Independent Research and Policy Advocacy

The Problem with Hospicash

How can we provide meaningful financial protection to people who are currently not served by health insurance markets (public or private)? This is the issue Bindu and her team at Dvara Health Finance have been working on for the past couple of years.

Curbing Scams in Unified Payments Interface

The white paper, a collaborative effort by the Data Security Council of India (DSCI) and Dvara Research, discusses a set of solutions for the ecosystem of actors to consider in tackling and curbing the illegitimate activity of scamsters and other fraudulent actors over the very popular Unified Payments Interface (UPI) of India.

Assessing the Borrower-Level Impact of the Insolvency and Bankruptcy Code: A Study of the Fresh Start Process


The 2016 Insolvency and Bankruptcy Code (IBC) is a landmark legislation with the potential to impact every borrower. This paper focuses on Part III of the IBC, which deals with natural persons, proprietorships, and personal guarantors for corporate debt. Through the paper, we attempt to estimate the potential consequences of the Fresh Start Process (FSP) defined under this Part. The IBC lays out economic criteria that can qualify (or disqualify) an applicant for FSP. Under FSP, a borrower must be asset-lite, have a low income, and hold minimal outstanding debt to qualify. These thresholds determine the applicability of the process once the IBC is fully notified. Thus, empirical estimates regarding the effects of the provisions on the Indian credit market are crucial to deciphering the impact of the IBC, more specifically, the FSP.

Towards a Shared Framework for Measuring Financial Inclusion and Well-being


This article explores the significance of financial inclusion in determining the financial well-being of Indian households. It discusses a measurement framework developed by Dvara Research and xKDR Forum, focusing on access to and usage of financial products, and financial well-being. Our results from collaborative research with financial service providers shed light on the framework’s applicability and its relationship with improved financial outcomes.

The Case for Good Disclosures – Building A Two-Way Road Towards Suitable Insurance Sale

Designing a User-centric Grievance Redress Mechanism

Insurance is a hard sell anywhere in the world, but more so in developing countries like India, with a population that is predominantly low-income and largely informal. Life insurance, in its current form, came to India through the Europeans (1818) and was slowly Indianized. However, it was the nationalisation of life insurance and the state backing provided to the Life Insurance Corporation of India

Uninterrupted Cash In Cash Out (CICO): An Agent Success Model


Business correspondent (BC) agents are crucial last-mile infrastructure that support India’s vision for efficient, population-scale delivery of financial and other government services using Digital Public Infrastructure (DPI). These agents primarily facilitate cash deposits, cash withdrawals (together known as cash-in cash-out or CICO), and optionally facilitate access to insurance, savings products, and various welfare schemes for rural and low-income India.