Dr. Barendra Kumar Bhoi
Name: Dr. Barendra Kumar Bhoi
Designation: RBI Chair Professor
Qualification: MA (Utkal), PhD (IIT Bombay)
Phone No.: 9969989644
E-mail ID: barendra.bhoi@gmail.com

Macroeconomics, Monetary Policy, International Trade, Public Policy, Payment & Settlement Systems etc.

Utkal University December 22, 2021 onwards RBI Chair Professor
IGIDR May 2018 – August 2020 Visiting Fellow
IMF/IBPS etc.         September 2016 onwards Independent Consultant
RBI    July 2012 – August 2016 Adviser/Principal Adviser
Central Bank of Oman May 2009 – June 2012                Economic Policy Expert
RBI March 2007 – May 2009 Adviser (CGM)
SEBI May 2005 – March 2007 CGM and Head of Research
RBI           March 1990 – May 2005 Asst. Adviser/ Director Research
RBI           April 1984 – March 1990 Research Officer
Indian Bank            March 1983 – March 1984 Probationary Officer
Gov. of Odisha Sept 1979 – March 1983       Lecturer in Economics

IIT Bombay-1992 – 1997 PhD
Department: HSS
Thesis Title: Financial Innovations and the Issue of Instability in the Demand for Money in India.
Areas: Macroeconomics

Advisor: Dr A. Ramanathan

Utkal University-1976 – 1978
M.A. Dept.: Analytical and Applied Economics

Utkal University -1974 – 197 B.A. (Hons with Distinction) F.M. College, Economics Dept.

Indian Institute of Bankers-2000  CAIIB

  • Letter of recognition (dated December 20, 2017) from the RBI for quality research.
  • Appear as an expert panelist on macroeconomic issues on a leading business news channel.
  • Received ‘Chhatra Gourav Samman’ in 2017 from the Alumni Association of F.M. College, Balasore, Odisha for extraordinary professional achievements.
Utkal University RBI Chair Professor December 22, 2021 onwards
IMF/IBPS etc. Consultant September 2016 onwards
IGIDR     Visiting Fellow   May 2018 – August 2020
RBI    Research Officer/Asst. Adviser/Director/Adviser/Principal Adviser April 1984 – Aug. 2016
SEBI (Deputation) Chief General Manager                                 May 2005 – March 2007
Central Bank of Oman    Economic Policy Expert    May 2009 – June 2012
  Indian Bank          March 1983 – March 1984 Probationary Officer
Gov. of Odisha  Sept 1989 – March 1983 Lecturer in Economics

M.A., M.Phil, PhD Utkal University
Central Banking: Theory and Practice, 2022 onwards

