(An Autonomous Apex Institute Established by RBI & Banks)
(An Autonomous Apex Institute Established by RBI & Banks)
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 These research works are not peer-reviewed.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.
Paper Number: WP65/2026
Publication Year: July 2026
Authors:
Deepankar Roy
Pramod C Mane
Alka Vaidya, alka@nibmindia.org
AI-Enabled Cyber Risks in Banking: Institutional Preparedness, Governance and the Regulatory Response
The rapid emergence of frontier Artificial Intelligence (AI) systems capable of discovering and chaining software vulnerabilities at machine speed has introduced a qualitatively new category of cyber risk for the banking sector. In response, India’s central bank …
Paper Number: WP64/2026
Publication Year: July 2026
Authors:
Balu Pawde, balu.pawde@nibmindia.org
We examine the distributional changes in consumption expenditure in India between 2011–12 and 2023–24 using unit level data from the NSS-HCES surveys. The absence of comparable official consumption surveys after 2011–12 created a major empirical gap in understanding the distributional change. We analyse the distribution of real MPCE and …
Paper Number: WP63/2026
Publication Year: June 2026
Authors:
Punita Rajpurohit, punitarajpurohit@nibmindia.org
This note summarises, compares, and analyses the draft Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Seventh Amendment Directions, 2026, with the requirements in the existing directions. The proposed amendment introduces significant changes in Pillar 3 disclosure requirements. It aims to align the existing disclosures …
Paper Number: WP62/2026
Publication Year: April 2026
Authors:
Dr Debaditya Mohanty, dmohanti@nibmindia.org
This paper examines India’s offshore status by analysing the cross-border financial activity using International Investment Position (IIP) based indicators and the role of GIFT IFSC. The study evaluates trends in international banking, external portfolio investment, and offshore mutual fund and asset management activities by employing filtered IIP measures. The …
Paper Number: WP60/2026
Publication Year: March 2026
Authors:
Tasneem Chherawala, tasneem@nibmindia.org
The Reserve Bank of India’s proposed transition from the incurred-loss regime to an expected credit loss (ECL) framework, aligned with IFRS 9, marks a significant shift in provisioning practices for Indian banks. This paper evaluates the potential impact of the ECL framework on provisioning levels and capital buffers of …
Paper Number: WP61/2026
Publication Year: March 2026
Authors:
Gargi Sanati, gargi@nibmindia.org
Rajesh Ramakrishnan & Kiran Kumar Kakarlapudi
We find that introduction of TReDs has largely benefited the MSMEs. Under TReDs, MSMEs have seen a significant decrease in interest expenses, averaging around 8%. This reduction is attributed to interest rates being determined by the credit rating of larger buyers rather than the MSMEs' own creditworthiness. Analyses show …
Paper Number: WP59/2026
Publication Year: February 2026
Authors:
Pramod C Mane, pramod.mane@nibmindia.org
The Reserve Bank of India's (RBI's) recently released FREE-AI framework serves as a strategic blueprint for the responsible and ethical adoption of Artificial Intelligence (AI) in the nation's banking and finance sectors. This framework encourages safe innovation through shared infrastructure and institutional capacity building while moderating risk through governance …
Paper Number: WP58/2026
Publication Year: January 2026
Authors:
Naveen Kumar K, naveen@nibmindia.org
Partha Ray
India’s National Strategy for Financial Inclusion (NSFI) 2025–30 marks a decisive shift from an access-centric approach to one focused on financial well-being. Building on near-universal account ownership achieved during NSFI 2019–24, the strategy recognises that access alone has not translated into sustained usage or welfare gains. Drawing on Global …
Paper Number: WP57/2026
Publication Year: January 2026
Authors:
Yashveer Singh Rawat, yashveer.singh@nibmindia.org
The monetary policy committee held from Dec 3- 5, 2025 gives a detailed assessment of the evolving macroeconomic and financial developments and accordingly responded with a 25-bps (basis point) cut in the policy repo rates along with announcement of a Buy -Sell swap. The weakening Rupee along with the …
Paper Number: WP56/2026
Publication Year: January 2026
Authors:
Smita Roy Trivedi, smita@nibmindia.org
Purpose: Trends in credit growth and lending behaviour is a key economic variable influencing decisions making of financial institutions and policy makers alike. In this context, it is largely recognised in literature that secondary data fails to give forward-looking, qualitative insights which can be crucial for policy making, leading …
