8le bu4eman4 5or ban2 re4it ontinue7 to be te8i4, whih ha7 onl6 8ut 5urther 8re77ure on oumar9in7 Sli88a9e7 in the re4it 8ort5olio have ontinue4 in the a5termath o5 the 8oor 8er5ormano5 in4u7tr6 in earlier 6ear7, thou9h the7e a88ear 4i7tintl6 lower than the 8ree4in9 6ea7i9ni56in9 that a turnaroun4 i7 not 5ar awa6&$ Econo/0 O*t5oo8 for &%#'!#)

A7 the new /overnment embar27 on it7 5ir7t 5ull bu49et, the In4ian eonom6 i7 7howin9 ever7i9n o5 relaimin9 it7 8o7ition a7 the 7eon4 5a7te7t 9rowin9 eonom6 in the worl4 an4 ma6 eveoverta2e the lea4in9 eonom6 vi


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the ban27 the nee77ar6 hea4 room to rai7e muh nee4e4 a8ital 5rom the mar2et7 to meea7el III re:uirement7)$ Ban8Ds Perfor/ance +*rin, &%#9!#'%et me now 7hare with 6ou the 7alient 5eature7 o5 the an27 8er5ormane 5or the 8erio4 u8to De#!1' an4 the li2el6 tren47 u8to the en4 o5 the 5inanial 6ear Some o5 the 8o7itive a78et7 o5 ou8er5ormane are 9iven below;

O8eratin9 Pro5it ha7 inrea7e4 b6 #33&F while Net Pro5it ha7 inrea7e4 b6 1##F YoY

/ro77 NPA7 have 9one 4own b6 +7 "&!& rore7 5rom +7 )** rore7 ("*3F$ in De 1to +7 )11 rore7 ('!F$ in De 1'

Net NPA7 have 4erea7e4 b6 '' b87 5rom 3#'F in De 13 to #&!F in De 1' Total im8aire4 a77et7 o5 the ban2 have 9one 4own b6 '& b87 5rom !)F in De 13 to

&"&F in De 1' +OA i7 u8 b6 " b87 5rom !)3F in De 13 to !)&F in De 1' +OE i7 u8 b6 1" b87 5rom 1!*F in De 13 to 111# F in De 1' E=8en7e7 ratio i7 4own b6 '3# b87 5rom """*F in De 13 to "1#"F in De 1' Yiel4 on a4vane7 ha7 inrea7e4 b6 1* b87 5rom 1!'!F in De 13 to 1!"*F in De 1' NII ha7 re9i7tere4 a 9rowth o5 1!*F over De 13 -ar2et 7hare in 4e8o7it7 ha7 inrea7e4 b6 b87 5rom 1))'F in De 13 to 1)*3F a7 on

De 1' -ar2et a8 ha7 inrea7e4 b6 #*&F 5rom +7 1#!*)) rore7 in De 13 to +7 #3#&1&

rore7 a7 onDe 1', an4 urrentl6 7tan47 at +7 ###3" rore7 (a7 on 13th ebruar6 #!1"$ The an2 o8ene4 3 rore7 S aount7 in the month 8erio4 en4e4 De 1' Notwith7tan4in9 the above 8er5ormane, we have 7een 7ome 7tre77 8oint7 emer9in

4urin9 the urrent 6ear, whih are a au7e o5 onern The area7 where the 7ituation ialarmin9 are; -ar2et 7hare in a4vane7 ha7 4eline4 b6 '3 b87 5rom 1)"*F in De 13 t1)1'F a7 on De 1' -ar2et 7hare in @ome %oan7 ha7 4eline4 b6 )3 b87 5rom #)!"Fin De 13 to #"'#F a7 on De 1'

-ar2et 7hare in Auto %oan7 ha7 4eline4 b6 && b87 5rom #1)F in De 13 to #1!&F a7on De 1'

.ASA +atio ha7 4eline4 b6 131 b87 5rom '3&F in De 13 to '#"&F in De 1', an4 ware no lon9er the an2 with hi9he7t .ASA

hole an2 NI- ha7 re9i7tere4 a 4eline o5 * b87 5rom 31F in De 13 to 31#F in De1'

The 4eline in mar2et 7hare in our ore ativitie7 o5 4e8o7it7 an4 a4vane7 an4 in @ome %oanan4 Auto %oan7 where we have alwa67 been the mar2et lea4er7, i7 8artiularl6 4i7onertin9 oe=am8le, in @ome %oan7, the YTD 9rowth u8to De 1' wa7 +7 1#1)* rore7 wherea7 @D.%t4 an4 I.I.I an2 9rew b6 +7 1&!! rore7 an4 +7 13&!" rore7 re78etivel6 4urin9 th7ame 8erio4 /iven our 8riin9 a8abilit6, (inlu4in9 4i7retionar6 8ower7 9iven to the .irle7our va7t networ2, our 8roe77in9 in5ra7truture in term7 o5 +A.P.7, Doumentation .enter7, etan4 o5 our7e, our e=8erti7e, s7o*5+ not o*r -o/e oan ,rowt7 in s7eer vo5*/es 6e a

5east +o*65e t7at of t7e t7ree 5ea+in, co/petitors cite+ a6ove3 I will revert on how we neeto 7trate9i


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7hare4 with 6our team at eah level Similarl6, 4ata at 7tate level i7 al7o available at the .irllevel whih nee47 to be 4i7u77e4 at HP review meetin97 7o that we en4eavor at all time7 to 4muh better than the om8etition@$ B*+,et &%#'!#)

A7 6ou are all aware, the an27 8er5ormane i7 mea7ure4 b6 anal67t7, 7harehol4er7, othe7ta2ehol4er7, inve7tor7 an4 ratin9 a9enie7 the worl4 over, 60 its net profit an+ reserves Thbottom line ie P+OIT i7 what the worl4 want7 to 7ee T7e profita6i5it0 re5ate+ ratios viF

Ret*rn on E*it0 =ROE> Ret*rn on Assets =ROA> Profit per E/p5o0ee Cost to Inco/eRatio Gross NPA Ratio an+ Net NPA Ratio are t7erefore of para/o*nt i/portance$ hil7ome o5 the7e ratio7 are monitore4 onl6 at the %@O level an4 the hole an2 level, it iim8ortant that eah o8eratin9 unit 7houl4 have an overview o5 it7 8ro5itabilit6 an4 the ontributionit ma2e7 to the hole an2 8ro5it In other wor47, we nee4 to u7her in a ulture o5 a 8ro5ioriente4 bu49etin9 in7tea4 o5 5ou7in9 merel6 on ahievin9 the bu7ine77 tar9et7 o5 De8o7it7 L

A4vane7 Pro5it annot be a re7ultant b68ro4ut o5 our 6ear7 e55ort M rather we nee4 to 9ear aour e55ort7 towar47 ahievin9 the tar9ete4 8ro5it or thi7 to ha88en, ever6 branh, everbu7ine77 unit ha7 to 5ou7 on ahievin9 an4 7ur8a77in9 the tar9et 7et b6 it7 .ontroller7 5or NePro5it T7e top!5ine 6*+,et of ever0 6ranc7 4 B*siness Unit t7erefore nee+s to 6e fie+8eepin, t7e Net Profit in /in+$ In thi7 wa6, if t7e tar,ete+ 5eve5s of (eposits A+vances anOt7er Inco/e an+ NPA 5eve5s are ac7ieve+ ever0 6ranc7 wi55 +efinite50 ac7ieve its NeProfit 5eve5 as we55$ It ha7 al7o been 4ei4e4 to intro4ue +i72 a7e4 u49etin9 (+$ to reatawarene77 an4 5ou7 on a8ital on7ervation an4 ma=imiet to ahievement7 un4er the 78ei5ie4 lever7 To 7tart with the7will be om8ute4 :uarterl6 to be 4rille4 4own 5rom hole an2 level to u7ine77 Unit level anranh level in a 8ha7e4 manner$ C*sto/er Eperiencee are a 8re5erre4 an2 5or our u7tomer7 an4 we have to ma2e all out e55ort7 in or4er tbeome a trul6 u7tomer entri ban2 Our u7tomer7 are now loo2in9 out 5or more than ba7iban2in9 tran7ation7 .onveniene, 7ervie7 at one li2, one 7to8 7ho8, 8ro?ative ban

em8lo6ee7, et have beome the new normal In a 5ierel6 om8etitive mar2et, 7u8eriou7tomer 7ervie e=8eriene i7 one o5 the ritial mea7ure7 in im8rovin9 the ban27 abilit6 ta:uire a55luent u7tomer7 an4 ement u7tomer lo6alt6 Gualit6 u7tomer 7ervie an be 8ower5ul om8etitive 4i55erentiator It i7, there5ore, ritial that we inve7t in im8rovin9 u7tome7ervie 4eliver6 in, our bi99e7t 7tren9th, our branhe7 e have 4e7i9ne4 a om8rehen7ivbranh 7olution an4 have 8ilote4 thi7 in "# branhe7 aro77 ) irle7 whih ha7 7hown 9oore7ult7 It ha7 now been 5urther rolle4 out to 1'! branhe7 in all 1' .irle7 The an2 haintro4ue4 the 5ollowin9 nine 2e6 han9e7 in branhe7 to im8rove u7tomer 7ervie e=8eriene

.row4 -ana9ement throu9h in7tallation o5 G-S, em8owerin9 /raha2 -itra ranh horeo9ra8h6 i7 e78eiall6 im8ortant a7 thi7 enable7 the branh to be 8roativel6

rea46 to han4le e=8ete4 lar9e 5oot5all7, without inrea7e in wait time

Aount o8enin9 ell (o55ier an4 ler2$ to 8rovi4e the u7tomer 7in9le 4e72 e=8eriene Inrea7e4 u7tomer mi9ration to alternate hannel7 throu9h /raha2 -itra, an4 in7tallationan4 u7e o5 7el5?7ervie mahine7 li2e AT-7, .D-7, Eletroni .he:ue Dro8 o=e7,aro4e enable4 8a77boo2 8rinter7

ranh %a6out han9e7 ? etter .u7tomer Orientation e9 u7tomer 5ain9 4e727 in the5ront, while ba2 o55ie ativitie7 li2e .TS learin9 et in the rear

13



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+ole7 ? Stan4ar4i ha7 been rolle4 out aro77 3&" +O7 o5 the an2 Trainin9 7e77ion7 on variou8ro4ut7 an4 7ervie7 o5 alternate hannel7 are bein9 on4ute4 on 3r4 ri4a6 o5 ever6 montbetween ' an4 ) 8m 5or the bene5it o5 u7tomer7 T%.7 aro77 the ountr6 have overe4 abou#!,!!! u7tomer7 4urin9 Deember, #!1' an4 Januar6, #!1" I ur9e 6ou all to intro78et to 7eehow 6ou an im8rove the >ob 2nowle49e o5 our 7ta55 an4 the u7tomer interation In to4a6om8etitive environment, there ha7 to be


15/486

" In Savin97 an2 aount7, thou9h we have o8ene4 a hu9e number o5 aount7 thi7 6eae78eiall6 un4er Jan Dhan Yo>ana, we now nee4 to 5ou7 on enoura9in9 u7tomer7 to builon balane7 The 5ou7 mu7t be on inrea7in9 avera9e balane7 in the Savin97 anaount7 rather than merel6 havin9 lar9e number o5 aount7 with low balane7, an4 witlittle or no tran7ation Enoura9in9 o8enin9 o5 +D aount7 an4 PP aount7 witStan4in9 In7trution7 (SI$ will en7ure hi9her balane7 in the Savin97 an2 aount7Savin97 an2

Aount7 are the 7ure7t wa6 o5 initiatin9 a relation7hi8 with a u7tomer that an beome thlaunhin9 8a4 o5 all 5uture ro77?7ell an4 u8?7ell initiative7 All new S aount mu7t bo8ene4 with IN an4 mobile ban2in9 5ailitie7 to en7ure more u7e o5 alternate hannel7 bthe u7tomer 7ub7e:uentl6Alon9 with the7e Savin97 an2 Aount7, we nee4 t7imultaneou7l6 bun4le the o8enin9 o5 Demat Aount7 ith the im8rovin9 8ere8tion o5 thountr67 eonom6 an4 a ri7in9 e:uit6 mar2et it i7 im8ortant 5or ever6 in4ivi4ual to havDemat aount In a44ition to e:uit6 7hare7, Demat aount an al7o u7e4 5or otheinve7tment7 li2e -utual un47, /ol4 ET et, an4 will 7oon beome a7 im8ortant a7 anaount7 5or 8er7onal 5inanial mana9ement e ma6 have lo7t the 5ir7t mover7 a4vanta9e ithi7 area, but now that we have a robu7t tehnolo96 in5ra7truture with our A77oiate (S.a8ital -ar2et Seuritie7 %t4$, we have to ma2e u8 5or the lo7t time urther, while we have

4one well in o8enin9 a lar9e number o5 Salar6 Aount7, we nee4 to 5ou7 on the u88er an4more lurative 7e9ment vi


