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WORKING PAPERS

NIBM working paper series is an initiative to disseminate the initial research outcome of NIBM faculty members. The major research areas are Finance, International Finance, Credit Risk, Market Risk, Operational Risk, Treasury, Agricultural Finance, Economics, Marketing, Strategy, Operations Management, Analytics, Information Systems, and Human Resource Management within the broad areas of banking and finance. These research works are not peer-reviewed. The idea is to share the research outcomes to receive comments and suggestions. Some of the papers are expected to be under review for possible publications in peer-reviewed journals. Any citation of these research papers requires to mention of the appropriate URL with the source, and the date of access.


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Paper Number:  WP46/2024
Publication Year:  May 2024

Is Banking Consolidation at Odds with Financial Stability? The Case of India

Authors:   Tasneem Chherawala, tasneem@nibmindia.org
Gargi Sanati

This study explores the concentration-stability nexus in the context of a spurt of restructuring mergers that have taken place in the Indian banking sector in the recent past. Using the contingent claims approach (Merton, 1974), we measure the vulnerability of the financial system over time as well as constituent …

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Paper Number:  WP45/2024
Publication Year:  May 2024

Digital Cash Flow Lending to MSMEs: Concepts and Models

Authors:   Naveen Kumar K, naveen@nibmindia.org
V S Kaveri
Narul Shah

The transformative potential of cash flow-based lending (CFBL) in addressing the working capital needs of Micro, Small, and Medium Enterprises (MSMEs). The research paper investigates the concept and process of CFBL, emphasizing its importance for MSMEs in accessing timely financing solutions. It analyzes why the adoption of CFBL is …

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Paper Number:  WP44/2024
Publication Year:  May 2024

Impact of Climate Transition Risk on Firm-Level Credit Risk: The Case of India’s Steel Companies

Authors:   Tasneem Chherawala, tasneem@nibmindia.org

Our paper designs a forward-looking, default probability measure to quantify transition risk for carbon-intensive companies. We establish using this metric for Indian steel companies, that extreme transition shocks from global climate mitigation policies, can substantially worsen firm-level credit risk. The extent of impact depends upon the company’s unique profile …

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Paper Number:  WP43/2024
Publication Year:  May 2024

RBI’s Draft Prudential Framework for Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Projects under Implementation Direction 2024

Authors:   Tasneem Chherawala, tasneem@nibmindia.org

On May 3, 2024, the Reserve Bank of India (RBI) issued draft directions for income recognition, asset classification and provisioning (IRACP) pertaining to advances towards projects under implementation (RBI, 2024). These are applicable for all regulated entities in the financial sector in the business of project finance for large …

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Paper Number:  WP42/2024
Publication Year:  April 2024

Independence Principle under Letter of Credit and the Fraud Exception

Authors:   Smita Roy Trivedi, smita@nibmindia.org
Rajesh Ramakrishnan

In international trade finance, the Letter of credit (LC) has a key role to play in risk mitigation. However, the Letter of credit is a complex instrument, and guidelines from the International Chamber of Commerce (ICC) in the form of Uniform Customs and Practice for Documentary Credits (UCP-600) as …

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Paper Number:  WP41/2024
Publication Year:  April 2024

Developing Social Influence Questionnaire (SIQ) in the Indian Context: A Confirmatory Factor Analysis Study

Authors:   Shomi Srivastava, shomi@nibmindia.org

Research suggests that the social influence process relates to several meaningful outcomes in an organizational setting. The advancement of the study of the social influence process in an organizational context has, however, been hindered by the lack of a validated social influence measure based on recent advancements in influence …

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Paper Number:  WP40/2024
Publication Year:  April 2024

Impact of Social Media Influencers on The Indian Equity Market: A Network and Sentiment Analysis Approach

Authors:   Smita Roy Trivedi, smita@nibmindia.org

The paper traces the interlinkages between influencers and their followers on social media using network analysis. It first identifies the financial community and its hierarchies: influencers, waves and novices. Furthermore, it explores the impact of influencers on followers and vice versa, and impact of the tweet features of each …

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Paper Number:  WP39/2024
Publication Year:  April 2024

Rupee Stability: Role of the Indian Central Bank

Authors:   Smita Roy Trivedi, smita@nibmindia.org

The Indian rupee has maintained a stable movement in the recent past. On 19th December, 2023, IMF in the annual Article IV country report for India noted that from December 2022 to October 2023, the rupee-dollar rate “moved within a very narrow range” (The Indian Express, Dec 22, …

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Paper Number:  WP38/2024
Publication Year:  April 2024

Managers’ Behavioural Influence Tactics: The Role of Managers’ Work Experience and Span of Supervision

Authors:   Shomi Srivastava, shomi@nibmindia.org

The objective of the research to investigate the impact of work experience and span of supervision on the choice of behavioral influence tactics. The research examines the consultation tactic and exemplification tactic as the dependent variables. Path coefficient and Multivariate analysis identified a significant relationship between work experience and …

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Paper Number:  WP37/2024
Publication Year:  March 2024

RBI’s Recent Monetary Policy Tightening and its Impact on Money, Bond and Credit Markets

Authors:   Jiji T Mathew, jiji@nibmindia.org

The main objective of this article is to critically assess the monetary tightening measures adopted by Reserve Bank of India (RBI) since April, 2022, and analyse its effects on money, bond, deposit and credit markets, including the real economy. It briefly looks at India’s quarterly inflation performance and also …

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