Monetary Theory and Policy, 2018-2020

International Economics, 1982-1983
Public Economics, 1982-1983

Money & Banking, 1979-1983

  • Delivered an extramural lecture on Monetary Policy in India as a part of Madhusudan Memorial Lecture Series at MDRAFM, Bhubaneswar on December 21, 2021.
  • Leadership talk at the Xavier Institute of Management, Bhubaneswar on Nov. 18, 2017.
  • K. M. Pattnaik Memorial Lecture on February 13, 2016 at Gunupur, Odisha on New Monetary Policy Framework in India: Challenges and Opportunities, organized by Orissa Economics Association.
  • RBI Proposed CBDC and its Economic Implications at State Bank Institute of Consumer Banking, Hyderabad, September 16, 2021.
  • Digital Transformation in the BFSI Sector in India at Professional Risk Managers’ International Association (PRMIA), July 20, 2021.
  • Indian Economy Rewired in the Current Pandemic Situation at BFSI Officers’ Club, Mumbai, June 12, 2021.
  • Indian Banks are at the Crossroad at Gokhale Institute of Politics and Economics, February 13, 2021.
  • Economic Implications of the Union Budget 2021-22 at Borivli Sanskrutik Kendra – a Think Tank in Mumbai, February 7, 2021.
  • Stock Market Volatility during Covod-19 Pandemic and its Economic Implications at School of Humanities, KIIT, February 5, 2021.
  • Balance Sheet Management by Central Bank vis-à-vis Banks & NBFIs: Looking the Micro through Macro Lenses at Centre for Advanced Financial Research and Learning (CAFRAL), Mumbai, February 1, 2021.
  • Monetary Policy, Banking and Financial Markets: Concepts, Intersections and Interactions at CAFRAL, Mumbai, February 25, 2020.
  • Aggregate Demand Management, Policy Errors and Optimal Monetary Policy in India at Indira Gandhi Institute of Development Research (IGIDR), November 29, 2019.
  • Liquidity Management: Indian Experience at IGIDR, October 17, 2019.
  • Operating Procedure of Monetary Policy at IGIDR, October 11, 2019.
  • Goods and Services Tax: The Biggest Indirect Tax Reform in India at Indian Institute of Technology, Dharwad, March 13, 2018.
  • Digital Banking and Mobile Financial Services in India: Regulatory Challenges at Digital Wallet Summit, Bengaluru, June 15-16, 2017.
  • Transmission Mechanism of Monetary Policy in India: Relative Effectiveness of Alternate Channels at Indian Institute of Management, Indore, January 9, 2017.
  • Demonetization and its Impact at Bombay Chamber of Commerce, December 16, 2016.
  • More than 100 special presentations/invited lectures delivered at the ECB, BIS, SEACEN, Monetary Authority of Singapore, Saudi Arabian Monetary Agency, Central Bank of Oman, Clearing Corporation of India Limited (CCIL), National Institute of Bank Management (NIBM), Bombay Chamber of Commerce, National Institute of Securities Markets (NISM), Madras Institute of Development Studies, IIM Indore, IIM Kozhikode, IIM Sambalpur, IIT Bombay, IIT Dharwad, Delhi University (ARDS College), SP Jain Institute of Management & Research, Mumbai, NMIMS, Mumbai, R.A. Poddar College of Commerce and Economics, Mumbai, Xavier Institute of Management, Bhubaneswar, Post-Graduate Dept. of Commerce, Utkal University, Bhubaneswar, ITM Business School, Mumbai, NR Swamy College of Commerce & Economics, Mumbai, Nagindas Khandwala College, Mumbai, GNVS Institute of Management, Mumbai, PN College, Bhubaneswar, H.R. College of Commerce and Economics, Mumbai, etc.

Ph.d. Thesis from IIT Mumbai

Name: Barendra Kumar Bhoi

      Title of Your Thesis: Financial Innovations and the Issue of Instability in the Demand for Money in India

Areas: Macroeconomics    Year of Award: 1997

Advisor: Dr.  A.  Ramanathan

A: Research Papers/Journal Articles:

