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Today i observed that my phone is showing wrong year when the phone is locked(i.e 2014 instead of 2015). It is showing right year in notification and other places. Do I need to change settings or is it a bug.

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I might be wrong - but I don't think the lockscreen clock shows the year - mine certainly doesn't.
Your picture is a bit small, but I think it's showing Wednesday, January 14 - i.e the 14th of January.
Today it should be showing Thursday, January 15. Tomorrow, Friday, January 16 and so on.
Does this explain it?
Have you installed a third party lock screen app? or clock app? or an antivirus or taskiller?
Uninstall it and check again
I might be wrong - but I don't think the lockscreen clock shows the year - mine certainly doesn't.
Your picture is a bit small, but I think it's showing Wednesday, January 14 - i.e the 14th of January.
Today it should be showing Thursday, January 15. Tomorrow, Friday, January 16 and so on.
Does this explain it?