Participants from RBI: Dr. Raghuram G. Rajan – Governor, Reserve Bank of India Dr. Urjit R. Patel – Deputy Governor, Reserve Bank of India Mr. R. Gandhi – Deputy Governor, Reserve Bank of India Mr. S.S. Mundra – Deputy Governor, Reserve Bank of India Mr. N.S. Vishwanathan – Deputy Governor, Reserve Bank of India Dr. Michael D. Patra – Executive Director, Reserve Bank of India Mr. G. Mahalingam – Executive Director, Reserve Bank of India Moderator: Ms. Alpana Killawala

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri H.R.Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri S.S. Mundra – Deputy Governor Shri N.S. Vishwanathan – Executive Director Dr. Michael D. Patra – Executive Director Shri G. Mahalingam -- Executive Director Moderator: Ms. Alpana Killawala – Principal Adviser Moderator: Good Day, Ladies and Gentlemen. Welcome to the Second Bi-Monthly Monetary Policy Governor’s Teleconference with Researcher

Participants from RBI: Dr. Raghuram G. Rajan – Governor Shri Harun R. Khan – Deputy Governor Dr. Urjit R. Patel – Deputy Governor Shri R. Gandhi – Deputy Governor Shri. S. S. Mundra – Deputy Governor Moderator: Ms. Alpana Killawala – Principal Adviser, Communications Moderator: Ladies and Gentlemen, Good Day and Welcome to the First Bi-monthly Monetary Policy –Governor’s Teleconference with Researches and Analysts. As a reminder, all participant lines will be in the l

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

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

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

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

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

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

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

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

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

MUMBAI, India — Raghuram G. Rajan, the governor of the Reserve Bank of India, has a reputation for bluntness. A former chief economist of the International Monetary Fund, he has criticized central banks around the globe for focusing too much on their domestic issues instead of considering the international ramifications of their decisions. Yet in India, his reluctance to cut overnight interest rates in recent months, before he finally reduced them by a modest quarter-

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

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

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

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

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

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

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