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Ashok Kotwal
On demonetisation
Posted on: 23 Dec 2016
On the evening of 8 November, the Prime Minister announced on national television that Rs. ... read on »
A symposium on Piketty: Introduction
Posted on: 15 Jun 2015
Thomas Piketty’s book on ´Capital in the Twenty First Century’ has made waves. The f ... read on »
Emerging challenges: Economic and social
Posted on: 06 Aug 2014
To mark the second anniversary of I4I in July 2014, we invited two eminent scholars – Abhi ... read on »

Tag: financial regulation

Has regulatory intervention been effective in maintaining stability of Indian banks?
Mostak Ahamed , Sushanta Mallick
Posted on: 06 Feb 2017
Topics:   Finance


To address the challenges that Indian corporates faced in the early 2000s in meeting their debt-servicing obligations to banks/financial institutions, RBI introduced a corporate debt restructuring programme in 2002. This column finds that in the absence of a strong legal system, this out-of-court regulatory mechanism has indeed helped Indian banks remain stable, as there has been no bank failure in India unlike in other countries.
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Foreign currency borrowing by Indian firms: What do we know?
Ila Patnaik , Ajay Shah , Nirvikar Singh
Posted on: 09 Nov 2015
Topics:   Finance


As foreign currency borrowing by Indian firms has been increasing, concerns have surfaced about rising associated risks. Hence, recent policy changes seeking to make the regulatory regime simpler and more transparent are timely. This column addresses several important questions regarding foreign currency borrowing of Indian firms, the answers to which can provide a firmer basis for ongoing policy formulation.
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Responding to external shocks
Ashima Goyal
Posted on: 30 Apr 2015

Following the global financial crisis of 2007-08, the Indian economy was exposed to various shocks. While the major source of shocks was external, the effects were magnified by certain lapses in domestic policy. This column discusses what policies worked and what did not work to reduce excessive rupee volatility, and how the lessons were applied to prepare for any future shocks.
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The 2015-16 Union budget and India’s growth
Nirvikar Singh
Posted on: 04 Mar 2015

The 2015-16 Union budget – the first full-year budget of the new government – was presented last week. In this article, Nirvikar Singh, Professor of Economics at the University of California Santa Cruz, contends that the budget is a welcome return to transparency and sanity, and has a host of small changes that add up to a promising reform agenda.
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Challenges and priorities for financial sector reform in India
K.P. Krishnan , Nirvikar Singh
Posted on: 17 Nov 2014

I4I Editor Nirvikar Singh (Professor, University of California, Santa Cruz) interviews K.P. Krishnan (Former Additional Secretary, Department of Economic Affairs, Ministry of Finance) on the central government’s plans and priorities for financial sector reform, and associated challenges. Dr Krishnan provides his perspective on issues including the regulatory architecture, financial inclusion initiatives, strengthening the banking system, and infrastructure financing.
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The Chit fund crisis: Should not put all financial intermediaries in the same bracket
Abhijit Banerjee , Maitreesh Ghatak
Posted on: 03 May 2013
Topics:   Finance , Crime


The government has announced a bailout package for the participants of unregulated saving schemes that have been put at risk by the current Chit fund crisis in West Bengal. In this article, Banerjee and Ghatak caution against putting deposit-takers and micro-lenders in the same bracket while considering stricter financial regulation to prevent recurrence of such events.
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