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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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‘Consumerisation’ of banking in India: Cyclical or structural?

Over the past decade, India’s banking sector has undergone a transformation in terms of the proportion of credit extended to consumers and industry – with consumer credit now accounting for a larg...

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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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What did demonetisation do to domestic agricultural markets?

When the note ban was announced a year ago, many feared that it would hit agriculture and informal sectors the hardest given the widespread use of cash for transacting in these sectors. Based on analy...

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Recapitalisation of public sector banks, and financial repression

Government of India recently announced its decision to infuse Rs. 2.11 trillion of fresh capital into public sector banks, financed partly through recapitalisation bonds. In this article, Dr Gurbachan...

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Should India hold US$400 billion of foreign exchange reserves?

RBI’s foreign exchange reserves have now crossed the US$400 billion mark. In this article, Dr Gurbachan Singh discusses why India’s Central Bank should not hold such large reserves.

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Why are finances of Indian states deteriorating?

The combined stock of debt owed by Indian states is about 21% of GDP, and is proliferating. In this article, Ananya Kotia discusses why the stock of the states’ debt is unsustainable today despite ...

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Caste and credit: Not such a woeful tale?

Caste is an enduring predictor of economic status in India and caste-based discrimination continues to pervade several spheres of life. What about rural lending? This column suggests that most caste-w...

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Stock market participation in the aftermath of an accounting scandal

An emerging literature shows that exposure of fraud in the corporate sector leads to a fall in trust on part of households and decline in their stock market participation. Analysing data on daily inv...

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Financial inclusion: Concepts, issues, and policies for India

The International Growth Centre recently brought out a synthesis paper (Singh 2017) that lays out the basic concepts surrounding financial inclusion, and reviews a wide range of IGC and other studies ...

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Post demonetisation: Is digital finance in India's future?

Analysing RBI data from June 2017 – six months after demonetisation was announced on 9 November 2016 – Mukherjee and Wadhwa show that reliance on cash has reverted to pre-demonetisation levels, an...

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Towards financial prescription

The Securities and Exchange Board of India has proposed that the distributors of mutual funds should only be allowed to sell financial products and not act as financial advisers for customers. Drawing...

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Bank financing of stressed firms

There is anecdotal evidence that banks in India have been extending credit to highly distressed firms. By delaying recognition of bad loans, banks may improve their own profitability in the short run...

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Strategy for dealing with the banking crisis

To deal with India’s banking crisis, Prof. Ajay Shah of NIPFP recommends a two-pronged strategy – more financing for firms, and RBI reforms.

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The size of personal bank credit in India

In May 2016, the Insolvency and Bankruptcy Code law was passed by Indian Parliament and received presidential assent. The law consists of provisions for both corporate and personal insolvency. However...

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While it is true that the Indian corporate debt market has transformed itself into a much more vibrant trading field for debt instruments from the elementary market that it was about a decade ago, th...

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