The Reserve Bank of India Occasional Papers (RBIOP) is the official research journal of the Reserve Bank of India, which provides a forum for publication of research work done by the RBI Staff, independently and/or in collaboration with independent researchers outside the Bank. The journal is dedicated to publishing peer-reviewed, high-quality, analytical and empirical research work on a broad range of issues of interest to a large audience, including policymakers and academics. The journal is published bi-annually, both in print and online form, as an open-access journal on the Bank’s website.

The views expressed in the articles and book reviews published in this Journal are those of the authors and do not reflect the views of the Editorial Committee or of the Reserve Bank of India. Moreover, the responsibility for the accuracy of the statement contained in the contributions rests with the author(s).