Genesis
In accordance with the provisions of Section 17(15B) and (16) of the Reserve Bank of India Act, 1934, the Reserve Bank has been operating the Corpus Fund Scheme in Universities and research institutions for promotion of economic research, training in banking, real sector issues, monetary and financial economics. The objectives of RBI Chair Units are as follows.
1) Bridges academia and policymaking: Facilitates collaboration between economists, researchers, and RBI policymakers.
2) Shaping public finance and central banking research: Through high-quality studies and capacity-building initiatives.
3) Enhancing institutional networks: By providing faculty visibility and engagement with the RBI and broader economic policymaking ecosystem.
RBI Chair Professor
Key responsibilities include:
1) Leading research in areas such as monetary policy, banking operations, macroeconomics, development economics, and emerging topics like climate finance and Green GDP.
2) Organizing training and capacity-building programs for students, faculty, and policymakers.
3) Peer reviewing and advising on research submitted by RBI staff for the institution’s occasional or working paper series.
The Reserve Bank established a Professorial Chair (called “RBI Chair”) in 1979 in Utkal University, Bhubaneswar with a corpus fund for research in the area of “Institutional Finance” and allied subjects and higher level of learning for the sole purpose of supporting the Reserve Banks decision making process through research and promoting learning in the University in monetary and financial economics, banking and real sector issues and related areas of interest to the Reserve Bank. The RBI chair Unit in Utkal University has been attached to the Department of Analytical & Applied Economics since its inception. The thrust areas of research will revolve around but not limited to
- Institutional Finance
- Financial Capability
- Economics of Social Sector (Including Health & Education)
- Green Financing
- Rural Financing
The incumbents of RBI Chair Professor in Utkal University are as follows.
| Sl. No | Name | Year |
|---|---|---|
| 1 | Prof. Ghanashyam Dash | from 1979 to March,1989 |
| 2 | Prof. Adwait Kumar Mohanty | from April 1989 to May, 2005 |
| 3 | Prof. Kumarbar Das | from 2006 to 2011. |
| 4 | Dr. Barendra Kumar Bhoi | from Dec, 2021 to Dec, 2024 |
| 5 | Prof. Sudhakar Patra | from 3rd June, 2025 & Continuing |
Staff Position:
| Name | Designation | Phone | Photo | |
|---|---|---|---|---|
| Prof. Sudhakar Patra | RBI Chair Professor | sudhakarpatra65@gmail.com | 9937442559, 7008298456 |  |
| To be filled soon | Research Associate | |||
| To be filled soon | Research Assistant |
RBI Recommended Course
Financial Programming:
(Allied Elective- Semester-III)
This course will help to understand and analyse the major macroeconomic sectors in the economy and their interlinkages. This, in turn, will help in diagnosing the macroeconomic and sectoral imbalances and proposing policy options.
Course Objectives
- Diagnosis of macroeconomic imbalances in an economy.
- One-year projection of macroeconomic variables – a baseline scenario.
- Identify economic vulnerabilities and prepare an intersectoral adjustment mechanism through coordinated adjustment policies.
- Provide a medium-term policy framework beyond one year.
Course Outcomes
- Students will understand how macroeconomic policies interact.
- Improve forecasting ability and employability.
- Encourage students to undertake empirical research on public policies.
The course outline:
Module 1: Introduction to Financial Programming: Interrelations among macroeconomic accounts; – Real, External, Government, Monetary and Financial sectors; Overview of quantitative analysis and forecasting methods.
Module 2: Real/Fiscal sectors and inflation: Forecasting of GDP from the supply side and forecasting inflation; Analysis and forecasting of basic fiscal accounts – revenues, expenditures, financing fiscal deficit and debt sustainability. Case studies and assignments.
Module 3: Balance of payments: Analysis and forecasting of trade, current, capital, and financial accounts; Trade flows and exchange rate; International investment position; Current account sustainability norms and exchange rate misalignment; Assessing a country’s external position- Reserve adequacy and external sustainability.
Module 4: Monetary sector: Analysis and forecasting of monetary aggregates and depository institutions’ balance sheets; Monetary liabilities and money demand functions; Basics of monetary instruments and policy, inflation targeting and central bank liquidity operations; Credit aggregates and their linkages with other sectors.
Module 5: Macro-financial linkages: Analytics of macro-financial linkages; Identifying financial soundness and systemic risks; Preserving financial stability using macroprudential policy; Medium-term framework for macroeconomic stability.
Monetary Management in an Open Economy
(Core Elective – Semester II)
Course Objectives
1. To establish a link between theory and practice as regards central banking.
2. To provide global best practices on modern central banking.
3. To focus on live cases regarding the implementation of monetary policy in India and abroad.
Course Outcomes
1. To take the students beyond the textbooks.
2. Improve employability.
3. Increase skill to undertake empirical research on macroeconomics and monetary management.
The course outline:
Module I: Open Economy Concepts: Treatment of external sector in national accounts; Balance of payments compilation/adjustments; Foreign exchange market (bilateral, NEER, REER), exchange rate regimes – covered and uncovered interest rate parity conditions.
Module 2: Frameworks of Monetary Policy: Monetary targeting; Interest rate targeting; Inflation targeting in India and abroad.
Module 3: Operating procedure of monetary policy: Institutional arrangements; Liquidity management; Choice of instruments; Communication policy.
Module 4: Monetary Policy Transmission/Coordination: Channels of monetary policy transmission; Case studies on the relative effectiveness of alternative channels; Central bank independence; Areas of coordination; Impact of coordination failure.