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in all on9oin9 u8omin9 +e7i4ential Pro>et7 o5 re8ute4 buil4er7 It i7 7een that the buil4er i7a ver6 im8ortant lin2 5or @ome %oan bu7ine77, a7 the 8ro4ut i7 buil4er?4riven, tie?u87 withre8ute4 buil4er7 will enable u7 to brin9 to our boo27, borrower7 with a relativel6 low ri728ro5ile viet7 Thi7 will hel8 in e55etivel6 om8etin9 with other an27 @.7 N.7 5or retainin9our lea4er7hi8 8o7ition in @ome %oan7

" 8re77 .re4it ha7 to be mar2ete4 to the or8orate 7etor em8lo6ee7 in -etro urban area7 Ii7 a 7im8le a77et la77 8ro4ut, whih i7 hi9hl6 8o8ular amon9 the mi44le run9 State an4.entral /overnment em8lo6ee7 a7 well a7 De5ene em8lo6ee7 @owever, 8enetration ha7been more in the +USU area7 In the -etro urban area7, we have not ma4e muh hea4wa6beau7e o5 4eliver6 i77ue7 that 8ut o55 or8orate 7etor em8lo6ee7 An online .u7tomer

A:ui7ition Solution (O.AS$ i7 un4er9oin9 8ilot te7tin9 an4 will e55etivel6 meet there:uirement o5 thi7 la77 o5 u7tomer7 Thi7 8ro4ut ha7 a 9oo4 ri72 a4>u7te4 6iel4 an4volume7 here woul4 al7o 8o7itivel6 im8at the ban27 8ro5itabilit6

) Un4er the A9ri Se9ment, the 5ou7 on /ol4 %oan7 mu7t ontinue To en7ure 9rowth with:ualit6, it i7 nee77ar6 to 5ou7 on ri72 miti9ate4 8ro4ut7 li2e multi 8ur8o7e 9ol4 loan, StreeSha2ti Trator %oan, 5inanin9 armer7 Pro4uer Or9ani7ation7, et The7e 8ro4ut7 are7truture4 in tune with the mar2et 46nami7 an4 ba2e4 b6 li:ui4 ollateral or /overnment9uarantee .om8etitive 8riin9, in?built monitorin9 ontrol7 an4 ver6 low 4elin:uen6 ha7 a8o7itive im8at on the 8ro5itabilit6 In K.., the bi9 ti2et bu7ine77 mu7t be 5ou7e4 u8on,e78eiall6 where there are tie?u8 arran9ement7 5or mar2etin9 o5 the 8ro4ue Annualrenewal review o5 the K.. aount7 mu7t be 4one an4 we annot allow a 7ituation wherethe branh ha7 not met or 7een the 5armer 5or 6ear7 K.. aount hol4er7 mu7t beenoura9e4 to re8a6 the K.. a5ter harve7 an4 ta2e a 5re7h loan at the time o5 7owin9 Thi7woul4 brin9 about the muh nee4e4 4i7i8line an4 im8rovement in the :ualit6 o5 the 8ort5olio

The National an2in9 /rou8 woul4 be i77uin9 4etaile4 7trate9ie7 5or A9ri 7e9mentC$ Asset or area o5 onern A 7ituation o5 unabate4 7li88a9e7 lea4in9 to hu9inrea7e in 8rovi7ion7 annot be allowe4 to ontinue e have un4erta2en 7everal mea7ure7 tontain 7li88a9e a7 al7o to im8rove reover6 o5 NPA7 4urin9 the urrent 6ear, whih inlu4e review o5 both S-A aount7 an4 NPA aount7 at ever6 level inlu4in9 the level o5 the -D7an4 .hairman, re8ortin9 o5 S-A7 to +I an4 7ettin9 u8 o5 Joint %en4er orum7 wherea88liable, brin9in9 the SA+7 un4er SA-/ 5or inrea7e4 5ou7, 7tren9thenin9 reover6 e55ortaro77 the ban2, em8ha7i


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in4ivi4uall6 tra2 aount wi7e 8rovi7ion7 7tartin9 5rom G' o5 #!1'?1" it7el5 u7ine77 /rou87 whave to 7ubmit the 5orea7t, at the be9innin9 o5 ever6 :uarter what their 8rovi7ion7 will be at then4 o5 the :uarter -onitorin9 o5 the movement in 8rovi7ion7 mu7t be 4one ever6 month a8er5ormane review meetin97 at all level7 /IT. to 8rovi4e all branhe7 with their 8rovi7io5i9ure7 ever6 month to 5ailitate om8ari7on over 8reviou7 6ear number7 De4ution7 o5 8rovi7ioo5 the .irle7 5rom their 8ro5it 5i9ure7 ever6 month i7 bein9 ontem8late4 at .or8orate .entre, th4etail7 o5 whih will be onve6e4 to .irle7 an4 u7ine77 /rou87 7hortl6 In 7hort, th

im8liation7 o5 wron9 8rovi7ionin9 a7 a re7ult o5 wron9 in8ut or NI% in8ut o5 the 7eurit6 mu7t bonve6e4 to the 9ra77 root level Ever6 ranh -ana9er an4 .ontroller will be re:uire4 to en7urthat the 8rovi7ion7 in re78et o5 the branhe7 bu7ine77 unit7 un4er hi7 ontrol are 1!!F orret($ Capita5ith the im8lementation o5 a7el III 9ui4eline7 with 7ti55 a8ital a4e:ua6 re:uirement7 5or than2, onl6 the an27 that have a8ital will be able to 9row In term7 o5 +I roa4ma8 5oim8lementation o5 a7el III, the an27 are re:uire4 to maintain .A+ o5 11"F b6 -arh #!1wherea7, our oar4 ha7 man4ate4 to maintain .A+ o5 1#F ein9 the lar9e7t an2 in In4ia, ware al7o li2el6 to be ate9ori


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nee4 to be ta2en to im8rove the 6iel4 on inve7tment7 an4 al7o to ma2e 8ro5it 5rom tra4in9 ativit6The /lobal -ar2et /rou8 will nee4 to 8lan 5or 8ro5it7 an4 buil4 7trate9i 8o7ition7 rather than8ro5it bein9 totall6 4e8en4ent on the movement in intere7t rate7 in our 8ort5olio The urren6 an7to2 mar2et7 are al7o e=8ete4 to be buo6ant an4 o88ortunitie7 will e=i7t 5or 9oo4 tra4in9 8ro5without e=8o7in9 the an2 to more than u7ual bu7ine77 ri727 In view o5 the inrea7inommo4iti


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em8lo6ee7 o5 all the IT .om8anie7 an4 IT 7ervie7 om8anie7 b6 ma2in9 8re7entation7 on outehnial 8ro4ut7 an4 onvinin9 them that our 8ro4ut7 are trul6 worl4 la77 %ate7t te8ro4ut7, ba2e4 b6 our va7t networ2 o5 AT-7, .D-7, e?.orner7, e?%obbie7, Tale ban2in9 anPOS terminal7 7houl4 be 7howa7e4 at ever6 o88ortunit6 to brin9 home 7avin97 aount7 ithou7an47 In the area o5 4ata 8urit6, I an onl6 7a6 that an6 767tem i7 onl6 a7 9oo4 a7 th8eo8le behin4 it Error7 while 5illin9 in 8artiular7 o5 4e8o7it7 an4 loan aount7, non?5illin9 ovariou7 5iel47, ina4e:uate an4 7ometime7 in4i55erent 7u8ervi7ion i7 9ravel6 ham8erin9 ou

8ro9re77 I wo*5+ re*est t7e CG1s of t7e Circ5es an+ t7e B*siness Gro*ps to ens*r#%%; +ata p*rification 60 t7e en+ of .Y #' so t7at we can start t7e new .inancia5 Yeawit7o*t t7e 6a,,a,e of inacc*rate or incorrect +ata$Kee8in9 in min4 the overall 8ro5it ob>etive7 o5 the ban2, the tar9et7 un4er the variou78arameter7 have been wor2e4 out a7 un4er;

S5No$

Para/eters Tar,ets

1 O8eratin9 Pro5it to inrea7e b6 minimum #!F# Net Pro5it to inrea7e b6 minimum ##F3 Net Intere7t Inome to inrea7e b6 minimum 1#F

' ee Inome to inrea7e b6 minimum ##F" Overhea47 to inrea7e b6 ma=imum &F) .o7t to Inome ratio? 7houl4 not e=ee4 '*F* NI- , Dome7ti minimum between 3"F?3)F& .ASA? -inimum ''"F /ro77 NPA? +e4ution in Ab7olute %evel b6 #!F

1! /rowth in De8o7it7 YoY 1"F11 /rowth in A4vane7 YoY 1'F

I ta2e the o88ortunit6 to wi7h eah an4 ever6one o5 6ou out7tan4in9 7ue77 in 6oure55ort7 4urin#!1"?1) %et the new 5i7al be the 6ear o5 a :uantum lea8 in bu7ine77 an4 8ro5it7 5or SI

2e0 .eat*res of B*+,et &%#'!&%#)

eb #&, In4ia7 INAN.E -ini7ter Arun Jaitle6 on Satur4a6 announe4 a bu49et aime4at hi9h 9rowth, 7a6in9 the 8ae o5 uttin9 the 5i7al 4e5iit woul4 7low a7 he 7ee27 toboo7t IN0EST-ENT an4 en7ure that or4inar6 8eo8le bene5it@ere are the hi9hli9ht7 o5 Jaitle67 bu49et 5or the 5i7al 6ear that be9in7 on A8ril 1IS.A% DEI.IT

• i7al 4e5iit 7een at 3 8erent o5 /DP in #!1"1)• ill meet the hallen9in9 5i7al tar9et o5 '1 8erent o5

/DP• +emain ommitte4 to meetin9 me4ium term 5i7al 4e5iit tar9et o5 3 8erent o5 /DP• .urrent aount 4e5iit below 13 8erent o5 /DP• Jaitle6 7a67 have to 2ee8 5i7al 4i7i8line in min4 4e78ite nee4 5or hi9her IN0EST-ENT

/+OT@1


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• /DP 9rowth 7een at between & 8erent an4 &" 8erent 66• Nominal eonomi 9rowth 7een between 11 an4 1# 8erent• Aimin9 4ouble 4i9it 9rowth rate, ahievable 7oon

IN%ATION• E=8et7 on7umer in5lation to remain lo7e to " 8erent b6 -arh, o8enin9 room 5or more

monetar6 8oli6 ea7in9• -onetar6 8oli6 5ramewor2 a9reement with the +I learl6 7tate7 ob>etive o5 2ee8in9

in5lation below ) 8erent• One o5 the ahievement7 o5 m6 9overnment ha7 been to on:uer in5lation Thi7 4eline in m6

view re8re7ent7 a 7trutural 7hi5tR

+E0ENUE• +evenue 4e5iit 7een at #& 8erent o5 /DP• Non ta= revenue 7een at ##1 trillion ru8ee7• A9riultural inome7 are un4er 7tre77

• Net reei8t7 un4er mar2et 7tabili7ation 7heme e7timate4 at #!! billion ru8ee7

DISIN0EST-ENT

• /overnment tar9et7 '1! billion ru8ee7 ()* billion$ 5rom 7ta2e 7ale7 in om8anie7 in#!1"1)

• Total 7ta2e 7ale in #!1"1) 7een at )" billion ru8ee7• Set7 7ta2e 7ale tar9et 5or #!1)1* at ""! billion ru8ee7• +evi7e7 4own 7ta2e 7ale tar9et 5or #!1'1" to 313" billion ru8ee7

-A+KET +EO+-S• Pro8o7e to mer9e ommo4itie7 re9ulator with SEI• To brin9 a new ban2ru8t6 o4e• Jaitle6 7a67 will move to amen4 the +I at thi7 6ear, an4 8rovi4e 5or a monetar6 8oli

ommittee• To 7et u8 8ubli 4ebt mana9ement a9en6• Pro8o7e7 to intro4ue a 8ubli ontrat re7olution o5 4i78ute7 bill• To e7tabli7h an autonomou7 ban2 boar4 bureau to im8rove mana9ement o5 8ubli 7eto

ban27

PO%I.Y +EO+-S• To enat a om8rehen7ive new law on bla2 mone6• Pro8o7e to reate a univer7al 7oial 7eurit6 767tem 5or all In4ian7• To launh a national 72ill7 mi77ion 7oon to enhane em8lo6abilit6 o5 rural 6outh• To rai7e vi7a?on?arrival 5ailit6 to 1"! ountrie7 5rom '3• Alloate7 3') billion ru8ee7 5or rural em8lo6ment9uarantee 7heme

#!