  1. Digital Transformation in India’s Payment and Settlement Systems: The Way Forward, published as a Booklet by the Forum of Free Enterprise, November 2021. https://www.ffeindia.com/images/pdf/Digital_Transformation_in_India.pdf
  2. Aggregate Demand Management, Policy Errors and Optimal Monetary Policy in India, jointly with Abhishek Kumar and Prashant Mehul Parab, IGIDR Working Paper, No. 029, September 2019 and Chapter 4, India Development Report, IGIDR, 2021. https://acrobat.adobe.com/link/track?uri=urn:aaid:scds:US:efbe3008-3581-350e-98e7-36346f001826
  3. Agrarian Distress in India: Possible Solutions, Jointly with Dr. C. L. Dadhich, IGIDR Working Paper, 017, June 2019. http://www.igidr.ac.in/working-paper-agrarian-distress-india-possible-solutions/
  4. Capital Flows and External Vulnerabilities of EMEs, Jointly with J. B. Singh, Bank Quest, The Journal of the Indian Institute of Bankers, 89, No. 03, July-Sept. 2018.
  5. ‘Effectiveness of Alternative Channels of Monetary Policy Transmission: Some Evidence for India’, jointly with A.K. Mitra, J.B. Singh and S. Gangadaran, Macroeconomics and Finance in Emerging Market Economies, Vol.10, No.1, pp 19-38, February 2017. http://dx.doi.org/10.1080/17520843.2016.1188837
  6. ‘India’s Potential Output Revisited’, jointly with Harendra Kumar Behera, Journal of Quantitative Economics, Volume 15, Issue 1, pp 101-120, March 2017 and also as RBI Working Paper, No. 5, 2016. https://link.springer.com/article/10.1007/s40953-016-0040-9
  7. Farm Loan Waiver: A Critical Evaluation’, jointly with C.L. Dadhich, brought out as a booklet by Forum of Free Enterprise, Mumbai, August 2017. https://www.ffeindia.com/images/pdf/Farm%20Loan%20Waiver%20-%20Dr.%20C.L.%20Dadhich,%20Dr.%20B.K.%20Bhoi%20&%20Kumar%20Anand.pdf
  8. Macro-prudential Policy and Monetary Policy: An Indian Experience’, SEACEN Conference Volume of High-Level Seminar on Integrating Monetary Policy with Macro-prudential Framework, held at Bali, Indonesia, November 6-8, https://www.seacen.org/publications/RePEc/702003-100348-PDF.pdf
  9. Developing Debt Market in Oman: A Road Map’, Discussion Paper, available on the CBO Website (cbo.gov.om), 2011.
  10. Developing Corporate Debt Market in India: Issues and Options”, The Hindu Survey of Indian Industry, December
  11. Securities Transaction Tax: International Experience and Lessons for India’, Economic and Political Weekly, Vol. XL, No. 8, February 8, https://www.jstor.org/stable/4416241#metadata_info_tab_contents
  12. Monetary Policy in India: Recent Experiences and Future Challenges”, Bank Quest, The Journal of the Indian Institute of Bankers, 72, No. 2, April-June 2001.
  13. Mergers and Acquisitions: An Indian Experience”, RBI Occasional Papers, 21, No.1, Summer 2000. https://rbidocs.rbi.org.in/rdocs/Publications/Pdfs/18577.pdf
  14. Forecasting of Select Monetary and Banking Aggregates: A Transfer Function Approach”, Jointly with Dr. H. Joshi, in Econometric Studies & Economic Reforms in India (eds.) Prof. V.V.N. Somayajulu, Academic Foundation, Delhi,
  15. Inflation Rate and Optimal Growth – Is There a Gateway to Nirvana? Jointly with Vasudevan and S.C. Dhal, a Chapter in Fifty years of development economics: from planning to liberalization: Essays in Honour of Prof. P.R. Brahmananda, Editors, A. Vasudevan, D.M. Nachane, A.V. Karnik; Himalaya Publishing House, 1999. https://www.researchgate.net/publication/228089921_Inflation_and_Optimal_Growth_in_India-Is_there_a_Gateway_to_Nirvan
  16. “Integration of Financial Markets in India: An Empirical Evaluation”, Jointly with S. C. Dhal, RBI Occasional Papers, Vol. 19, No.4, December 1998. https://www.researchgate.net/publication/228089939_Integration_of_Financial_Markets_in_India_An_Empirical_Evaluation
  17. “Dynamics of Inflation in India: A Neural Network Approach”, Jointly with J. C. Parikh, et al. Development Research Group (DRG) Study of RBI, No.16, April 1998. https://www.semanticscholar.org/paper/DYNAMICS-OF-INFLATION-IN-INDIA%3A-A-NEURAL-NETWORK-Parikh-Kulkarni/52f60c45ea6890cfd8649c37732b3e6866d67312
  18. “Emerging Money Markets in India: Agenda for Further Reforms” in the 80th Conference Volume of the Indian Economic Association, 1997, Reproduced in Emerging Money Markets in India, (ed) Dr. Alak Ghosh, Deep and Deep Publication, New Delhi, https://openlibrary.org/books/OL6871653M/Emerging_money_markets_in_India
  19. “Modeling Buffer Stock Money: An Indian Experience”, RBI Occasional Papers, Vol.16, No.1, March
  20. “Analytics of the Recent Call Money Rate Behaviour in India”, RBI Occasional Papers, Vol. 14, No. 4, December 1993.
  21. “Money Market Operations and Liquidity Management in the UK and Germany”, RBI Staff Studies, SS (DEAP): 7/93, 1993.
  22. “Countertrade: A Potential Threat to Multilateralism”, RBI Staff Studies, No. SS (DEAP): 11/92,
  23. “Issue of Instability in Money Demand Analysis: A Perspective”, RBI Staff Studies SS (DEAP): 9/92, 1992.
  24. “On the Economic Performance of the Major Eastern States of India: Some Issues”, RBI Occasional Papers, 11, No.1, March 1990.

B: Book Reviews:

