21 October, 2025Deregulating deposits: What India’s experience tells us about banking today
Amid a sharp liquidity deficit, Indian banks are aggressively raising deposit rates to attract household savings – a pattern last observed over a decade ago. This article investigates what the curre...
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Yogeshwar Bharat Subhadeep Halder Nirupama Kulkarni 
06 October, 2025
- Articles
Stability at the cost of growth? Rethinking liquidity rules in India’s banking sector
Liquidity regulation – quantity-based requirements mandating banks to maintain enough high-quality assets to meet short-term obligations during periods of stress – is a long-standing policy tool o...
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Sameedh Sharma
- 24 July, 2025
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The State within India’s corporate bond market
The value of gross issuances in India’s corporate bond market has grown by 150% over the past decade. In this post, Harsh Vardhan contends that while the market has become bigger, reforms are needed...
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Harsh Vardhan
- 12 June, 2025
- Perspectives
Debt markets’ response to mandatory corporate social responsibility
To examine the response of debt holders to the Mandatory Corporate Social Responsibility, this study by Jitendra Aswani looks at debt pricing for firms impacted by the Indian Companies Act 2013 and it...
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Jitendra Aswani
- 23 August, 2023
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Who holds sovereign debt and why it matters
Knowing who invests in sovereign debt and how they impact borrowing costs could help governments understand how costly it would be to raise new debt. This article constructs and analyses data on the c...
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Xiang Fang Bryan Hardy Karen K. Lewis
- 04 August, 2023
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The past and future of Indian finance
In the fourth article in the Ideas@IPF2023 series, Ruchir Agarwal describes the impact of two economic shocks – the financial crisis of 2018-20 and the Covid-19 pandemic – on the Indian financial ...
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Ruchir Agarwal
- 14 July, 2023
- Perspectives
Is the RBI’s commitment to inflation targeting credible?
Eight years after the adoption of Flexible Inflation Targeting (FIT) by the RBI, Garga, Lakdawala and Sengupta evaluate the success of this framework. They use two approaches to assess the credibility...
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Vaishali Garga Aeimit Lakdawala Rajeswari Sengupta
- 24 May, 2023
- Articles
UPI: A game changer towards achieving a cashless economy
Since the launch of the Unified Payment Interface (UPI), the volume of digital transactions in India has increased exponentially over the last few years. Shamim Ara highlights the trends in the expans...
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Shamim Ara
- 22 May, 2023
- Perspectives
The post-pandemic credit landscape in India
The economic shock caused by the Covid-19 pandemic and longstanding structural issues like the NPA crisis with its associated risk aversion in the banking sector resulted in low bank credit growth in...
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Rajeswari Sengupta Harsh Vardhan
- 08 May, 2023
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Bank failures: what’s the Fed’s role?
Silicon Valley Bank is the largest bank failure in the US since the 2008 financial crisis. Viral Acharya and Raghuram Rajan reflect on this and attribute the bank’s collapse to more than bankers’ ...
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Viral Acharya Raghuram Rajan
- 31 March, 2023
- Perspectives
The disruptive market power of foreign portfolio investors in the face of tax threat
Foreign portfolio investors in emerging markets are known to exit host capital markets promptly if any policy changes impose additional costs. Based on an analysis of daily trading data during a perio...
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Hisham Farag Andrew Marshall Biwesh Neupane Suman Neupane Chandra Thapa
- 02 November, 2022
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The low productivity trap of collateralised lending for MSMEs
The share of bank credit extended to MSMEs increased dramatically during the pan-demic. In this post, Harsh Vardhan discusses the the government guarantee of bank loans as a possible driver of this gr...
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Harsh Vardhan
- 07 October, 2022
- Perspectives
How NBFCs are reinventing MSME finance
Even though micro and small enterprises make up over 99% of MSMEs in India, they receive a relatively small proportion of bank credit. Chandra and Muthusamy look at how lending to MSMEs has evolved ov...
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Rohit Chandra Nishanth Muthusamy
- 15 September, 2022
- Perspectives
Accumulation of household debt in India: Repercussions for economic recovery
The Covid-19 crisis and the subsequent recession has brought about a shift in financial savings; households have cut back on consumption and reduced their demand for credit, and banks tightened lendin...
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Isha Gupta
- 18 July, 2022
- 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
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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...
- Kuntala Bandyopadhyay Saon Ray Vasundhara Thakur
- 31 August, 2020
- 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...
- K. Srinivasa Rao
- 11 July, 2018
- Perspectives
RBI’s costly experiments with the currency
During 2023-2024, the average annual volatility of the rupee-dollar exchange rate was 1.8% – the lowest in over two decades. In this post, Patnaik, Pandey and Sengupta explain why sudden and sharp l...
- Radhika Pandey Ila Patnaik Rajeswari Sengupta
- 21 February, 2025
- Perspectives