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• +ai7e7 thre7hol4 5or a88liation o5 tran75er 8riin9 rule7 to #!! million ru8ee7 5rom urrent "!million ru8ee7

O++OIN/• /ro77 mar2et borrowin9 7een at ) trillion ru8ee7• Net mar2et borrowin9 7een at '") trillion ru8ee7

/ENE+A% ANTI?A0OIDAN.E +U%ES (/AA+$• /overnment 4e5er7 rollout o5 anti?ta= avoi4ane rule7 /AA+ b6 two 6ear7• /AA+ to a88l6 8ro78etivel6 5rom A8ril 1, #!1*• +etro78etive ta= 8rovi7ion7 will be avoi4e4

TAATION• To aboli7h wealth ta=• +e8lae7 wealth ta= with a44itional # 8t 7urhar9e on 7u8er rih• Pro8o7e7 to ut to #" 8erent or8orate ta= over ne=t 5our 6ear7•

.or8orate ta= o5 3! 8erent i7 unom8etitive• Net 9ain 5rom ta= 8ro8o7al7 7een at 1"!)& billion ru8ee7• Jaitle6 8ro8o7e7 mo4i5iation o5 8ermanent e7tabli7hment norm7 7o that the mere 8re7en

o5 a 5un4 mana9er in In4ia woul4 not on7titute a 8ermanent e7tabli7hment o5 the o557hore5un4, re7ultin9 in a4ver7e ta= on7e:uene7

• Pro8o7e7 to rationali7e a8ital 9ain7 ta= re9ime 5or real e7tate IN0EST-ENT tru7t7• E=ten47 withhol4in9 ta= one77ion on 5orei9n 4ebt 8urha7e7 b6 two 6ear7• E=8et7 to im8lement 9oo47 an4 7ervie7 ta= b6 A8ril #!1)• To re4ue u7tom 4ut6 on ## item7• a7i u7tom 4ut6 on ommerial vehile 4ouble4 to #! 8erent• Pro8o7e7 to inrea7e 7ervie ta= rate an4 e4uation e77 to 1' 8erent 5rom 1#3) 8erent• Plan7 to intro4ue 4iret ta= re9ime that i7 internationall6 om8etitive on rate7 withou

e=em8tion7• E=em8tion7 5or in4ivi4ual ta= 8a6er7 to ontinue• To enat tou9h 8enaltie7 5or ta= eva7ion in new bill• Ta= 4e8t to lari56 in4iret tran75er o5 a77et7 an4 4ivi4en4 8ai4 b6 5orei9n 5irm7

PE+SONA% IN.O-E TA• No revi7ion o5 inome ta= bra2et7• %imit o5 4e4ution o5 health in7urane 8remium inrea7e4 to #",!!! ru8ee7 5rom 1",!!

ru8ee7 limit inrea7e4 to 3!,!!! ru8ee7 5rom #!,!!! ru8ee7 5or the el4erl6• Peo8le a9e4 above &! an4 not overe4 b6 health in7urane to be allowe4 4e4ution o

3!,!!! ru8ee7 5or me4ial e=8en7e7• A44itional 4e4ution o5 #",!!! ru8ee7 5or the 4i7able4• %imit on 4e4ution 5or ontribution7 to 8en7ion 5un4 an4 new 8en7ion 7heme inrea7e4 t

1"!,!!! ru8ee7 5rom 1!!,!!! ru8ee7

#1


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• A44itional 4e4ution o5 "!,!!! ru8ee7 5or ontribution to new 8en7ion 7heme un4er 7etio&!..D

• -onthl6 tran78ort allowane e=em8tion 4ouble4 to 1,)!! ru8ee7

I-PO+T TA• Im8ort ta= on iron an4 7teel inrea7e4 to 1" 8erent 5rom 1! 8erent

• Im8ort ta= on metallur9ial o2e inrea7e4 to " 8erent 5rom #" 8erent

IN+AST+U.TU+E• Inve7tment in in5ra7truture will 9o u8 b6 *!! bln ru8ee7 in #!1"1) over la7t 6ear • Plan7 to 7et u8 national inve7tment in5ra7truture 5un4• Pro8o7e7 ta=?5ree in5ra7truture bon47 5or 8ro>et7 in roa47, rail an4 irri9ation 8ro>et7• Pro8o7e7 " Rultra me9aR 8ower 8ro>et7 5or ',!!! - eah• Seon4 unit o5 Ku4an2ulam nulear 8ower 7tation to be ommi77ione4• ill nee4 to buil4 a44itional 1!!,!!! 2m o5 roa4• Port7 in 8ubli 7etor will be enoura9e4 to or8orati


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• ertili7er 7ub7i46 7een at *#) billion ru8ee7• uel 7ub7i46 7een at 3!! billion ru8ee7• -a>or 7ub7i4ie7 e7timate4 at ##* trillion ru8ee7• e are ommitte4 to 7ub7i46 rationali7ation ba7e4 on uttin9 lea2a9e7

INAN.E -INISTE+S .O--ENTS

• Re inherite4 a 7entiment o5 4oom an4 9loom The inve7tment ommunit6 ha4 almo7t writteu7 o55 e have ome a lon9 wa6 7ine thenR

• Re have turne4 aroun4 the eonom6, 4ramatiall6 re7torin9 maroeonomi 7tabilit6 anreatin9 the on4ition7 5or 7u7tainable 8overt6 elimination, >ob reation, 4urable 4ouble 4i9ieonomi 9rowthR

• Rhile bein9 min45ul o5 the hallen9e7 thi7 9ive7 u7 rea7on to 5eel o8timi7tiR• RDome7ti an4 international inve7tor7 are 7eein9 u7 with renewe4 intere7t an4 ho8eR

-ODI ON TITTE+• #!1" u49et will 5urther rei9nite our 9rowth en9ine, 7i9nallin9 the 4awn o5 a 8ro78erou

5uture• u49et i7 inve7tment 5rien4l6 L remove7 all 4oubt7 on ta= i77ue7 It a77ure7 inve7tor7 tha

we have a 7table, 8re4itable L 5air ta= 767tem

-A+KET +EA.TION• SE in4e= 9ain7 !'& 8erent NSE in4e= u8 !)" 8erent

-IG-IG-TS O. RAIWAY BU(GET &%#'!#)

New (e57i: Union +ailwa6 -ini7ter Sure7h Prabhu on #)th erbruar6 #!1" ie on

Thur74a6 8re7ente4 hi7 mai4en +ail u49et in %o2 Sabha @ere are the 2e6

hi9hli9ht7 5rom +ail u49et #!1";

T7r*st:

1 In4ian +ailwa67 to beome 8rime mover o5 eonom6 one a9ain

# +e7oure -obili


24/486

) Sa5et6

* Tran78aren6 L S67tem Im8rovement

& +ailwa67 to ontinue to be the 8re5erre4 mo4e o5 tran78ort 5or the ma77e7

Su7tainabilit6

.o*r ,oa5s for In+ian Rai5wa0s to transfor/ over net five 0ears:

a$ To 4eliver a 7u7taine4 an4 mea7urable im8rovement in u7tomer e=8eriene

b$ To ma2e +ail a 7a5er mean7 o5 travel

$ To e=8an4 harti6a +ail7 a8ait6 7ub7tantiall6 an4 mo4erni7e in5ra7truture

inrea7e 4ail6 8a77en9er arr6in9 a8ait6 5rom #1million to 3! million; inrea7e

tra2 len9th b6 #!F 5rom 1,1',!!! 2m to 1,3&,!!! 2m; 9row our annual 5rei9h

arr6in9 a8ait6 5rom 1 billion to 1" billion tonne7

4$ inall6, to ma2e harti6a +ail 5inaniall6 7el5?7u7tainable /enerate lar9e

7ur8lu7e7 5rom o8eration7 not onl6 to 7ervie the 4ebt nee4e4 to 5un4 our a8ait6

e=8an7ion, but al7o to IN0EST -ENT on an on?9oin9 ba7i7 to re8lae ou

4e8reiatin9 a77et7

Eec*tion strate,0 to 7ave five +rivers:

a$ A4o8tin9 a me4ium?term 8er78etive; +ailwa6 u49et 8art o5 trilo96 o5 4oumentvi


25/486

National Pro>et7 (North Ea7tern L Ka7hmir onnetivit68ro>et7$ 3!!!

Sa5et6 (Tra2 renewal, bri49e wor27, +O, +U an4Si9nallin9 L Teleom$ 1#*!!!

In5ormation Tehnolo96 +e7earh "!!!

+ollin9 Sto2 (%oomotive7, oahe7, wa9on7 ?8ro4ution L maintenane$ 1!#!!!

Pa77en9er Amenitie7 1#"!!

@i9h S8ee4 +ail L Elevate4 orri4or )"!!!

Station re4evelo8ment an4 lo9i7ti 8ar27 1!!!!!

Other7 13#!!

TOTA% &,"),!#!

b$ uil4in9 Partner7hi87;Thi7 will re:uire 8artnerin9 with 2e6 7ta2ehol4er7; State7, PSU7, 8artner with

multilateral an4 bi?lateral or9ani


26/486

4$ +evam8in9 mana9ement 8ratie7, 767tem7, 8roe77e7, an4 re?toolin9 o

human re7oure7;

Tar9ete4 o8eratin9 ratio 5or #!1"?1) at &&"F a9ain7t 1&Fin #!1'?1"; be7t in the

la7t 6ear7

I+ to 78ee4 u8 4ei7ion ma2in9, ti9hten aountabilit6, im8rove mana9emen

in5ormation 767tem7; trainin9 an4 4evelo8ment o5 human re7oure

e$ To 7et 7tan4ar47 5or /overnane an4 Tran78aren6

Station Re+eve5op/ent

Station re4evelo8ment 8oli6 to be revam8e4 an4 8roe77e7 7im8li5ie4 b6 invitin9

o8en bi47 8re7ent 7tation7 be available 5or 4evelo8ment on Ra7 i7 where i7R ba7i7

to e=8loit the 78ae an4 air ri9ht7 on one77ion ba7i7 Vonal an4 Divi7iona

o55ie7 be em8owere4 5or :ui2er 4ei7ion ma2in9%an4 will not be 7ol4

Develo8ment o5 1! Satellite +ailwa6 terminal7 in ma>or itie7 with twin 8ur8o7e o

4eon9e7tin9 the it6 an4 8rovi4in9 7ervie to n 7uburban 8a77en9er7

Capacit0 A*,/entation

Networ2 e=8an7ion;

Deon9e7tin9 networ27 with ba72et o5 tra55i 9eneratin9 8ro>et7 8riorit6 8riorit6 tola7t mile onnetivit6 8ro>et7 5a7t tra2 7antione4 wor27 on *,!!! 2m7 o

4oublethir45ourth line7 an4 ommi77ion 1#!! 2m in #!1"?1) at an IN0EST-ENT

o5 +7 &)&) rore, &'F hi9her Y?O?Y

.ommi77ionin9 &!! 2m o5 9au9e onver7ion tar9ete4 in urrent 5i7al

** 8ro>et7 overin9 ,'!! 2m o5 4oublin9tri8lin9:ua4ru8lin9 wor27 alon9 with

eletri5iation, overin9 almo7t all State7, at a o7t o5 +7 ),1 rore whih i7

over #*!!F hi9her in term7 o5 amount 7antione4

Tra55i 5ailit6 wor27 a to8 8riorit6 with outla6 o5 +7 #3*' rore

In the North Ea7t State7, -e9hala6a brou9ht on the +ailwa6 ma8 o5 In4ia an4

4iret onnetivit6 to Delhi 8rovi4e4 ara2 0alle6 to be onnete4 on /

#)


http://ibnlive.in.com/news/key-highlights-of-rail-budget-2015/530862-3.htmlhttp://ibnlive.in.com/news/key-highlights-of-rail-budget-2015/530862-3.html


27/486

Awar4 o5 *"! 2m o5 ivil ontrat7 an4 13!! 2m o5 767tem ontrat7 in #!1"?1) o

De4iate4 rei9ht .orri4or "" 2m 7etion o5 Ea7tern D. to be om8lete4 in the

urrent 6ear Preliminar6 En9ineerin9 um Tra55i Surve6 (PETS$ 5or 5our othe

D.7 in 8ro9re77

Aeleration o5 8ae o5 +ailwa6 eletri5iation; ),)!& route 2ilometer7 7antione4

5or #!1"?1) ,an inrea7e o5 133!F over the 8reviou7 6ear

E=8an7ion o5 5rei9ht han4lin9 a8ait6

Tran78ort %o9i7ti7 .or8oration o5 In4ia (T+ANS%O.$, to be 7et u8 5or 4evelo8in9

ommon u7er 5ailitie7 with han4lin9 an4 value?a44e4 7ervie7 to 8rovi4e en4?to

en4 lo9i7ti7 7olution at 7elet +ailwa6 terminal7 throu9h Publi Private

Partner7hi87

or the bene5it o5 our 5armer7, a 7tate o5 the art Peri7hable .ar9o .entre un4e

om8letion at the Aourne67 li2e Delhi?Kol2otta

an4 Delhi?-umbai an be om8lete4 overni9ht

Avera9e 78ee4 o5 5rei9ht train7 in em8t 6 an4 loa4e4 on4ition7, will be enhane4

to 1!! 2m8h 5or em8t6 5rei9ht train7 an4 *" 2m8h 5or loa4e4 train7 loa4in9 4en7it6

on all ma>or 5rei9ht bearin9 route7 to be u89ra4e4 to ## tonne a=le loa47

ullet train#*



28/486

ea7ibilit6 7tu46 5or @i9h S8ee4 +ail between -umbai?Ahma4aba4 i7 in a4vane

7ta9e an4 re8ort e=8ete4 b6 the mi4 o5 thi7 6ear or other hi9h 78ee4 route7 o

the 4iamon4 :ua4rilateral, 7tu4ie7 are bein9 ommi77ione4

U89ra4in9 manu5aturin9 a8abilit6

.reation o5 >ob o88ortunitie7 b6 u89ra4in9 the manu5aturin9 a8abilit6

untionin9 o5 In4ian +ailwa67 Pro4ution Unit7 an4 or27ho87 woul4 b

reviewe4 to 8rovi4e them a uttin9 e49e mea7ure7 5or tehnolo9ial u89ra4ation

an4 enhanin9 8ro4utivit6 be un4erta2en to ma2e them 7el5?7u7tainin9

Safet0

Ation 8lan bein9 8re8are4 5or area7 where ai4ent7 our; 5ive?6ear or8orate

7a5et6 8lan b 6 June #!1" in4iatin9 annual :uanti5iable tar9et7 Pen4in

reommen4ation7 ma4e b6 @i9h %evel Sa5et6 +eview .ommittee hea4e4 b6 Dr

Ka2o42ar .ommittee to be e=amine4 b6 A8ril #!1"