Module 5: Monetary Policy Challenges in an Open Economy: Impossible Trinity; Current/Capital account convertibility; Drivers of capital flows; Exchange market pressures; Rule-based monetary and fiscal policies; Integrated policy framework for an open economy; Financial stability.
Recent Notable Activities of RBI Chair Unit during 2022-24
1. Two new courses namely “Monetary Management in an Open Economy” for PG 2nd Semester students and “Financial Programming” for PG 3rd Semester students of Department of Analytical & Applied Economics, Utkal University were introduced in 2022.
2. RBI corpus fund was enhanced from Rs 1.25 Crores to Rs 10.00 Crores according to the new Memorandum of Understanding of Agreement (MoA) signed between RBI and Utkal University on 10th March 2023.
3. Organised a workshop on “Management of Databases for empirical research on the Indian economy during 28-30 October, 2022 for research scholars of the Department of A & A Economics and 04 other sister departments.
4. RBI chair Unit organised a National Conference on “Institutional Finance & Economic Development” during 15-16 March, 2024.
Annual Research Plan of the RBI Endowment Unit (for the Year 2025-26)
| Title | Author/s | Remarks | |
|---|---|---|---|
| Existing (continued): | i) | —– | —- |
| New (to be initiated): Research Papers in Journals | (i)Successes, Challenges, and Outcomes of Monetary Policy in India in Inflation Targeting & Maintaining Financial Stability | Prof. Sudhakar Patra | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (ii)FinTech and Economic growth: A Study of South Asian Countries | Prof. Sudhakar Patra, Dr. K.K. Sahu & B. Sarangi | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (iii)Growth of Online Payment and E- Money in India’s Cashless Journey | Prof. Sudhakar Patra & Subhasmita Parida | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (iv)The Digital Transformation of Banking: Opportunities and Risks | Prof. Sudhakar Patra & Dr. S.P. Mishra | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (v)The Role of Banks in Promoting Green Finance Initiatives | Prof. Sudhakar Patra | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (vi)Institutional Finance and Infrastructure Development: A Cross-Country Analysis | Prof. Sudhakar Patra | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (vii)Inequalities in Education Spending across Indian States | Prof. Sudhakar Patra, Subhasmita Parida & Ranjukta Kumari Panigrahi | Paper to be published in Peer Reviewed reputed Journals |
| Research Papers in Journals | (viii)Does Government Spending Improve Health Outcomes? Evidence from Indian States | Prof. Sudhakar Patra & Dr. Diptimayee Samal | Paper to be published in Peer Reviewed reputed Journals |
| Research Projects | To be submitted to the funding agencies. | Prof. Sudhakar Patra | |
| Edited Book | Institutional Finance, Digital Banking & Sustainable Development | Prof. Sudhakar Patra | To be published by a Reputed Publisher |
| Details | Remarks | |
|---|---|---|
| Teaching | i) Financial Programming | Teaching this paper to MA III Sem Students (July,25 to Nov,25) |
| ii) Monetary Management in Open Economy | Will teach this paper to M.A(II sem) students during II Semester ( Jan to May,2026 | |
| iii) Indian Economy (Module-III, IV, V) | Teaching this paper to MA I Sem Students (July,25 to Nov,25) | |
| iv) Research Methodology (Module- IV, V) | To Ph.D Course Students (Economics) | |
| Ph.D. Guidance | i) Two Scholars are continuing their Ph.D work under my guidance | Some students to be registered in Utkal University for Ph.D under my Co-guidance |
| PG Dissertation Guidance | ii) Guiding 12 PG students for MA dissertation(2024-25 Batch | (ii) Shall guide 12 PG Sem-IV students for PG Dissertation |
| Others | ||
| International Conference | Green Finance & Sustainable Development: Policy Perspectives & Road Ahead | Convenor- Prof. Sudhakar Patra, CO- Convenor, Dr. S.S. Mohanty, For Academicians, Policy Makers & research Scholars, in Feb,2026 |
| Research Methodology Workshop | Financial Data Analysis using SPSS, STSTA & E-Views | Convenor- Prof. Sudhakar Patra, Co-Convenor- Dr. A.R. Behera, For admitted/ Registered Ph.D Scholars during Nov,2025 |
| Capacity Building Workshop | Institutional Finance & Digital Banking | Convenor- Prof. Sudhakar Patra, Co- Convenor- Dr. S.P. Mishra, For Faculty Members of College & Universities at Assistant Professor Level during January,2026 |
| Invited Lecture | Financial Literacy Programme for Students | Organiser- Prof. Sudhakar Patra(Students Economics, Commerce & MBA of Utkal University will participate) |
| Invited Lecture | Digital Banking | Organiser- Prof. Sudhakar Patra(Students Economics, Commerce & MBA of Utkal University will participate) |
| Invited Lecture | Institutional Finance | Organiser- Prof. Sudhakar Patra |
| Invited Lecture | Green Finance & Sustainable development | (Students Economics, Commerce & MBA of Utkal University will participate) |
| Invited Lecture | Social Sector in India | Organiser- Prof. Sudhakar Patra |
| Paper Presentation in Seminar/conferences | Theme 1 : Macroeconomic Stability and Growth Prospects | (Students of Economics will participate) |
| Organiser- Prof. Sudhakar Patra (For Academicians, Policy Makers & Research Scholars) | ||
| 108 Annual Conference of Indian Economic Association, 27-29, Dec,2025(Will Present Paper) |