Independent Research and Policy Advocacy

Dwijaraj Bhattacharya

Dwijaraj Bhattacharya

Head – Financial Systems Design
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Dwijaraj heads the Financial Systems Design Initiative. His work focuses on households’ access to credit and impediments therein. His research interests include the legislative and regulatory frameworks governing providers, regulators, and other entities in the financial sector. His work also focuses on personal insolvency and bankruptcy.

Dwijaraj holds a Master’s in Public Policy from the National Law School of India University, Bangalore and a Bachelor’s degree in Chemistry from Delhi University. He has previously worked in various capacities across several corporate entities, international non-profits, and NGOs.

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Financial Systems Design



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April 10, 2024 | Dvara Research

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.

March 1, 2024 | Dvara Research

 Our response covers two themes: Leading from a customer protection perspective, our comments emphasise the need for the prospective SRO to have duties towards the customers, at par with responsibilities towards the regulator.

January 30, 2024 | Dvara Research

In this blogpost, we present our comments primarily to the former, but significantly implicating the latter. We include both frameworks since they cover similar subject matter – the creation of an SRO.

January 18, 2024 | Dvara Research

The Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2023, hereafter "Draft Regulations", was released by the Insurance Regulatory and Development Authority of India (IRDAI) in December 2023.

April 14, 2023 | Dvara Research

An action project to help financial service providers detect debt distress among their borrowers and administer interventions to alleviate distress. Read the full report here.

April 14, 2023 | Dvara Research

An action project to help financial service providers detect debt distress among their borrowers and administer interventions to alleviate distress.

March 28, 2023 | Dvara Research

Under the Center for Customer Protection, Dvara Research has been working on developing a market monitoring tool that leverages social media data to identify customer-facing issues with India’s leading payment infrastructure, the Unified Payments Interface (UPI).

March 10, 2023 | Dvara Research

T he Insolvency and Bankruptcy Code, 2016 (Code) is the umbrella legislation for insolvency resolution of corporate persons, partnership firms and individuals

June 17, 2022 | Dvara Research

In this note, we discuss how the current approach of the PCA framework is inconsistent with the objectives it seeks to achieve.

December 1, 2021 | Dvara Research

Bad Banks are typically Government sponsored Asset Reconstruction Companies (ARCs) setup with the primary objective of cleaning up bank balance sheets. Unlike private ARCs, the Bad Banks are setup as a one-time measure with the primary objective of reducing the build-up of Non-Performing Assets (NPAs) post a financial or economic crisis.