+DSO to 4evelo8 a 7uitable 4evie with reliable 8ower 7u88l6 767tem ba7e4 on

the5t?8roo5 8anel7batterie7 in on7ultation with In4ian S8ae +e7ear

Or9aniet beenta2en u8 with IIT Kan8ur 5or warnin97 at unmanne4 level ro77in9

*! +O+U7 an4 other 7a5et6?relate4 wor27 to eliminate 3'3& level ro77in9

at a total +ailwa6 e=8en7e o5 +7 ),"&1 rore have been 7antione4 whih i7

#)!!F hi9her than the 8reviou7 6ear overin9 mo7t State7

Train Protetion arnin9 S67tem an4 Train .olli7ion Avoi4ane S67tem to be

in7talle4 on 7elet route7 at the earlie7t

-o4ern tra2 7truture on7i7tin9 o5 7lee8er7 an4 heavier rail7 bein9 u7e4 while

arr6in9 out 8rimar6 tra2 renewal7 etter wel4in9 tehni:ue7 bein9 8romote4

4i9ital t68e mahine7 to re8lae analo9ue t68e mahine7

Tec7no5o,0 *p,ra+ation

#&



29/486

.on7titutin9 an innovation ounil alle4 RKa6a2al8R 5or bu7ine77 re?en9ineerin9

an4 intro4uin9 a 78irit o5 innovation in +ailwa67

Tehnolo96 8ortal bein9 on7titute4 to invite innovative tehnolo9ial 7olution7

Stren9thenin9 o5 +DSO into an or9aniet7 5or re7earh

IT vi7ion to be unveile4; in5ormation on late7t berth availabilit6 7tation navi9atio

767tem, bar o4e4+ID tra2in9 o5 8arel7 an4 5rei9ht wa9on7, automate4 8are

warehou7e7 Inte9ration o5 train ontrol an4 a77et mana9ement a88liation7

-ehaniet7 5or rail onnetivit6 to man6 8ort7 an4 mine7 bein9 4evelo8e4 un4e8artii8ative mo4el7 7im8li5iation o5 8roe4ure7 an4 on7i7ten6 o5 8oli6 to be

en7ure4

Rorei9n +ail Tehnolo96 .oo8eration 7hemeR to be launhe4

-UTP III 5or -umbai to be ta2en u8

Joint venture7 to be 7et u8 with State7 5or 5ou7e4 8ro>et 4evelo8ment, re7oure

mobiliet im8lementation an4 monitorin9 o5 ritial ra

8ro>et7

J07 to be 7et u8 with ma>or 8ubli 7etor u7tomer7 5or meetin9 re:uirement7 o

new line7

I/prove/ents to 1ana,e/ent Processes an+ S0ste/s#



30/486

Dele9ate, 4e?entraliet7 an4 intro4ue 7imulation

tool7 5or 8ro>et 8lannin9 an4 4ei7ion?ma2in9 intro4uin9 EP. 767tem o

ontratin9

.on7titution o5 a wor2in9 9rou8 to mo4i56 8re7ent 767tem o5 aountin9, to en7ure

tra2in9 o5 e=8en4iture to 4e7ire4 outome7

Train o8eration7 to be au4ite4

Pa8erle77 wor2in9 in material mana9ement 767tem to be e=8an4e4 0en4or7 to be

inte9rate4 throu9h 0en4or Inter5ae -ana9ement S67tem to 8rovi4e 7in9le win4ow

inter5ae to ven4or7

Reso*rce 1o6i5isation

Plan u49et u8 b6 "#F 5rom +7 )",*& rore to +7 1,!!,!11 rore in #!1"?1)

Su88ort 5rom the .entral /overnment '1)F o5 the Plan an4 Internal 9eneration

1*& F 7ettin9 u8 o5 a INAN.IN/ .ell in the +ailwa6 oar4

Settin9 u8 an in5ra7truture 5un4, a hol4in9 om8an6 an4 a J0 with an e=i7tin9N. o5 a PSU with I+., 5or rai7in9 lon9 term 4ebt 5rom 4ome7ti a7 well a7

over7ea7 7oure7, inlu4in9 multilateral an4 bilateral 5inanial in7titution7

-oneti7ation o5 a77et7 rather than 7ellin9 them

Di9iti


31/486

Pro>et7 worth +7 #"!! rore throu9h OT Annuit6 route The7e inlu4e ar4ha

Na98ur 3r4 line, Kaa6wa4a 3r4 line, ha4ra2 ?Nar9un4i 3r4 line an4 hu>

Nalia /au9e .onver7ion

Sra8 4i78o7al 8oli6 to be reviewe4 5or 78ee4ier 7ra8 4i78o7al

-*/an Reso*rces

@uman +e7oure Au4it to be un4erta2en ou7e4 @uman +e7oure 7trate96 to

rai7e em8lo6ee 8ro4utivit6 in line with 9lobal 7tan4ar47 Se8arate aountin9

hea4 5or @+D E+P ba7e4 @uman +e7oure -ana9ement S67tem

S8eial trainin9 mo4ule on 7o5t 72ill7 5or 5rontline 7ta55 7o that our u7tomer7 5ee

welome4

Trainin9 in 6o9a

Settin9 u8 a 5ull?5le49e4 Univer7it6 4urin9 #!1"?1)

Im8rove4 4eliver6 o5 health 7ervie7 to em8lo6ee7; U89ra4ation o5 5our @oli4a

@ome7

Ener,0 an+ s*staina6i5it0

Environment Diretorate to be on7titute4 in +ailwa6 oar4 to 9ive inrea7e4 5ou

an4 thru7t on environment mana9ement Detaile4 ener96 au4it 5or ener96 7avin9

Proure 8ower throu9h the bi44in9 8roe77 at eonomial tari55 5rom 9eneratin

om8anie7, 8ower e=han9e7, an4 bilateral arran9ement7 Initiative li2el6 to 7ave

at lea7t +7 3,!!! rore in ne=t 5ew 6ear7

Solar Power a7 8art o5 the Solar -i77ion o5 +ailwa67 1!!! - 7olar 8lant7 will be

7et u8 b6 the 4evelo8er7 on +ailwa68rivate lan4 an4 +ailwa6 buil4in97 with

7ub7i46viabilit6 9a8 5un4in9 7u88ort o5 -ini7tr6 o5 Non?+enewable Ener96 in ne=

5ive 6ear7

ater on7ervation mi77ion inlu4in9 water au4it an4 e=8an7ion o5 wate

harve7tin9 767tem731



32/486

Are4itation 5or environment mana9ement to be e=ten4e4

1!! DE-U7 to be enable4 5or 4ual 5uel ? .N/ an4 4ie7el %oomotive7 runnin9 on

%N/ are al7o urrentl6 un4er 4evelo8ment

Noi7e level7 o5 loo7 to be at 8ar with international norm7 onern7 relate4 to

wil4li5e to be a44re77e4

IN0ESTIN/ in In4ian +ailwa67 nee77ar6 5or our eolo9ial 7u7tenane mainl

4ue to e55iienie7 o5 5uel on7um8tion

Transparenc0 an+ Governance initiatives

S67tem o5 on?line a88liation7 intro4ue4 5or two ate9orie7 o5 reruitment a7 a

8ilot 8ro>et? to be e=ten4e4

All 8o77ible 7olution7 be e=8lore4 to a44re77 menae o5 orru8tion

E?8rourement value hain bein9 e=8an4e4

.on7titutin9 a mehani7m 5or ma2in9 re9ulation7, 7ettin9 8er5ormane 7tan4ar47

4eterminin9 tari557 L a4>u4iatin9 4i78ute7 amon9 lien7ee78rivate 8artner7 an

the -ini7tr6, 7ub>et to review in a88eal

Socia5 initiatives

In5ra7truture li2e 7tation7 an4 trainin9 enter7 to be ma4e available 5or 72i4evelo8ment

n4ian +ailwa67 8er7onnel an4 their 7ervie7 al7o available 5or thi7 national au7e

Promotion o5 8ro4ut7 ma4e b6 Sel5 @el8 /rou87, on7i7tin9 mainl6 o5 women an4

6outh on the mo4el o5 Kon2an +ailwa6

To*ris/

Inre4ible +ail 5or Inre4ible In4ia to be launhe4 Promotion o5 trainin9 o5 auto

ri27haw an4 ta=i?o8erator7 a7 touri7t?9ui4e7 on the mo4el o5 Kon2an +ailwa6

.oahe7 in 7elet train7 onnetin9 ma>or touri7t 4e7tination7 to travel a9enie7

ma6 be o55ere4 on a revenue 7harin9 mo4el

3#




33/486

I+.T. to wor2 on 8romotin9 the /an4hi iruit to attrat touri7t7 to mar2 the

oa7ion o5 1!! 6ear7 o5 the return o5 -ahatma /an4hi to In4ia 5rom South A5ria

I+.T. will wor2 on Ki7an Yatra, a 78eial travel 7heme 5or 5armer7 5or 5armin9 L

mar2etin9 tehni:ue entre7

.INANCIA PER.OR1ANCE &%#9!#':

Net re4ution in /ro77 Tra55i +eei8t7 b6 +7 1* rore om8are4 to the E o5 +7

1,)!,1)" rore

/rowth in Or4inar6 or2in9 E=8en7e7 (OE$ 7ale4 4own to 11*F a7 a9ain7

E o5 1""F 6?o?6 Ta2in9 into aount the li2el6 7avin97 aruin9 5rom 4ro8 in

8rie7 o5 @SD (hi9h 78ee4 4ie7el$ 5or tration 8artl6 o557et b6 hi9her re:uirement

un4er ertain hea47 5or maintenane, 7a5et6 an4 leanline77 ativitie7, th

bu49ete4 O E o5 +7 1,1#,)' rore 4erea7e4 in the +E #!1'?1" to +7

1,!&,*! rore ie b6 +7 3,)* rore

A88ro8riation to the Pen7ion un4 ha7 been inrea7e4 to +7 #,"'! rore in +E

Internal re7oure 9eneration al7o im8rove4 an4 aor4in9l6 the a88ro8riation to

D+ ha7 been 7ale4 u8 to +7 *,*" rore in +E 5rom the E #!1'?1" 8rovi7ion o

+7 *,!"! rore A5ter ta2in9 into aount the above, RE=e77R o5 reei8t7 ovee=8en4iture 7tan47 at +7 *,#*& rore in +E #!1'?1" re5letin9 better 5inania

mana9ement Plan 7i


34/486

Pa77en9er earnin97 9rowth 8e99e4 at 1)*F an4 tar9et bu49ete4 at +7 "!,1*"

rore

rei9ht tra55i i7 8e99e4 at an all time hi9h inremental tra55i o5 &" million tonne7

antii8atin9 a healthier 9rowth in the ore 7etor o5 eonom6 /oo47 earnin9

8ro8o7e4 at +7 1,#1,'#3 rore whih inlu4e7 rationali7ation o5 rate7, ommo4it

la77i5iation an4 4i7tane 7lab7

Other oahin9 an4 7un4rie7 are 8ro>ete4 at +7 ',)1# rore an4 +7 *,31& rore

/ro77 Tra55i +eei8t7 e7timate4 at +7 1,&3,"*& rore , a 9rowth o5 1"3F

Or4inar6 or2in9 E=8en7e7 8ro8o7e4 to 9row at )F over +E #!1'?1" Tration

5uel bill antii8ate4 to 7hrin2 5urther

@i9her 8rovi7ion7 ma4e 5or 7a5et6 maintenane an4 leanline77 %ea7e har9e7

intere7t om8onent o5 the urrent an4 8reviou7 mar2et borrowin97, at a 9rowth o

#1F

A88ro8riation to Pen7ion un4 8ro8o7e4 at +7 3",#)! rore an4 a88ro8riation to

D+ at +7 &,1!! rore A88ro8riation o5 +7 *,)1) rore 8ro8o7e4 to be ma4e to

.a8ital un4 5or 8a6ment o5 8rini8al om8onent o5 lea7e har9e7 to I+.

