Policy for Financial Stability

Policy For Financial Stability | 08 Mar 1830-2000


Quest for Restoring Financial Stability in India’ by Viral Acharya elucidates the need-of-the-hour reforms and raises several stark and unanswered questions related to the re-emergence of fiscal dominance in India, not just of monetary policy tools but also of banking regulations. It makes a persuasive case for striking the right balance between the government, central bank, private sector and markets, in order to improve long-run growth prospects for the real economy. The author shares feasible plan to address the recapitalisation needs of public sector banks, offering solutions on how to improve credit allocation by credit intermediaries and establish viable and efficient capital markets.

It sets the stage for an interesting discourse on what fiscal dominance is, what this means for a country like India and the steps that can be taken to move towards greater financial stability:

  • Resolving Non-Performing Assets (NPAs) and Recapitalising Banks
  • Creating a Public Credit Registry
  • Incorporating the Financial Cycle in the Monetary Policy Framework
  • Improving Monetary Policy Transmission through the Banking Channel
  • Developing of Viable Capital Markets and Ensuring External Sector Resilience
  • Striking the Right Balance: Enhancing the Autonomy of the Central Bank, the Markets and the Real Economy

Inaugural Session

*Some speakers are subject to confirmation

Viral Acharya
Former Deputy Governor
RBI & NYU, Stern

Ashima Goyal
Emeritus Professor

Rupa Rege Nitsure
Group Chief Economist
L&T Finance Holdings

Tamal Bandyopadhyay
Consulting Editor
Business Standard & Senior Adviser
Jana Small Finance Bank

Sonal Varma
Managing Director and
Chief Economist, Nomura

Rajeswari Sengupta
Associate Professor

Dharmakirti Joshi
Chief Economist

Ananth Narayan
Asst Professor (Adjunct)
Head of Public Policy, SPJIMR

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