  1. “Public Policy and Economic Development”, (eds.) Maurice Scott and Deepak Lal, RBI Occasional Papers, 12, No. 1, March 1991.
  2. Frameworks for Monetary Stability: Policy Issues and Country Experiences”, IMF(eds.), Tomas T. Balino and Carlo Cottarelli, RBI Occasional Papers, Vol. 16, No. 13, Sept. 1995.
  3. “Re-Visiting Agriculture Policies in the Light of Globalization Experience: The Indian Context”, edited by Dinesh Marothia, Will Martin, Janaiah, and C.L. Dadhich; Indian Journal of Agricultural Economics, Vol.72, No.1, Jan. – March 2017.
  4. “Demonetisation: The Economists Speak’, edited by Uma Kapila, Academic Foundation, New Delhi, 2017, Indian Journal of Agricultural Economics, 72, No.2, April – June 2017.
  5. “Inclusive Finance India Report 2017”, a SAGE publication, by S. Sriram, faculty at the Centre for Public Policy, IIM Bangalore; Indian Journal of Agricultural Economics, Vol.73, No.2, April- June 2018.
  6. Critique of the New Consensus Macroeconomics and Implications for India”, a Springer publication by Dr. Dillip M. Nachane, Professor Emeritus, IGIDR, Mumbai, in Artha Vijnana, Economic Journal of Gokhale Institute of Politics and Economics LXI, No.1, March 2019.
  7. BRICS or Bust? Escaping the Middle-Income Trapby Hartmut Elsenhans and Salvatore Babones, Stanford University Press, First Edition, 2017, in Macroeconomics and Finance in Emerging Market Economies, 12, No. 3, 2019.

C: Op-ed Articles:

  1. ‘Falling rupee calls for a macro approach’, The Hindu Business Line, July 21, 2022. https://www.thehindubusinessline.com/opinion/falling-rupee-calls-for-a-macro-approach/article65667695.ece
  2. ‘Central banks abandon baby steps’, The Education Paper, July 13, https://theeducationpaper.com/central-banks-abandon-baby-stepsdr-barendra-kumar-bhoiformer-principal-adviser-and-head-of-the-monetary-policy-department-of-rbi/
  3. ‘Rate hikes: Central banks are playing catch up’, The Hindu Business Line, June 12, 2022. https://www.thehindubusinessline.com/opinion/rate-hikes-central-banks-are-playing-catch-up/article65521249.ece
  4. ‘Central banks have to do a tight-rope walk’, The Hindu Business Line, March 28, 2022. https://www.thehindubusinessline.com/opinion/tightrope-walking-by-central-banks/article65267265.ece
  5. ‘Union Budget 2022-23: Balancing Act with a Vision for the Future’, The Education Paper, Feb 16, 2022. https://theeducationpaper.com/union-budget-2022-23-balancing-act-with-a-vision-for-the-futureshri-barendra-kumar-bhoiformer-principal-advisermonetary-policy-department-of-rbi/
  6. ‘Structural reforms have effectively checked corruption’, The Hindu Business Line, Dec. 30, 2021. https://www.thehindubusinessline.com/opinion/structural-reforms-have-effectively-checked-corruption/article38073029.ece
  7. ‘Are central banks behind the curve?’ The Education Paper, Dec. 22, https://theeducationpaper.com/are-central-banks-behind-the-curvedr-barendra-kumar-bhoi-former-head-of-monetary-policy-department-at-reserve-bank-of-india/
  8. ‘RBI must drain out excess liquidity’, The Hindu Business Line, August 24, https://www.thehindubusinessline.com/opinion/rbi-must-drain-out-excess-liquidity/article36062938.ece
  9. ‘Digital transformation poses hidden risks’, The Hindu Business Line, July 30, 2021. https://www.thehindubusinessline.com/info-tech/digital-transformation-poses-hidden-risk/article35622416.ece
  10. ‘Loose monetary policy has run its course’, The Hindu Business Line, July 15, https://www.thehindubusinessline.com/opinion/loose-monetary-policy-has-run-its-course/article35348435.ece
  11. ‘Irrational Exuberance in India’s Equity Market’, The Education Paper, July 14, https://theeducationpaper.com/irrational-exuberance-in-indias-equity-marketthe-writer-is-former-principal-advisor-and-head-of-the-monetary-policy-department-of-rbi/
  12. ‘Covid’s second blow’, The Hindu Business Line, June 2, https://www.thehindubusinessline.com/opinion/covids-second-blow/article34710287.ece
  13. ‘Fast-Changing Growth-Inflation Dynamics’, The Hindu Business Line, Jan. 26, https://www.thehindubusinessline.com/opinion/fast-changing-growth-inflation-dynamics/article33669059.ece
  14. ‘Review of Inflation Targeting in India: Is Status Quo Desirable?’ The Education Paper, 8, 2021. https://theeducationpaper.com/review-of-inflation-targeting-in-india-is-status-quo-desirabledr-barendra-kumar-bhoi-former-head-of-monetary-policy-department-at-reserve-bank-of-india/
  15. ‘The monetary policy can do with a slight reset’, The Hindu Business Line, 1, 2020. https://www.thehindubusinessline.com/opinion/monetary-policy-can-do-with-a-slight-reset/article33224034.ece
  16. ‘Charting recovery: The economy may bounce back quickly’, The Financial Express, November 10, https://www.financialexpress.com/opinion/charting-recovery-the-economy-may-bounce-back-quickly/2124770/
  17. ‘Beyond the short-run, India’s fundamentals are sound’, The Hindu Business Line, 1, 2020. https://www.thehindubusinessline.com/opinion/growth-outlook-doesnt-inspire-confidence/article32498051.ece
  18. ‘Interest payment during moratorium: There’s no need for judicial activism, The Hindu Business Line, July 16, https://www.thehindubusinessline.com/opinion/interest-payments-during-moratorium-theres-no-need-for-judicial-activism/article32100903.ece
  19. ‘How to design a good public policy mix in a crisis?’ The Hindu Business Line, June 20, https://www.thehindubusinessline.com/opinion/how-to-design-a-good-policy-mix-in-a-crisis/article31778542.ece
  20. Atmanirbhar Bharat: Doing the math’, The Financial Express, June 3, https://www.financialexpress.com/opinion/atmanirbhar-bharat-doing-the-math/1979289/
  21. ‘Further rate cuts may boost credit-led growth’, The Hindu Business Line, May 22, https://www.thehindubusinessline.com/opinion/further-rate-cuts-may-boost-credit-led-growth/article31649831.ece
  22. ‘Securing livelihood: What more can the RBI do?’ The Hindu Business Line, May 18, https://www.thehindubusinessline.com/opinion/securing-livelihoods-what-more-can-the-rbi-do/article31612947.ece
  23. ‘Coronavirus economic pain to stay longer after lockdown; what RBI, must do to save livelihood’, The Financial Express, April 30, 2020. https://www.financialexpress.com/economy/coronavirus-economic-pain-to-stay-long-after-lockdown-what-rbi-govt-must-do-to-save-livelihoods-economic-package-relief-measures-gdp/1944048/
  24. ‘Savers, too, need Covid-19 financial relief’, The Hindu Business Line, April 30, https://www.thehindubusinessline.com/opinion/savers-too-need-covid-19-financial-relief/article31471007.ece
  25. ‘How to fund the fiscal stimulus needed to revive growth’, The Hindu Business Line, April 29, https://www.thehindubusinessline.com/opinion/how-to-fund-the-fiscal-stimulus-needed-to-revive-growth/article31463593.ece
  26. ‘Failing to control Covid-19 spread means even helicopter money won’t be sufficient to provide relief, jointly with Suryanshu Bhoi, The Financial Express, April 23, https://www.financialexpress.com/opinion/failing-to-control-covid-19-spread-means-even-helicopter-money-wont-be-sufficient-to-provide-relief/1936954/
  27. ‘Coronavirus outbreak: Steering public policy during a crisis, The Financial Express, March 27, https://www.financialexpress.com/opinion/coronavirus-outbreak-steering-public-policy-during-a-crisis/1910618/
  28. ‘Killing two birds in one stone: Abolishing DDT will also contain the asset price bubble’, The Financial Express, March 5, https://www.financialexpress.com/opinion/dividend-distribution-tax-ddt-direct-tax-code-union-budget-2020-sebi/1889198/
  29. ‘Avoid unconventional monetary policy, The Hindu Business Line, March 5, https://www.thehindubusinessline.com/opinion/avoid-unconventional-monetary-policy/article30983859.ece