P5an O*t5a0 &%#'!#) /ro77 u49etar6 Su88ort o5 +7 '!,!!! rore 5or the +ailwa67 annual Plan +

1,)'")! rore ha7 al7o been 8rovi4e4 a7 +ailwa67 7hare o5 4ie7el e77 5rom the

.entral +oa4 un4 -ar2et borrowin9 un4er E+ 8ro>ete4 at +7 1*,)"" rore, a

inrea7e o5 about ')"F alane Plan outla6 inlu4e7 +7 1*,*3 rore 5rom

Internal +e7oure7 an4 +7 "*&1 rore 5rom PPP Si9ni5iantl6, we are alloatin9

lar9e amount7 towar47 Doublin9, Tra55i ailitie7, Eletri5iation an4 Pa77en9e

Amenitie7

/iven the hu9e 7hel5 o5 8ro>et an4 en7urin9 8ro8er 5un47 5low 5or the 7ame with a

view to om8letin9 them on tar9et, a new INAN.IN/ a88roah to e=8an4 E+

ha7 been 8ro>ete4 Thi7 E+, 8re7entl6 name4 E+ (In7titutional inane$ woul4

3'




35/486

be ba7e4 on in7titutional inve7tment7 in railwa6 8ro>et7 throu9h +ailwa6 PSU7

Thi7 element i7 8ro>ete4 at +7 *,13) rore an4 i7 aime4 at aeleratin

om8letion o5 a8ait6 au9mentation 8ro>et7 or27 8ro8o7e4 t

be INAN.ED throu9h thi7 mo4e are li7te4 in the u49et 4oument7

Plan Outla6 i7 +7 1,!!,!11 rore, an inrea7e o5 "#F over +E #!1'?1" It i

antii8ate4 that the Plan 7i! )o"> !"i',"! o+ o*!) 8 !)&!n" +o) ">! &u))!n" (!,) i on !!&","ion">," ">! 'onoon i44 ! +,*ou),4!@ , i" , +o)!&," "o ! no)',4@ &o',)!d"o 4," (!,)T>! E&ono'i& Su)*!( indi&,"! ">," , &4!,) o4i"i&,4 ',nd,"! +o)!+o)' ,nd , !nin !"!)n,4 !n*i)on'!n" no i !!&"!d "o )o!4 Indi, on ", dou4! dii" "),=!&"o)(. Indi,n !&ono'( ,!,) "o >,*! no on! ," ">!&ono'i& 4odon@ !)i"!n" in+4,"ion@ !4!*,"!d +i&,4 d!+i&i"@ 4,&?!nindo'!"i& d!',nd@ !"!)n,4 ,&&oun" i',4,n&! ,nd o&i44,"in *,4u! o+ ">)u!!@ ">! u)*!( ,id.T>! Su)*!( ou"4in! , '!diu'-"!)' "),"!( "o &)!,"u++!) +o) +u"u)! !&ono'i& don"u)n@ >i&> ,)!

1.Reduce deficits R!du&! +i&,4 d!+i&i" o*!) ">! '!diu' "!)' "o ">! !",4i>!d ",)!" o+ 3 o+

GDP Go*!)n'!n" i44 ,d>!)! "o +i&,4 d!+i&i" ",)!" o+ $.1 !)&!n" o+ GDP in 201$715

3"




36/486

Go*" >ou4d !nu)! !!ndi"u)! &on")o4 "o )!du&! +i&,4 d!+i&i"

E!ndi"u)! &on")o4 ,nd !!ndi"u)! i"&>in "o in*!" ?!(

o*! "o,)d ">! o4d!n )u4! o+ !4i'in,"in ">! )!*!nu! d!+i&i"

Enu)! ">!)!( ">," o))oin o*!) ">! &(&4! i on4( +o) &,i",4 +o)',"ion.2.Expenditure Control and Expenditure Switching ,in",in , +i)' &on")o4 on !!ndi"u)!@ in o)d!) "o ,&>i!*! ">! ,o*! ",)!" I')o*! Hu,4i"( o+ u4i& !!ndi"u)!J >i+" ,,( +)o' u4i& &onu'"ion 9(

)!du&in uidi!: "o,)d in*!" GRO%T

2015716 GDP )o"> !!n ," o*!) 8 &" (7(

Dou4! dii" !&ono'i& )o"> "),=!&"o)( no , oii4i"(

E&ono'i& )o"> ," ',)?!" )i&! !!n !"!!n 8.1 - 8.5 !)&!n" in 2015716 onn! GDP &,4&u4,"ion +o)'u4,

To",4 ",44!d )o=!&" !!n ," ,ou" !)&!n" o+ GDP@ 'o"4( in )i*,"! !&"o)

REFORMS

T>!)! i &o! +o) i ,n )!+o)' no

Indi, &,n in&)!,! u4i& in*!"'!n" ,nd "i44 >i" i" o))oin ",)!"

INF!"ION

In+4,"ion >o d!&4inin ")!nd in 201$715

In+4,"ion 4i?!4( "o ! !4o &!n"),4 ,n? ",)!" ( 0.5 - 1 !)&!n",! oin"

Lo!) in+4,"ion o!n u ,&! +o) 'o)! 'on!",)( o4i&( !,in

Go*" ,nd &!n"),4 ,n? n!!d "o &on&4ud! 'on!",)( +),'!o)? ,&" "o &ono4id,"!,in in in+4,"ion &on")o4

3)



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Conu'!) in+4,"ion in 2015716 4i?!4( "o ),n! !"!!n 5-5.5 !)&!n"

FISC! CONSOI#!"ION

Go*" )!',in &o''i""!d "o +i&,4 &ono4id,"ion

Indi, &,n ,4,n&! >o)"-"!)' i'!),"i*! o+ oo"in u4i& INESTENT "o)!*i",4iK! )o"> i"> +i&,4 di&i4in!

Ou"4oo? +o) !"!)n,4 INANCING i &o))!ondin4( +,*ou),4!

CURRENT ACCOUNT DEICIT

E"i',"!d ," ,ou" 1.3 !)&!n" o+ GDP in 201$715 ,nd 4! ">,n 1.0 !)&!n" o+

GDP in 2015716

SUBSIDIES

O*!)>,u4in o+ uid( )!i'! ou4d ,*! ">! ,( +o) !!ndi"u)! ),"ion,4i,"ion

LIUIDITY

LiHuidi"( &ondi"ion !!&"!d "o )!',in &o'+o)",4! in 2015716

T>! Su)*!( in*o?! ">!o4d!n )u4! Go*!)n'!n" ,)! !!&"!d "o o))o o*!) ">!

&(&4! on4( "o +in,n&! in*!"'!n"@ ,nd no" "o +und &u))!n" !!ndi"u)!. !n&!

S>o)"-"!)' ",)!" >ou4d ! !" ,&&o)din4(. T>i@ ">! Su)*!( ,)u!@ ou4d ,i"

">! Go*!)n'!n" "o ",?! ">! !&ono'( ,&? "o , du),4( >i>!) )o"> ,">.

$ere are the highlights

1. Su4( id! ">!)! ,)! &on&!)n u" 201$-2015 dou4!-dii" )o"> "),=!&"o)( ino oi4!. T>! CSO +o)!&," Y16 GDP )o"> !"!!n 8.1-8.5 !)&!n".!,n>i4!@ Y15 GDP )o"> i !!n ," .$ !)&!n"T>! Su)*!( ,( !!&","ion+o) u&> , )o"> ),"! i du! "o , nu'!) o+ )!+o)' ">," >,*! ,4)!,d( !!nund!)",?!n ,nd 'o)! ">," ,)! !in 4,nn!d +o). T>! Su)*!( !n4i" *,)iou

3*


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38/486

)!+o)' '!,u)! 4i?! d!-)!u4,"ion o+ di!!4 )i&!@ ",in !n!)( )odu&"@)!4,&in &oo?in , uid( ( di)!&" "),n+!) on n,"ion,4 &,4!@ ,in ,nO)din,n&! "o )!+o)' ">! &o,4 !&"o) *i, ,u&"ion@ in&)!,in ">! DI &, ind!+!n&!@ !"&.

2. E&ono'i& Su)*!( ,( o*!)>,u4in o+ uid( )!i'! ou4d ,*! ">! ,( +o)

!!ndi"u)! ),"ion,4iK,"ion3. ,)' ou"u" )o">@ >o!*!)@ i 4i?!4( "o 4, !>ind ," $ !)&!n"4. Go*!)n'!n" >ou4d !nu)! !!ndi"u)! &on")o4 "o )!du&! +i&,4 d!+i&i". So

!!ndi"u)! &on")o4 ,nd !!ndi"u)! i"&>in i ?!( +o) o*!)n'!n" "o ,&>i!*!i" +i&,4 d!+i&i" ",)!"

5. R!",i4 in+4,"ion +o) Y15 i !!n !"!!n 5 ,nd 5.5 !)&!n". Su)*!( ,( in+4,"ion>oin d!&4inin ")!nd , , )!u4" o+ o*!)n'!n" '!,u)! ,nd +,44inin"!)n,"ion,4 oi4 )i&!.

6. ood),in )odu&"ion +o) 201$-15 !"i',"!d ," 25.0 'n "onn!J "o !&!!d ">,o+ 4," 5 (!,) ( 8.5 'i44ion "on!

7. Su)*!( !!&" +(15 &u))!n" ,&&oun" d!+i&i" ," 1.3 !)&!n" o+ GDP8. E&ono'i& Su)*!( ,( ou"4oo? +o) !"!)n,4 !&"o) i !)>, 'o" +,*ou),4!in&! 2008 +in,n&i,4 &)ii

9. ood uid( i44 )i! 20 !)&!n" in A)i4-," , &4o! 4oo? ," )i&! uidi!@ >i&> ,)! !"i',"!d "o !

,ou" 3@8@000 &)o)! )u!!@ ,ou" $.2$ !)&!n" o+ GDP@ )!*!,4 ">," ">!( ',(no" ! ">! o*!)n'!n" !" !,on +o) +i>"in o*!)"(.

11. Ado"in >," i" &,44!d ">! ,*! )!',in!d )o,d4(

,4,n&!d du)in 201$-2015 !&!" +o) o'! "!'o),)( "i>" &ondi"ion du! "od!4,(!d o*!)n'!n" !!ndi"u)!. S"! ",?!n ( ">! RBI 4,(!d , oi"i*! )o4!in ',n,in ">! 4iHuidi"( &ondi"ion.

13. A&&o)din "o Su)*!(@ Y 201$- 2015 , o'! ")! on ">! ,!" Hu,4i"( o+,n? , ">!)! , ,n in&)!,! in )o NPA. A on o4d 5$ o+ "o",4")!!d ,d*,n&! o+ Pu4i& S!&"o) B,n?.

14. T>! Su)*!( ","! ">," +i&,4 ,&"ion &,nno" ,i" ,nd ">," i" >ou4d &on"inu! in ">!u&o'in (!,) , !44. I" >o!*!) ,dd ">," ">! n!!d +o) ,&&!4!),"!d +i&,4&ono4id,"ion >, )!du&!d@ in *i! o+ )!du&!d ',&)o!&ono'i& )!u)!.

15. Su)*!( ,( ">," ?i44 d!*!4o'!n" ,nd !'4o('!n" ,)! ">! ',=o) &>,44!n!d+,&!d ( ">! !&ono'( "od,(. D!,)"> o+ +o)',4 *o&,"ion,4 !du&,"ion@ 4,&? o+*,)i,"ion Hu,4i"(@ >i> &>oo4 d)oou" ),"!@ in,d!Hu,"! ?i44 "),inin &,,&i"(@n!,"i*! !)&!"ion "o,)d ?i44in@ ,nd 4,&? o+ indu")( )!,d( ?i44 !*!n in)o&!ion,4 &ou)! ,)! ">! ',=o) &,u! o+ oo) ?i44 4!*!4 o+ Indi, o)?+o)&!@i" ,id.

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39/486

T>! u)*!( >, ,4o >on ">," ">! &,u! +o) &on&!)n i ">! d!&!4!),"ion in ">!&o'ound ,nnu,4 )o"> ),"! o+ !'4o('!n" du)in 200$-05 "o 2011-12 "o 0.5!)&!n" +)o' 2.8 !)&!n" du)in 1###-2000 "o 200$-05 , ,,in" )o"> ),"! o+2.# !)&!n" ,nd 0.$ !)&!n" )!!&"i*!4( in ">! 4,ou) +o)&! +o) ">! ,'! !)iod. Ino)d!) "o i')o*! !n!),"ion o+ )odu&"i*! !'4o('!n" und!) NREGA@ ">!In"!ni*! ,nd P,)"i&i,"o)( P4,nnin E!)&i! >, !!n ini"i,"!d "o )!,)! ">!

4,ou) ud!" +o) +in,n&i,4 (!,) 2015-16 in !4!&"!d 2500 ,&?,)d 4o&? uin,)"i&i,"o)( )u),4 ,),i,4 "!&>niHu!.T>! E&ono'i& Su)*!(@ >o!*!)@!)!!d!)iou &on&!)n ">," !*!),4 )o=!&" >,*! !!n ",44!d. I" u!"!d )!*i",4iKinu4i& )i*,"! ,)"n!)>i 'od!4 o+ in*!"'!n".T>! u)*!( )!,)!d ( ">! +in,n&!'ini")(F &>i!+ !&ono'i& ,d*i!) A)*ind Su),',ni,n on ">! ","! o+ Ai,F ">i)d-4,)!" !&ono'( , )!4!,!d ,>!,d o+ S,"u)d,(F +!d!),4 ud!" ,nnoun&!'!n" +o2015716 +i&,4 (!,) ">," !in on A)i4 1.

