31 March, 2023How do RBI’s actions (and words) affect financial markets?
Financial markets in developed countries are known to react substantially to monetary shocks, that is, surprise changes in policy rates announced by the central bank. Based on a narrative analysis of ...
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Aeimit Lakdawala Rajeswari Sengupta 
09 March, 2022
- Articles
A decade of credit collapse in India
The government and the Central Bank have undertaken various measures to protect the banking and finance sector from the adverse impact of the Covid-19 crisis. However, despite historically low interes...
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Harsh Vardhan
- 25 June, 2021
- Perspectives
Not exactly bad news: Fed tightening cycle’s implications for emerging markets
The conventional perception, that US Federal Reserve rate hikes necessarily imply capital outflows from emerging markets, is an incomplete assessment. This article disaggregates Fed hikes’ effects o...
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Gabriele Ciminelli John Rogers Wenbin Wu
- 15 June, 2022
- Articles
What ails the Indian banking sector?
Non-performing assets (NPAs) of Indian banks have risen from under 3% to over 13% in the past couple of years, making the state of the banking sector one of the biggest challenges facing the country i...
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Pronab Sen
- 20 September, 2018
- Perspectives
Measuring the equilibrium impacts of credit: Evidence from India’s 2010 microfinance crisis
In October 2010, the government of Andhra Pradesh issued an emergency ordinance, bringing microfinance activities in the state to a complete halt and causing a nationwide shock to the liquidity of len...
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Emily Breza Cynthia Kinnan
- 13 July, 2018
- Articles
Financial inclusion in India: Progress and prospects
Financial inclusion is globally considered as a critical indicator of development and well-being of society. In this post, Srinivasa Rao traces the financial inclusion journey in India so far, and dis...
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K. Srinivasa Rao
- 11 July, 2018
- Perspectives
The cycle of debt among vendors in India and the Philippines
Many street vendors rely on daily or weekly loans from moneylenders to finance working capital. Given the high interest rates, why do they not use a little bit of each day’s earnings to buy working ...
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Dean Karlan Sendhil Mullainathan Benjamin N. Roth
- 29 June, 2018
- Articles
Explainer: Conceptual foundations of cryptocurrencies
In recent times, cryptocurrencies have become a subject of intense deliberations among policymakers, market participants, investors, and other stakeholders. Whether cryptocurrencies will revolutionis...
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Radhika Pandey Bhavyaa Sharma
- 31 May, 2018
- Explainers
Explainer: India’s payments banks
In August 2015, the RBI issued in-principle licences to 11 entities to establish payments banks in India – a unique format of banking which has not been used anywhere else in the world. Fully based ...
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Rahul Choudhury
- 30 May, 2018
- Explainers
New resolution framework for stressed assets: Challenges and opportunities
The Insolvency and Bankruptcy Code (IBC), 2016 aims to expedite resolution of stressed assets, and provide an exit route to failed entities. A simplified, generic framework has been developed by RBI f...
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K. Srinivasa Rao
- 16 May, 2018
- Perspectives
The big bank theory
The Indian banking system is saddled with non-performing and stressed assets, which currently constitute about a quarter of all assets. In this post, Maitreesh Ghatak argues that while there are valid...
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Maitreesh Ghatak
- 11 May, 2018
- Perspectives
Does your cultural background affect your credit profile?
In many economies – both developed and developing – economic transactions tend to cluster by ethnic or social group. Using data from a large, state-owned bank in India, this article presents evide...
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Raymond Fisman
- 04 May, 2018
- Articles
Public bank privatisation: No panacea for the ills of the banking sector
The recent Punjab National Bank fraud has rekindled the debate on bank privatisation, often considered a solution for the poor management in public sector banks. In this article, Sengupta and Roy cont...
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Shubho Roy Rajeswari Sengupta
- 25 April, 2018
- Perspectives
Where is the cash?
In recent weeks, reports of currency shortages have emerged from several parts of the country. In this post, Nalini Gulati contends that the cash crunch appears to be temporary and is likely to be res...
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Nalini Gulati
- 20 April, 2018
- Perspectives
Informal Insurance under Group Lending with Individual Liability
This study aims to provide empirical support to the hypothesis that informal insurance plays an important role in the context of group lending under individual liability, and to evaluate the impact of...
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Somdutta Basu Souvik Dutta Abhirup Sarkar
- 31 March, 2018
- IGC Research on India
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India’s insurance sector: Challenges and opportunities
While India’s insurance sector has been growing dynamically in recent years, its share in the global insurance market remains abysmally low. This article traces the journey of the Indian insurance s...
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Financial inclusion in India: Progress and prospects
Financial inclusion is globally considered as a critical indicator of development and well-being of society. In this post, Srinivasa Rao traces the financial inclusion journey in India so far, and dis...
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Thinking about financial sector reforms in India
A key element of the economy that needs to function well in order to facilitate India’s strong and sustained recovery from the pandemic is the financial system. In this post, Sengupta and Vardhan d...
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