Submission to International Finance Corporation (World Bank Group) for the inclusion of risks of over-indebtedness and debt distress among microfinance borrowers, in its Environmental and Social (E&S) Framework
In response to the public consultation, we argue that borrower over-indebtedness is a customer protection concern that must be explicitly recognised in the revised E&S Framework.
Comments on the Draft Amendment Directions Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation, dated 10 April 2026
On 10 April 2026, the Reserve Bank of India released the “Draft – Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Second Amendment Directions, 2026”. The Draft Amendments provide a new methodology to classify Non-Banking Financial Companies (NBFCs) in the Upper Layer of the scale-based regulatory framework, […]
Comments to the Discussion Paper – Exploring safeguards in digital payments to curb frauds
In this response, we present our comments to the paper. We divide our comments into three sections.
Comments to Draft Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Amendment Directions, 2026, dated 6 March 2026
In this response, we present four recommendations to the Draft Amendments.
Principles of responsible and trustworthy AI in digital lending
The paper explores what RTAI means in the context of digital lending. The first section compiles principles of RTAI along with its essential components. The next section maps relevant tools for each principle. These tool recommendations can help lenders implement RTAI practices in their operations.
Examining ‘Gender Gap’ in Financial Inclusion in India using the Global Findex Database 2025
This blog critically examines the concept of the “gender gap” in financial inclusion by distinguishing between unconditional differences and those that persist after controlling for socio-economic factors, using evidence from the Global Findex 2025 dataset
Heterogeneity in India’s Nano-Enterprises: A Heuristic for Delivery of Suitable Credit
This blog is the second in our two-part series on nano-enterprises, building on the discussion introduced in Part 1.
Mapping India’s Informal Enterprises: A Descriptive View from ASUSE
This blog is the first in a two-part series on nano-enterprises, a segment that remains underrepresented in official statistics and policy discussions. It presents a descriptive overview of India’s unincorporated enterprises using evidence from ASUSE, laying the empirical foundation for subsequent analysis focused on nano-enterprises.
Comments to Draft Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Amendment Directions, 2026, dated 11 February 2026
In this response, we present our comments to the Draft Amendment Directions for ‘Advertising, Marketing and Sales of Financial Products and Services by Regulated Entities’ issued by the Reserve Bank of India on February 11, 2026.
India’s Most Recent Microfinance Crisis: Theory, Empirics & Learnings
In the paper, we lay out a theoretical frame for thinking about microfinance crises. The theoretical frame draws from Hyman Minsky’s 1977 work on financial instability, and layers over it a cultural reasoning that recognises overlending and overborrowing as cultural traits that sometimes takes hold of microfinance markets.