MONETARY POLICIES OF RESERVE BANK OF INDIA 2015-16

Second %i&'onthl( Monetar( )olic( State'ent* 2+1,&1- #r.Raghura' . Ra/an* o0ernor (ate : *n %& &%#'

1onetar0 an+ i*i+it0 1eas*res

On ">! ,i o+ ,n ,!'!n" o+ ">! &u))!n" ,nd !*o4*in ',&)o!&ono'i&i"u,"ion@ i" >, !!n d!&id!d "o

S>o)"-"!)' 4!ndin ),"! 9)!o: &u" ( 0.25 & "o .25 &

C,> R!!)*! R,"io un&>,n!d ," $ & S","u"o)( LiHuidi"( R,"io )!",in!d ," 21.5 & In+4,"ion !!&"!d "o )i! "o 6 & ( +o)!&," 4o!)!d "o .6 & +o) 2015-16 +)o' .8 & )o=!&"!d in

A)i4 B,n? ,?!d "o , on !n!+i" o+ ),"! &u" "o o))o!) T,)!"!d in+uion o+ ,n? &,i",4 in"o PSU ,n? n!!d!d "o !nu)! &)!di"

+4o "o )odu&"i*! !&"o)

&on"inu! "o )o*id! 4iHuidi"( und!) o*!)ni>" )!o ," 0.25 !) &!n" o+,n?-i! NDTL ," ">! LA )!o ),"! ,nd 4iHuidi"( und!) 1$-d,( "!)' )!o, !44 , 4on!) "!)' )!o o+ u "o 0.5 !) &!n" o+ NDTL o+ ">! ,n?in("!' ">)ou> ,u&"ionJ ,nd

&on"inu! i"> o*!)ni>"7"!)' *,)i,4! ),"! )!o ,nd )!*!)! )!o "o'oo"> 4iHuidi"(.

3



40/486

Con!Hu!n"4(@ ">! )!*!)! )!o ),"! und!) ">! LA ",nd ,d=u"!d "o 6.25!) &!n"@ ,nd ">! ',)in,4 ",ndin +,&i4i"( 9S: ),"! ,nd ">! B,n? R,"!"o 8.25 !) &!n".

T>i)d i-'on">4( o4i&( ","!'!n" on Auu" $

!ssess'ent

2. Sin&! ">! +i)" i-'on">4( 'on!",)( o4i&( ","!'!n" o+ 2015-16 iu!d inA)i4 2015@ in&o'in d,", u!" ">," ">! 4o,4 )!&o*!)( i "i44 4o ,nd!""in in&)!,in4( di++!)!n"i,"!d ,&)o )!ion. In ">! Uni"!d S","!@ ">!&ono'( >),n? in 1 oin "o >,)> !,">!) &ondi"ion@ ">! ")!n"> o+ ">! USdo44,) !i>in on !o)" ,nd , d!&4in! in non-)!id!n"i,4 +i!d in*!"'!n". In">! !u)o ,)!,@ +in,n&i,4 &ondi"ion >,*! !,!d du! "o ">! Eu)o!,n C!n"),B,n? 9ECB: Hu,n"i","i*! !,in ,nd , d!)!&i,"in !u)o. T>!)! >,@ >o!*!)!!n o'! 'od!),"ion in &o'oi"! u)&>,in ',n,!) indi&! 9PI:!&ono'i& !n"i'!n" ,nd &onu'!) &on+id!n&! in A)i4. In ! uid! in 1@ uo)"!d ( )i*,"! d!',nd , uin!!ndin oo"!d in*!n"o)i! ,nd !)on,4 &onu'"ion. o) 'o" !'!)in',)?!" !&ono'i! 9EE:@ ',&)o!&ono'i& &ondi"ion )!',in &>,44!nin du! "odo'!"i& +),i4i"i!@ !,&!),"!d ( ou" o+ +in,n&i,4 ',)?!" "u)u4!n&!. C>in,&on"inu! "o d!&!4!),"! in i"! o+ 'on!",)( !,in. T>! )!&!n" +i)'in u o&)ud! )i&! >, )!du&!d >!,dind "o )o"> +o) o'! !n!)( !o)"!)@ >i4!in&)!,in ">!' +o) i'o)"!). E*!n ,!n" , d!&ii*! !&ono'i& )!&o*!)( o,d*!)! !oo4i"i&,4 >o&?@ oi4 )i&! ,!,) "o ! *o4,"i4!.

3. G4o,4 +in,n&i,4 ',)?!" >,*! ,4o !!n *o4,"i4!@ i"> )i?-on )i?-o++ >i+"indu&!d ( &>,nin !)&!"ion o+ 'on!",)( o4i&i! in ">! ,d*,n&!d

!&ono'i!. G4o,4 &u))!n&( ',)?!" &on"inu! "o ! do'in,"!d ( ">! ")!n"> o">! US do44,)@ i"> ">! G3 &u))!n&i! )!+4!&"in ">! ,(n&>)oni&i"( o+ ">!i'on!",)( o4i&( ",n&!. o4,"i4i"( in 4o,4 ond ',)?!" >, in&)!,!d i"> ,nu'!) o+ +,&"o) ," 4,( unindin o+ Eu)o!,n ,!" ( in*!"o) du! "o ">!G)!!? &)iiJ ),id4( &>,nin !!&","ion ,)ound ">! !d +o),)d uid,n&!>,) 'o*!'!n" in &)ud! )i&!J ,nd ',)?!" &o))!&"ion du! "o &>,n! in )i?"o4!),n&!.

$. A ,n"i&i,"!d@ ">! C!n"),4 S","i"i& O++i&! >, )!*i!d don,)d i" !"i',"!o+ Indi, )o *,4u! ,dd!d 9GA: ," ,i& )i&! +o) 201$-15 ( 30 ,i oin"+)o' ">! ,d*,n&! !"i',"!. Do'!"i& !&ono'i& ,&"i*i"( )!',in 'od!),"! in 1o+ 2015-16. A)i&u4"u),4 ,&"i*i"( , ,d*!)!4( ,++!&"!d ( un!,on,4 ),in ,nd>,i4"o)' in no)"> Indi, du)in ,)&> 2015@ i'inin on ,n !"i',"!d #$ 4,?>>!&",)! o+ ,)!, on und!) ">! rabi &)o. R!+4!&"in ">i@ ">! ">i)d ,d*,n&!!"i',"! o+ ">! ini")( o+ A)i&u4"u)! indi&,"! , &on"),&"ion in +ood),in)odu&"ion ( 'o)! ">,n 5 !) &!n" in )!4,"ion "o ">! )!&!din (!,) 4!*!4Su&&!i*! !"i',"! >,*! !!n oin"in "o , o)!nin o+ ">! i"u,"ion@ i"> ">!d,',! "o &)o 4i?! u4! ,nd oi4!!d ; >!)! u++!) +ood"o&? ,)! no

'!



41/486

,*,i4,4! in ">! &!n"),4 oo4 ; oin ,n uid! )i? "o +ood in+4,"ion. o">! kharif !,on@ ">! ou"4oo? i &4oud!d ( ">! +i)" !"i',"! o+ ">! Indi,!"!o)o4oi&,4 D!,)"'!n" 9ID:@ )!di&"in ">," ">! ou">!" 'onoon i44 ! !) &!n" !4o ">! 4on !)iod ,*!),!. T>i >, !!n !,&!),"!d ( ">!&on+i)',"ion o+ ">! on!" o+ El Nino ( ">! Au"),4i,n Bu)!,u o+ !"!o)o4o(.

5. %>," i &4!,) i ">," &on"in!n&( 4,n +o) +ood ',n,!'!n"@ in&4udin"o),! o+ ,d!Hu,"! Hu,n"i"( o+ !!d ,nd +!)"i4i!) +o) "i'!4( u4(@ &)oinu),n&! &>!'!@ &)!di" +,&i4i"i!@ "i'!4( )!4!,! o+ +ood "o&? ,nd ">! )!,io+ di)u"ion in +ood u4( &>,in@ in&4udin ">)ou> i'o)" ,nd d!->o,)dinn!!d "o ! in 4,&! "o ',n,! ">! i',&" o+ 4o )odu&"ion on in+4,"ion. In+4,"ion&on")o4 i44 ,4o ! >!4!d ( 4i'i"in ">! in&)!,! in ,)i&u4"u),4 uo)" )i&!.

6. Indu")i,4 )odu&"ion >, !!n )!&o*!)in@ albeit un!*!n4(. T>! u",in!!,?n! o+ &onu'"ion !ndin@ !!&i,44( in )u),4 ,)!, , indi&,"!d in ">!4odon in ,4! o+ "o->!!4!) ,nd "),&"o)@ &on"inu! "o o!),"! , , d),Co)o),"! ,4! >,*! &on"),&"!d. T>! di,oin"in !,)nin !)+o)',n&! &ou4d

>,*! !!n o)! i+ no" +o) ">! d!&4in! in inu" &o". C,,&i"( u"i4i,"ion >,!!n +,44in in !*!),4 indu")i!@ indi&,"i*! o+ ">! 4,&? in ">! !&ono'(. %>i4! ,nu"u)n in &,i",4 ood )odu&"ion !!' und!),(@ &4!,) !*id!n&! o+ , )!*i*,4 inin*!"'!n" d!',nd i44 n!!d "o ui4d on ">! "!n","i*! indi&,"ion o+ un&4oino+ ",44!d in*!"'!n" )o=!&"@ ",i4iin o+ )i*,"! n! in*!"'!n" in"!n"ion,nd i')o*in ,4! o+ &o''!)&i,4 *!>i&4!. In A)i4@ ou"u" +)o' &o)! indu")i!&on"i"u"in 38 !) &!n" o+ ">! ind! o+ indu")i,4 )odu&"ion d!&4in!d ,&)o ">!o,)d@ ,))in &o,4 )odu&"ion. T>! u",in!d )!*i*,4 o+ &o,4 ou"u" ,uu) !4+o) !4!&")i&i"( !n!),"ion ,nd 'inin ,nd Hu,))(in@ oin +o),)d. T>!)! i o'!o"i'i' on , )i&in ,nd ,*,i4,i4i"(. T>! )!o4u"ion o+ o!) u)&>,!

)o&!! >, "o ! !!di"!d ,nd o!) di")iu"ion &o',ni! +in,n&i,4 ")!>, "o ! ,dd)!!d on , )io)i"( ,i. So'! u4i& !&"o) ,n? i44 n!!d 'o)!&,i",4 "o &4!,n u ">!i) ,4,n&! >!!" ,nd uo)" 4!ndin , in*!"'!n)!*i*!.

. L!,din indi&,"o) o+ !)*i&! !&"o) ,&"i*i"( ,)! !'i""in 'i!d in,4. Ai&?-u in !)*i&! ", &o44!&"ion@ ,4! o+ ")u&?@ ),i4,( +)!i>"@ do'!"i& ,i,!n!) ,nd ,i) +)!i>" "),++i& &ou4d ,uu) !44 +o) "),no)" ,nd&o''uni&,"ion ,nd "),d!. On ">! o">!) >,nd@ ">! 4odon in "ou)i" ,))i*,4),i4,( "),++i& ,nd in"!)n,"ion,4 ,i) ,!n!) ,nd +)!i>" "),++i& &ou4d ,++!&>o"!4@ )!",u),n" ,nd o'! &on"i"u!n" o+ "),no)","ion !)*i&! ,d*!)!4(

T>! !)*i&! PI d!&4in!d in A)i4 2015@ ',in4( on ,&&oun" o+ 4odon in n!uin! o)d!). Co''uni"( ,nd !)on,4 !)*i&! ,)! 4i?!4( "o ! >!4d ,&? (">! onoin +i&,4 &ono4id,"ion.

8. In A)i4@ )!",i4 in+4,"ion '!,u)!d ( ">! &onu'!) )i&! ind! 9CPId!&!4!),"!d +o) ">! !&ond 'on"> in , )o@ uo)"!d ( +,*ou),4! ,! !++!&"

'1



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Mo+ ,ou" 9-: 0.8 !) &!n" ">," 'od!),"!d ">! )i! in ">! )i&! ind! +o) ">!+ou)"> u&&!i*! 'on">. ood in+4,"ion o+"!n!d "o , &on"),-!,on,4 +ou)-'on">4o@ i"> ">! i',&" o+ un!,on,4 ),in (!" "o >o u. !!",4! in+4,"ion&on"inu!d "o !,!@ ,4on i"> ">," o+ o">!) u-)ou u&> , &!)!,4@ oi4@ u,,nd i&!. On ">! o">!) >,nd@ )o"!in i"!'@ !!&i,44( 'i4? ,nd u4!&on"inu!d "o i',)" u,)d in+4,"ion,)( )!u)!.