  30. ‘Has India’s growth slowdown bottomed out?’ The Hindu Business Line, 14, 2019. https://www.thehindubusinessline.com/opinion/has-indias-growth-slowdown-bottomed-out/article29573774.ece
  31. ‘Efficient capital market may kick-start the investment cycle in India’, The Financial Express,August 5, 2019. https://www.financialexpress.com/opinion/efficient-capital-market-may-kickstart-investment-cycle-in-india/1665966/
  1. ‘Making the $5-trillion target possible’, The Hindu Business Line, July 31, https://www.thehindubusinessline.com/opinion/columns/making-the-5-trillion-target-possible/article28762276.ece
  2. ‘NBFCs facing stringent regulatory headwinds’, The Financial Express, May 30, https://www.financialexpress.com/opinion/nbfcs-facing-stringent-regulatory-headwinds/1592901/
  3. ‘The way ahead for dealing with NPAs’, The Hindu Business Line, May 22, https://www.thehindubusinessline.com/opinion/the-way-ahead-for-dealing-with-npas/article27198338.ece
  4. ‘Why the repo rate is not a suitable external benchmark?’ The Hindu Business Line, March 18, https://www.thehindubusinessline.com/opinion/why-the-repo-is-not-a-suitable-external-benchmark/article26561147.ece
  5. ‘Towards a sustainable Universal Basic Income: Can PM-KISAN surmount implementation hurdle? The Financial Express, February 28, https://www.financialexpress.com/opinion/towards-a-sustainable-universal-basic-income-can-pm-kisan-surmount-implementation-hurdles/1500632/
  6. ‘Structural reforms must continue’, The Hindu Business Line, January 29, https://www.thehindubusinessline.com/opinion/structural-reforms-must-continue/article26113900.ece
  7. ‘Liquidity management in the limelight’, The Hindu Business Line, 9, 2018. https://www.thehindubusinessline.com/opinion/liquidity-management-in-the-limelight/article25704447.ece
  8. ‘NPA crisis: Relaxing PCA would mean bigger bailout’, The Financial Express, 28, 2018. https://www.financialexpress.com/opinion/npa-malaise-why-pursuing-a-bank-merger-may-not-be-advisable/1396125/
  9. ‘Pressure on rupee is deep-rooted’, The Financial Express, September 8,
  10. ‘The impact of the Fed rate hike on EMEs’, The Financial Express, June 18, https://www.financialexpress.com/economy/the-impact-of-the-fed-rate-hike-on-emes/1209922/
  11. ‘Oil hangover can hit India’s macro stability, The Hindu Business Line, May 8, https://www.thehindubusinessline.com/opinion/oil-hangover-can-hit-indias-macro-stability/article23804508.ece
  12. ‘India’s oil economy needs prudent supply management’, The Financial Express, April 10, https://www.financialexpress.com/opinion/why-indias-oil-economy-needs-prudent-supply-management/1127519/
  13. ‘Sustaining the global economic revival’, The Hindu Business Line, March 14, https://www.thehindubusinessline.com/opinion/sustaining-the-global-economic-revival/article23228771.ece
  14. ‘Structural farm reforms are the key’, The Hindu Business Line, February 15, https://www.thehindubusinessline.com/opinion/structural-farm-reforms-are-key/article64594466.ece
  15. ‘Fiscal prudence must for Budget FY19’, The Financial Express, January 5, https://www.financialexpress.com/opinion/budget-2018-fiscal-prudence-must/1002300/
  16. ‘Why financial inclusion has not taken off, The Hindu Business Line, 26, 2017. https://www.thehindubusinessline.com/opinion/why-financial-inclusion-has-not-taken-off/article64593706.ece
  17. ‘Government must act to contain food price-rise, The Financial Express, 17, 2017.
  18. Obstacles to monetary transmission’, The Hindu Business Line, 30, 2017. https://www.thehindubusinessline.com/todays-paper/tp-opinion/obstacles-to-monetary-transmission/article9929817.ece
  19. ‘Minimum-balance obligation needs a rethink’, The Financial Express, 19, 2017. https://www.financialexpress.com/opinion/on-savings-bank-accounts-here-is-what-depositors-should-ideally-get/899229/
  20. ‘MPC must attend to liquidity surplus’, The Hindu Business Line, 22, 2017. https://www.thehindubusinessline.com/opinion/mpc-must-attend-to-liquidity-surplus/article64596756.ece
  21. ‘Demonetization depleted RBI profit’, The Financial Express, 1, 2017. https://www.financialexpress.com/opinion/demonetisation-depleted-rbi-profit-check-out-the-math/835874/
  22. ‘Is RBI repo rate cut coming?’ The Financial Express, July 14, https://www.financialexpress.com/opinion/is-rbi-repo-rate-cut-coming-fall-in-rates-may-keep-firms-from-looking-overseas-for-funds/762688/
  23. ‘Is WPI useful in India anymore?’ The Hindu Business Line, June 27, https://www.thehindubusinessline.com/opinion/is-wpi-useful-in-india-anymore/article9737556.ece
  24. ‘New factory index may push up GDP’, The Hindu Business Line, May 25, https://www.thehindubusinessline.com/opinion/new-factory-index-may-push-up-gdp/article9711718.ece
  25. ‘Greater policy push required to go cashless’, The Hindu Business Line, April 8, https://www.thehindubusinessline.com/opinion/greater-policy-push-required-to-go-cashless/article21954213.ece1
  26. ‘Time to revisit the bank deposit rates’, The Hindu Business Line, March 24, https://www.thehindubusinessline.com/opinion/time-to-revisit-deposit-rates/article9598462.ece
  27. ‘Right time for path-breaking Budget’, The Hindu Business Line, January 18, https://www.thehindubusinessline.com/opinion/right-time-for-pathbreaking-budget/article9485504.ece
  28. ‘Why emerging economies are vulnerable?’ The Hindu Business Line, 15, 2016. https://www.pressreader.com/india/the-hindu-business-line/20161216/281852938211686
  29. ‘What about cash that doesn’t return?’ The Hindu Business Line, November 24, https://www.thehindubusinessline.com/todays-paper/tp-opinion/what-about-cash-that-doesnt-return/article9379387.ece
  30. ‘Far-reaching impact of demonetisation’, The Economic Times, November 23,
  31. ‘Demonetisation is good policy too’, The Hindu Business Line, November 11, https://www.thehindubusinessline.com/todays-paper/tp-opinion/demonetisations-good-policy-too/article9331151.ece
  32. ‘The outlook on output’s pretty good’, The Hindu Business Line, November 4, https://www.thehindubusinessline.com/opinion/the-outlook-on-outputs-pretty-good/article9301205.ece


