The phone runs MIUI 6, which is based on Android 4.4. Internally the phone runs Qualcomm's 64bit Snapdragon 410 processor that's clocked at 1.2GHz. That's pretty good, since Xiaomi could have used the even lower-end Snapdragon 210 processor instead.
The Xiaomi Redmi 2 comes with a rear 8-megapixel camera. Internally, it has 1GB RAM and 8GB of onboard memory. It also includes a microSD card support for up to 32GB of extra storage.