#. u!4 in+4,"ion )o! +o) ">! +ou)"> u&&!i*! 'on"> "o , "!4*!-'on"> >i>d)i*!n ( )i&! o+ !4!&")i&i"( ,nd +i)!ood. In+4,"ion in ">!! &o'on!n" ,,&&!n"u,"!d ( ,! !++!&" ; ">! )!&!n" )i&! u"i&? &o'in on "o o+ 'u"!din&)!,! , (!,) ,o. In+4,"ion !&4udin +ood ,nd +u!4 )o! ',)in,44(. ou!)!n"@ !du&,"ion@ '!di&,4 ,nd "),no)" !!n! !)! ,'on ">! ',=o) d)i*!)o+ in+4,"ion in ">i &,"!o)(. Ru),4 ,! )o">@ ,4">ou> "i44 'od!),"!@ i&?!du. In+4,"ion !!&","ion )!',in in >i> in4! dii"@ ,4">ou> ">!( ',( ,d,+u)">!) "o &u))!n" 4o in+4,"ion. Y!"@ o"> inu" ,nd ou"u" )i&! )!u)! )!',in'u"!d , )!+4!&"!d in ">! R!!)*! B,n? indu")i,4 ou"4oo? u)*!(. Pu)&>,in',n,!) indi&! ,4o &o))oo),"! ">!! d!*!4o'!n".

10. LiHuidi"( &ondi"ion !,!d in A)i4 2015 ,+"!) ">! "i>"n! in ">! !&ond >,4o+ ,)&> 2015 on ,&&oun" o+ ,d*,n&! ", ou"+4o ,nd +in,n&i,4 (!,)-!nd!>,*iou) o+ ,n?. T>! R!!)*! B,n? 4iHuidi"( ',n,!'!n" o!),"ion !)!)!*!)!d in *i! o+ ">! i')o*!'!n" in 4iHuidi"( &ondi"ion ">)ou> A)i4. Du)in,(@ >o!*!)@ ),id in&)!,! in &u))!n&( in &i)&u4,"ion ,nd , ui4d-u oo*!)n'!n" ,4,n&! )!u4"!d in 4iHuidi"( &ondi"ion "i>"!nin ,,inA&&o)din4(@ +in! "unin o!),"ion o+ *,)(in "!no) !)! &ondu&"!d@ !id! ">!)!u4,) o*!)ni>" )!o ," +i!d ),"! ,nd 1$-d,( *,)i,4! ),"! )!o ,u&"ionT>!! in=!&"ion >!4!d '!!" ">! +)i&"ion,4 4iHuidi"( )!Hui)!'!n". In ,(@ ">!

,*!),! d,i4( n!" 4iHuidi"( in=!&"!d ">)ou> LA +i!d ),"! )!o@ !id! )!u4,1$-d,( *,)i,4! ),"! )!o@ ,ddi"ion,4 *,)i,4! ),"! )!o ,nd S@ , ₹103i44ion , &o',)!d i"> ₹81# i44ion in A)i4. A , )!u4"@ !i>"!d ,*!),!'on!( ',)?!" ),"! >,do!d ">! o4i&( ),"!. Lon!) "!)' in"!)!" ),"!,)"i&u4,)4( i4"@ >,)d!n!d in !,)4( ,( on in"!)n,"ion,4 &u! u" !,!d in ">!!&ond >,4+ o+ ">! 'on">@ ,)"i&u4,)4( ,+"!) ">! iu,n&! o+ ">! n! !n&>',)?ond.

11. !)&>,ndi! !o)" )o"> >, !,?!n!d "!,di4( in&! ,ndi! i'o)" )o"> ,4o "u)n!d n!,"i*!@ 4!d ( , >,)d!&4in! in ">! *o4u'! o+ oi4 i'o)" , in*!n"o)( ui4d-u ( )!+in!)i! uid!dGo4d i'o)" i?!d in ">! 'on"> o+ ,)&> ,nd )!',in!d !4!*,"!d in A)i4 oin"o +!"i*,4 d!',nd ,nd )!u4,"o)( )!4,,"ion. No",4(@ ">! *o4u'! o+ i'o)">, !!n )!&o)din in&)!,!@ d!i"! ">! *,4u! d!&4in!. Gi*!n ">!

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d!*!4o'!n"@ ">! )!du&"ion in ">! &u))!n" ,&&oun" d!+i&i" )!u4"in +)o' ">!>,) d!&4in! in oi4 )i&! >, !un "o )!*!)!@ ">ou> ">! iK! o+ ">! d!+i&i" i!!&"!d "o ! &on",in!d "o ,ou" 1.5 !) &!n" o+ GDP ">i (!,). N!" !o)" ,)!">!)!+o)!@ un4i?!4( "o &on")iu"! , 'u&> "o )o"> oin +o),)d , ">!( did in">! ," +in,n&i,4 (!,). Con!Hu!n"4( )o"> i44 d!!nd 'o)! on ,")!n">!nin o+ do'!"i& +in,4 d!',nd. %>i4! o)"+o4io ,nd di)!&" +o)!in

in*!"'!n" +4o !)! uo(,n" du)in 201$-15@ i"> n!" +o)!in di)!&in*!"'!n" "o Indi, ," US 36.6 i44ion ,nd n!" o)"+o4io in+4o ," US $1 i44ion">! (!,) 2015-16 >, !un i"> n!" o)"+o4io ou"+4o in ">! ,?! o+ ,)!du&"ion in 4o,4 o)"+o4io ,44o&,"ion "o Indi,. o)!in !&>,n! )!!)*! ,)!,)ound US 350 i44ion@ )o*idin , ")on !&ond 4in! o+ d!+!n&! "o ood',&)o!&ono'i& o4i&i! i+ !"!)n,4 ',)?!" "u)n ini+i&,n"4( *o4,"i4!.

)olic( Stance and Rationale

12. B,n? >,*! ",)"!d ,in ">)ou> o'! o+ ">! ," ),"! &u" in"o ">!i4!ndin ),"!@ >!,d4in! in+4,"ion >, !*o4*!d ,4on ">! )o=!&"!d ,">@ ">! i',&

o+ un!,on,4 ),in >, !!n 'od!),"! o +,)@ ,d'ini"!)!d )i&! in&)!,!)!',in 'u"!d@ ,nd ">! "i'in o+ no)',4i,"ion o+ US 'on!",)( o4i&( !!' "o>,*! !!n u>!d ,&?. %i"> 4o do'!"i& &,,&i"( u"i4iK,"ion@ "i44 'i!dindi&,"o) o+ )!&o*!)(@ ,nd udu!d in*!"'!n" ,nd &)!di" )o">@ ">!)! i , &,!+o) , &u" in ">! o4i&( ),"! "od,(.

13. Y!"@ o+ ">! )i? "o in+4,"ion id!n"i+i!d in A)i4@ ">)!! "i44 &4oud ">! i&"u)!i)"@ o'! +o)!&,"!)@ no",4( ">! ID@ )!di&" , !4o-no)',4 ou">!'onoon. A"u"! +ood ',n,!'!n" i n!!d!d "o 'i"i,"! oi4! in+4,"ion,)(!++!&". S!&ond@ &)ud! )i&! >,*! !!n +i)'in ,'id" &onid!),4! *o4,"i4i"(

,nd !o-o4i"i&,4 )i? ,)! !*!) )!!n". T>i)d@ *o4,"i4i"( in ">! !"!)n,!n*i)on'!n" &ou4d i',&" in+4,"ion. T>!)!+o)!@ , &on!)*,"i*! "),"!( ou4d !"o ,i"@ !!&i,44( +o) 'o)! &!)",in"( on o"> ">! 'onoon ou""u)n , !44 , ">!!++!&" o+ o*!)n'!n" )!on! i+ i" "u)n ou" "o ! !,?. %i"> "i44 !,?in*!"'!n" ,nd ">! n!!d "o )!du&! u4( &on"),in" o*!) ">! '!diu' "!)' "o",( on ">! )oo!d diin+4,"ion,)( ,"> 9"o $ !) &!n" in !,)4( 2018:@ >o!*!), 'o)! ,)o)i,"! ",n&! i "o +)on"-4o,d , ),"! &u" "od,( ,nd ">!n ,i" +o) d,",">," &4,)i+( un&!)",in"(. !,n>i4! ,n? >ou4d , ">)ou> ">! !Hu!n&! o),"! &u" in"o 4!ndin ),"!.

1$. Au'in )!,on,4! +ood ',n,!'!n"@ in+4,"ion i !!&"!d "o ! u44!d

don ( ,! !++!&" "i44 Auu" u" "o ",)" )iin ">!)!,+"!) "o ,ou" 6.0 !&!n" ( "4( >i>!) ">,n ">! )o=!&"ion in A)i4. Pu""in 'o)!!i>" on ">! ID 'onoon )o=!&"ion ">,n ">! 'o)! o"i'i"i& )o=!&"ion o)i*,"! +o)!&,"!) , !44 , ,&&oun"in +o) ">! oi4! in+4,"ion,)( !++!&" o">! in&)!,! in ">! !)*i&! ", ),"! "o 1$ !) &!n"@ ">! )i? "o ">! &!n"),"),=!&"o)( ,)! "i4"!d "o ">! uid!.

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15. R!+4!&"in ">! ,4,n&! o+ )i? ,nd ">! don,)d )!*iion "o GA !"i',"!+o) 201$-15@ ">! )o=!&"ion +o) ou"u" )o"> +o) 2015-16 >, !!n ',)?!ddon +)o' .8 !) &!n" in A)i4 "o .6 !) &!n" i"> , don,)d i, "o )!+4!&"">! un&!)",in"i! u))oundin ">!! *,)iou )i? .

16. S")on +ood o4i&( ,nd ',n,!'!n" i44 ! i'o)",n" "o >!4 ?!! in+4,"ion

,nd in+4,"ion,)( !!&","ion &on",in!d o*!) ">! n!,) "!)'. u)">!)'o)!'on!",)( !,in &,n on4( &)!,"! ">! !n,4in &ondi"ion +o) , +u44!) o*!)n'!no4i&( ">)u" ">," >in! ,)ound , "! u in u4i& in*!"'!n" in !*!),4 ,)!,">," &,n ,4o &)od in )i*,"! in*!"'!n". T>i i44 ! i'o)",n" "o )!4i!*! u4(&on"),in" ,nd ,id diin+4,"ion o*!) ">! '!diu' "!)'. A ",)!"!d in+uion o,n? &,i",4 in"o &>!du4!d u4i& !&"o) &o''!)&i,4 ,n?@ !!&i,44( ">o! ">,i'4!'!n" &on&!)"!d "),"!i! "o &4!,n u ")!!d ,!"@ i ,4o ,)),n"!d o">," ,d!Hu,"! &)!di" +4o "o ">! )odu&"i*! !&"o) , in*!"'!n" i&? u.

1. T>! ">i)d i-'on">4( 'on!",)( o4i&( ","!'!n" i44 ! ,nnoun&!d on Auu$@ 2015.

Highlights of RBI's first bi-monthly monetary policy statement, 2015-16:

S>o)"-"!)' 4!ndin ),"! 9)!o: un&>,n!d ," .5 & C,> R!!)*! R,"io un&>,n!d ," $ & R!",in S","u"o)( LiHuidi"( R,"io ," 21.5 & E"i',"! GDP )o"> ," .8 in YF16@ u +)o' .5 in YF15 o)!&," CPI in+4,"ion ," 5.8 & ( ,)&> 2016 CPI in+4,"ion "o di "o $ & in Auu" 2015 ,i4"o)' in ,)&> ,++!&"!d 1 o+ ..

First %i&'onthl( Monetar( )olic( State'ent* 2+1,&1-#ate + !pr 2+1,

onetary an! "i#$i!ity eas$res

On ">! ,i o+ ,n ,!'!n" o+ ">! &u))!n" ,nd !*o4*in ',&)o!&ono'i&i"u,"ion@ i" >, !!n d!&id!d "o

?!! ">! o4i&( )!o ),"! und!) ">! 4iHuidi"( ,d=u"'!n" +,&i4i"( 9LA

un&>,n!d ," .5 !) &!n"J ?!! ">! &,> )!!)*! ),"io 9CRR: o+ &>!du4!d ,n? un&>,n!d ," $.0 !&!n" o+ n!" d!',nd ,nd "i'! 4i,i4i"( 9NDTL:J ,nd

&on"inu! "o )o*id! 4iHuidi"( und!) o*!)ni>" )!o ," 0.25 !) &!n" o,n?-i! NDTL ," ">! LA )!o ),"! ,nd 4iHuidi"( und!) -d,( ,nd 1$-d,("!)' )!o o+ u "o 0.5 !) &!n" o+ NDTL o+ ">! ,n?in ("!' ">)ou,u&"ionJ ,nd

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&on"inu! i"> d,i4( *,)i,4! ),"! )!o ,nd )!*!)! )!o "o 'oo"4iHuidi"(.

Con!Hu!n"4(@ ">! )!*!)! )!o ),"! und!) ">! LA i44 )!',in un&>,n!d ," 6.5!) &!n"@ ,nd ">! ',)in,4 ",ndin +,&i4i"( 9S: ),"! ,nd ">! B,n? R,"! ," 8.5!) &!n".