1. Secretary to the ‘Expert Committee to Review the System of Administered Interest Rates and Other Related Issues’ (Chairman: Dr Y.V. Reddy, Governor, RBI), set up by the Government of India in April 2001.
2. Member, Working Group on ‘Money Supply in India’ (Chairman: Dr Y.V. Reddy), constituted by the Governor, RBI in December 1997.
3. Resource Person, Advisory Committee on ‘Administered Interest Rates’, (Chairman: Dr Rakesh Mohan, Deputy Governor). Delivered a technical paper on “Rationalisation of Small Saving Schemes in India” in September 2003.
4. Member of the Working Group on ‘Risk Management in RBI’ (Chairman: H.R. Khan, Deputy Governor).
5. Member of the Sub-Group on ‘Foreign Saving in India’. Report submitted to the Deputy Governor in October 2006 for the estimation of Foreign Savings for the Eleventh Five-Year Plan period in India.
6. Member of the Sub-Group on ‘Corporate Saving in India’. Report submitted to the Deputy Governor in October 2006 for the estimation of Corporate Savings for the Eleventh Five-Year Plan period in India.
7. Convener, Technical Group on the ‘Compilation of FDI Data’. The report was submitted on December 31, 2003.
8. Member, Internal Technical Group on ‘Savings Instruments for Senior Citizens’, (Chairman: Deepak Mohanty, Adviser, Monetary Policy Department). Report submitted to the Deputy Governor in March 2004.
9. Member, Study Group on ‘The Role of Reserve Bank of India in case of Capital Market Crash’, (Chairman: Himadri Bhattacharya, Chief General Manager). Report submitted to the Financial Market Committee (FMC) of RBI in June 2004.
10. Member, ‘Internal Task Force on Interest Rates. Report submitted to the Deputy Governor in April 2004.
11. Member, Group on the ‘Development of Corporate Debt Market’, (Chairman: Shyamla Gopinath, Deputy Governor) and submitted a report on ‘Development of Corporate Debt Market: International Experience and Lessons for India’ to the Deputy Governor, Reserve Bank of India in September 2004.
12. Member, Internal Working Group on ‘Development of Call Money Market in India’, constituted by the Deputy Governor, RBI in December 1996.
13. Member, of the Advisory Committee for the Evaluation of a Project on ‘Modelling the Financial Sector Markets in India’ undertaken by the National Council of Applied Economic Research, New Delhi during 1997-1999.
14. Member of a two-member Special Study Team to the United Arab Emirates and submitted a comprehensive report on ‘The Post-LERMS Situation: A Field Study in the UAE’ to the Governor, RBI in August 1992.
15. Member, Inter-Departmental Group, which submitted its report on ‘Integration of the Financial Markets in India’ in March 2002.
16. Leader of the Study Group (constituted in March 2002 by the Governor, RBI). Prepared a basic paper on the ’Role of Banks in Term Lending’.
17. Leader of the Study Group (constituted in March 2002 by the Governor, RBI). Prepared a basic paper on the ’Role of Banks in Term Lending’.
18. Leader, Inter-Departmental Group (Constituted in December 2002 by the Deputy Governor, RBI). Drafted a comprehensive policy paper on ‘Real Interest Rate in India’ and submitted it to the Deputy Governor in March 2003.
19. Leader, Inter-Departmental Group (Constituted in December 2002 by the Deputy Governor, RBI). Drafted a comprehensive policy paper on ‘Real Interest Rate in India’ and submitted it to the Deputy Governor in March 2003.
20. Submitted a detailed Policy Paper on ‘Lending Rates of Commercial Banks in India: An Evaluation for Monetary and Credit Policy, 2003-04.
21. Prepared a Policy Paper on ‘Rationalisation of Non-Resident Deposits in India’ and submitted it to the Government before the presentation of the Union Budget 2001-02.
22. Member of the Technical Group on ‘The maintenance of CRR by Scheduled Commercial Banks. Drafted the Report and submitted it in January 2003.
23. Member of the Working Group on ‘Interest Rates on Deposits and Related Procedures.
Contributed to the Report submitted in April 2003.
24. Member, Financial Market Committee, RBI, headed by Deputy Governor.
25. Member, RBI-SEBI Standing Technical Committee.
26. Member, Inter-Departmental Group on Export Credit.
27. Member, Inter-Departmental Committee on Islamic Banking.
28. Member, Working Group on ‘Harmonisation of Banking Statistics’, appointed by Deputy Governor, RBI in 2014.
29. Member, Committee on ‘Data and Information Management, appointed by the Governor, RBI in 2014.