Assess/ent

2. Sin&! 201$-15 i"> i-'on">4( 'on!",)( o4i&( ","!'!n" o+ !)u,)(@ ,'od!),"! ,nd un!*!n 4o,4 )!&o*!)( i !'!)in@ i"> !&ono'i! !inu++!"!d 9o) uo)"!d: ( &u))!n&( +4u&"u,"ion ,nd &o''odi"( )i&!. G)o">in ">! Uni"!d S","! i 4i?!4( "o >,*! !!n !,? in ">! +i)" Hu,)"!) o+ &,4!nd,2015@ ,)"4( !&,u! o+ US do44,) ,)!&i,"ion@ u" i !!&"!d "o ")!n">!nT>! Eu)o ,)!, >, ",)"!d "o >o 'od!" i')o*!'!n"@ uo)"!d ( , oo" "od!',nd +)o' 4o!) &)ud! )i&! ,nd ">! d!)!&i,"ion o+ ">! !u)o , !44 ,!,in +in,n&i,4 ,nd &)!di" &ondi"ion +o44oin ">! &o''!n&!'!n" o

Hu,n"i","i*! !,in. %i"> ">! ,nin o+ ">! i',&" o+ ">! &onu'"ion ",in&)!,!@ )o"> "u)n!d oi"i*! in ! o+"n! in in"!)n,"ion,4 &o''odi"( )i&! i)o*idin o'! o++!" +o) n!" i'o)"!) >i4! ,d*!)!4( i',&"in n!" !o)"!)G4o,4 )o"> i 4i?!4( "o +i)' u ">)ou> 2015 ,nd 2016@ uo)"!d ( ")on!)!&o*!)( in ">! ,d*,n&!d !&ono'i! 9AE: ,nd o+" !n!)( )i&!. Donid!)i? ',in4( !',n,"! +)o' ">! 4odon in C>in,@ !oo4i"i&,4 )i? u))oundin

oi4 )i&! ,nd ">! un!*!n !++!&" o+ &u))!n&( ,nd &o''odi"( )i&! 'o*!'!n".3. G4o,4 +in,n&i,4 ',)?!" >,*! !!n oo"!d ( !!&","ion o+ no)',4i,"iono+ US 'on!",)( o4i&( !in u>!d ,&? in"o 4,"! 2015@ 'on!",)( o4i&( ",n&!"u)nin >i>4( ,&&o''od,"i*! in o">!) AE@ ,nd !*!),4 !'!)in ',)?!!&ono'i! 9EE: !,in o4i&( ),"! "o ,dd)! )o"> &on&!)n. Lon-"!)'(i!4d >,*! d!&4in!d "o ,44-"i'! 4o on !,? in+4,"ion !!&","ion@ &o')!iono+ "!)' )!'iu' ,nd ">! ,+! >,*!n ,44u)! o+ US T)!,u)i!. U4"), 4o in"!)!),"! ,nd )!du&"ion in )i? )!'i, >,*! ),i!d 'o" ,!" )i&! "o )!&o)d >i>,nd >,*! u>!d in*!"o) "o )i?i!) ,!" u&> , !Hui"( ,nd 4o!) ),"!d d!in")u'!n". E&>,n! ),"! >,*! !!)i!n&!d 4,)! ,nd *o4,"i4! 'o*!'!n"

i"> ">! US do44,) ")!n">!nin ,,in" 'o" &u))!n&i!. A'on EE@ ',)?!">,*! "!nd!d "o di&)i'in,"! ,,in" ">o! i"> )!4,"i*!4( !,?!) +und,'!n",4,nd7o) oi4 !o)"!). N!*!)">!4!@ i"> >i> o)"+o4io +4o "o EE@ )i? +)o'udd!n >i+" in ',)?!" !n"i'!n" >,*! in&)!,!d.

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$. Do'!"i& !&ono'i& ,&"i*i"( i 4i?!4( "o >,*! ")!n">!n!d in $. S!&ond,d*,n&! !"i',"! o+ ">! ini")( o+ A)i&u4"u)! u!" ">," ">! &on"),&"ion in+ood ),in )odu&"ion in 201$-15 ',( "u)n ou" "o ! 4! ">,n !,)4i!,n"i&i,"!d. o!*!)@ ">! ,d*!)! i',&" o+ un!,on,4 ),in ,nd >,i4"o)' in,)&> i "i44 un+o4din. Ini"i,4 !"i',"! indi&,"! ">," , 'u&> , 1 !) &!n" o">! on ,)!, und!) ">! ),i &)o ',( >,*! !!n ,++!&"!d ">ou> ">! )!&i!

!"!n" o+ ">! d,',! )!',in "o ! d!"!)'in!d. T>! )o"> in ,44i!d ,&"i*i"i! i4i?!4( "o )!',in ")on , in ">! )!&!n" ,"@ ">ou> i" )!',in "o ! !!n>!">!) i" i44 +u44( &o'!n,"! ">! d!&4in! in +ood ),in ou"u".

5. T>! indu")i,4 !&"o)@ ,nd in ,)"i&u4,)@ ',nu+,&"u)in ,!,) "o ! )!,inin'o'!n"u'@ i"> ">! )o"> o+ )odu&"ion in oi"i*! "!))i"o)( +o) ">)!!&on!&u"i*! 'on"> "i44 i4! ,i& ood )odu&"ion >, !!!,ndin "!,di4( in&! No*!'!) 2013@ &,i",4 ood ou"u" >, !!)!4,"i*!4( 4u'( ,nd *o4,"i4!@ ,nd 'o)! oi"i*! )!,din ,)! n!!d!d "o &on+id!n" ,ou" , du),4! i&?-u in in*!"'!n" d!',nd. T>! !)i"in&on"),&"ion in &onu'!) du),4! )odu&"ion +o) o*!) "o (!,) &ou4d

)!+4!&"in ">! und!)4(in !,?n! in &onu'"ion d!',nd , !44 , >i>!i'o)".

6. i!d in,4 ,)! &o'in +)o' ">! !)*i&! !&"o). %>i4! ">! n,"ion,4 ,&&oun"","i"i& !!' "o u!" ">," &onu'"ion d!',nd +o) !)*i&! i )ou)!4,"i*! "o ">! d!',nd +o) ood@ ,nd u)&>,in ',n,!) !)&!i*! ,&"i*i"(!,ndin on n! o)d!)@ *,)iou &oin&id!n" indi&,"o) o+ !)*i&! !&"o) ,&"i*i"(in&4udin ),i4,( ,nd o)" "),++i&@ do'!"i& ,nd in"!)n,"ion,4 ,!n!) "),++i&in"!)n,"ion,4 +)!i>" "),++i&@ "ou)i" ,))i*,4@ 'o"o)&(&4! ,nd "),&"o) ,4! , !, ,n? &)!di" ,nd d!oi" )o"> )!',in udu!d.

. R!",i4 in+4,"ion '!,u)!d ( ">! (!,)-on-(!,) &>,n! in ">! )!*i!d &onu'!)i&! ind! 9CPI: +i)'!d u +o) ">! ">i)d u&&!i*! 'on"> in !)u,)( ,+,*ou),4! ,! !++!&" dii,"!d@ d!i"! ">! )i&! ind! )!',inin *i)"u,44( +4,in&! D!&!'!). T>! "i44 !4!*,"!d 4!*!4 o+ )i&! o+ )o"!in-)i&> i"!' u&> ,u4!@ '!,"@ +i> ,nd 'i4? ?!" +ood in+4,"ion +)o' +o44oin ">! !,on,4 d!&4in!in )i&! o+ *!!",4! ,nd +)ui". T>! )i&! o+ i"!' u&> , u,) ,nd !di4! oi'od!),"!d in &onon,n&! i"> ">! don"u)n in 4o,4 &o''odi"( )i&!. u!in+4,"ion !d!d u +o) ">! !&ond 'on"> in , )o du! "o ">! in&)!,! in )i&! o!4!&")i&i"( ,nd +i)!ood.

8. In+4,"ion !&4udin +ood ,nd +u!4 +!44 u&&!i*!4( in ">! nin! 'on"> "i!)u,)(. A 4,)! ,)" o+ ">i diin+4,"ion >, !!n on ,&&oun" o+ ">! 4u' inin"!)n,"ion,4 &)ud! oi4 )i&! +!!din ">)ou> in"o do'!"i& )i&! o+ !")o4 ,nddi!!4 ">," ,)! in&4ud!d und!) ">! &,"!o)( "),no)" ,nd &o''uni&,"ionIn+4,"ion in )!!&" o+ >ouin >, ,4o !,!d in ">! )!*i!d CPI@ in ,)" )!+4!&"in'!">odo4oi&,4 ,nd &o*!),! i')o*!'!n". u)">!)'o)!@ uid! )!u)!,++!&"in )i&! o+ !)*i&! u&> , !du&,"ion@ >!,4"> ,nd o">!) !)*i&! >,*!

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,4o +,44!n on ,&&oun" o+ !,? d!',nd &ondi"ion. T>! ),"! o+ )o"> o+ )u),,! >, &o'! o++ u",n"i,44( +)o' ">! dou4! dii" 4!*!4 ">," )!*,i4!d u "oNo*!'!) 2013. i)' ,)! ,4o )!o)"in , u",n"i,4 !,in o+ inu" )i&!)!u)!@ ,))in ">! 'o" )!&!n" u)&>,in ',n,!) u)*!(. R!+4!&"in ,diin+4,"ion@ in+4,"ion !!&","ion o+ >ou!>o4d ,)! in in4! dii"@ ,4">ou>">!( "oo !>ii" o'! +i)'in u in $ in )!on! "o ">! "u)nin u o+ +ood ,nd

+u!4 in+4,"ion du)in ! R!!)*! B,n? >, 'o*!d "o !nu)! &o'+o)",4! 4iHuidi"(&ondi"ion ">)ou> )o-,&"i*! 4iHuidi"( ',n,!'!n"@ in&4udin +in!-"unino!),"ion on !!? d,( ,nd ,&&! "o ">! S ,nd +i!d ),"! )!*!)! )!o onS,"u)d,(. T>i >, >!4!d "o 'oo"> ">! 4iHuidi"( +)i&"ion ">," &>,),&"!)i!!*!n" u&> , ,d*,n&! ", ,('!n" ,nd ,4,n&! >!!" d,"!@ ?!!in ">!'on!( ',)?!" ),"! ,n&>o)!d "o ">! )!o ),"!. In o)d!) "o ,44!*i,"! ">!)!u)! ">," ui4d u in ,)&> on ,&&oun" o+ +)i&"ion,4 +,&"o)@ ">! R!!)*!B,n? ,u'!n"!d i" 4iHuidi"( ',n,!'!n" in")u'!n" ( !n,in in )!o o

',"u)i"i! ),nin +)o' 8 "o 28 d,( &u'u4,"in "o ,n ou"",ndin ,'ouno+ 1$30 i44ion 9in&4udin uo)" +)o' ">! S o+ $16 i44ion: ," !nd-,)&> in,ddi"ion "o )!u4,) 1$-d,( "!)' )!o ,u&"ion ,nd +i!d ),"! o*!)ni>" )!o. T>!,*,i4,i4i"( o+ 4iHuidi"( &,n ! ,u!d +)o' ">! +,&" ">," in ,)&>@ ,*!),! d,i4(4iHuidi"( )!"u)n!d ( ',)?!" ,)"i&i,"ion ">)ou> *,)i,4!7+i!d ),"! )!*!)!)!o ,'oun"!d "o 2#3 i44ion.

10. Eo)" !)+o)',n&! >, !!n )o)!i*!4( !,?!nin ,nd &on"),&"ion !" inon o"> non-oi4 ,nd !")o4!u' )odu&" !o)" in&! D!&!'!) 201$. ),i4!!"!)n,4 d!',nd &ondi"ion ,nd ">! o+"n! in in"!)n,"ion,4 &o''odi"( )i&!

>,*! ",?!n , >!,*( "o44@ , in !*!),4 o">!) EE in Ai,. In ,)"i&u4,)@ )i&!)!,4i,"ion >,*! !!n !)od!d@ d!i"! !o)" *o4u'! oin u. %i"> ">! Indi,n)u!! ,inin in )!,4 !++!&"i*! "!)'@ !o)" ',)in ,)! &o'in und!) )!u)!+o) ">o! !o)"!) i">ou" u",n"i,4 i'o)"!d inu". N!" "!)' o+ "),d! ,in,nd &o')!ion in i'o)" o+ !")o4!u' )odu&" >,*! n,))o!d ">! "),d!d!+i&i" in ">! 4," ">)!! 'on"> "o i" 4o!" 4!*!4 in&! 200#-10. Go4d i'o)")!',in!d &on",in!dJ ,4">ou> non-oi4 non-o4d i'o)" )! ," , 'od!" ,&! in">!! 'on">@ ">!( ',( ! )!+4!&"in u"i"u"ion !++!&" in *i! o+ ">!4ui>n! in do'!"i& ',nu+,&"u)in.

11. Eo)" o+ !)*i&!@ ,)"i&u4,)4(@ o+",)! ,nd "),*!4 >,*! )o*id!d , i4*!

4inin ,nd >,*! >!4!d "o >o4d don ">! &u))!n" ,&&oun" d!+i&i" 9CAD: >i&> >,n,))o!d in 3. T>i i')o*!'!n" >, 4i?!4( !"!nd!d in"o $. A , )!u4"&,i",4 in+4o ; ',in4( o)"+o4io +

your interview 2015-16

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