Apr. 2016: Represented RBI in the annual meeting of Central Bank Chief Economists at the Bank for International Settlements, Basel.
Apr. 2016: led the delegation to the European Central Bank to finalize areas of RBI-ECB cooperation.
Feb. 2014: Visited Kuala Lumpur, as part of a Team to study Islamic Banking in Malaysia.
Nov. 2013: Represented RBI at Bali, Indonesia in the Bank Indonesia-SEACEN High-Level Seminar on ‘Integrating Monetary Policy with Macro-prudential Framework’.
Jun.  2013: Participated in a High-Level Seminar in Kuala Lumpur on ‘Monetary Policy in the New Normal, organised by Bank Negara Malaysia.
Apr. 2011: Addressed top Executives of the Central Bank of Oman, Muscat Securities Market, and Professors of Sultan Qaboos University, Muscat on ‘Formulation of Monetary Policy and Challenges Faced by an Open Economy’.
May  2008: Participated in the ‘International Conference on Inflation Targeting’, organized by CCBS, Bank of England, U.K.
Nov.  2005: Attended the ‘Annual International Regulators’ Seminar’, organized by the Financial Services Authority, U.K.
Apr.  2005: Represented RBI in the ‘Spring Meeting of Central Bank Economists’, organized by the Bank for International Settlements, Switzerland.
Sep.  2004: Participated in a training program on ‘External Debt Statistics’ organized by the IMF Institute in Singapore.
Nov. 2001: Participated in the training program on ‘Economic Modeling and Forecasting’, organized by CCBS,  Bank of England, U.K.
Feb. 1999: Delivered two presentations on ‘Monetary Policy in India’ and ‘New Monetary Aggregates in India’ at the Saudi Arabian Monetary Authority.
Jan. 1999: International Monetary Fund, U.S.A.–Participated in ‘Advanced Course on Financial Programming and Policies.
May 1993: Swiss National Bank, Switzerland–Participated in ‘Advanced Training on Monetary Theory and Monetary Policy.
Jun.  1993: Lloyds Bank, UK; Gerrard and National Holdings Plc., U.K.; and Deutsche Bank, Germany–Visit to study money market developments in those countries.
Aug. 1992: The United Arab Emirates–Undertook a study on ‘The Post-LERMS Situation: A Field Study in the UAE’ as a Member of a Special Study Team.
  • Currently serve as referee of the research journals like the Journal of Quantitative Economics, Macroeconomics and Finance in Emerging Market Economies, etc.
  • Member, Board of Studies, Department of Economics, Nagindas Khandwala College, Mumbai since December 17, 2018.
  • Guided a Summer Trainee from IIM Ahmadabad in preparing his project on “Globalization of India’s Bullion Trade: Problems and Prospects” in 1995.
  • Conducted a special training programme on the electronic reporting system of foreign exchange transactions by Authorized Dealers. The training aimed at collecting disaggregated data on trade in services with new purpose codes to compile extended balance of payments statistics.
  • Conducted a Special Training Programme on Capital Market for journalists to enhance investors’ education through appropriate reporting.
  • Coordinated publication of the RBI’s Handbook of Statistics on Indian Economy 1999, 2000.
  • Coordinated publication of the Handbook of Statistics on the Indian Securities Market 2005 by SEBI.