External Research Schemes


External Research Activities supported by the Reserve Bank through Development Research Group (DRG)

The Development Research Group (DRG) was constituted in the Bank as part of the Department of Economic and Policy Research (erstwhile Department of Economic Analysis and Policy) in November 1991 with the objective of undertaking quick and effective policy-oriented research, backed by strong analytical and empirical formulations, on subjects of current interest.

The Reserve Bank (hereafter the ‘Bank’) provides financial support to Universities and Research Institutions to facilitate theoretical and quantitative research and teaching/ training in economics, banking, finance and other subject of interest to the Bank. The broad categories for providing the Bank’s financial support for Research Activities through DRG are:

  1. Reserve Bank of India’s Endowment Scheme.

  2. Development Research Group Study Series.

I. RBI Endowment Scheme

The RBI Endowments are being operationalised in the following ways:

  1. Corpus Funds

  2. Funding of specific Research Projects

  3. Financial support for publication of Research Journals

  4. Financial support for Conferences/Seminars/Workshops

  5. Scholarship Scheme for Faculty Members from Academic Institutions

  6. Prof. K.N. Raj Memorial National Fellowship Scheme

  7. Programme Funding Scheme.

1. Corpus Funds

The Reserve Bank instituted the RBI Professorial Chairs in premier Universities and Research Institutions in India with due consideration to the geographical distribution and diversification in the areas/ subjects. Prior to 2001, grants for the Chairs, which were in the nature of advances/reimbursements of expenditure, were provided according to their approved annual budget estimates. However, with a view to modifying the Endowment Scheme in line with evolving circumstances, as approved by the Central Board, the system of annual funding of the RBI Chairs was replaced by setting up of corpus funds in these Universities/ Research Institutions. At present, there are 19 Universities/ Research Institutions where the Reserve Bank has set up the RBI Chairs.

2. Financing Research Project

The Reserve Bank has been financing research projects since 1985 under the endowment scheme, initially on an annual basis, for small specific projects submitted by individual scholars, to cover full/ part of the cost of specific research projects/ programmes. However, since 1996-97 the Bank extends financial assistance for projects for longer periods with a view to support the Bank with research in the areas like real, monetary, financial economics etc. for policy purpose.

  • Assignment of the Project is based on the scrutiny of the Project proposals received by the Bank.

  • With a view to benefit the Bank’s researchers, the Bank may identify internal team/ researcher(s) to be a part of the research project.

  • The magnitude of the grant for projects will be based on the need and nature of the project.

  • Funding of the project has to be a one-time amount (budgeted) taking into account all factors during the period of the project. The Bank may design the phasing of release of money during the period of the Project, subject to fulfilment of terms and conditions indicated in the offer letter. The Bank will not entertain any cost escalation or additional amount for the project.

  • The project report will be reviewed by internal as well as external referees.

  • The copyright for the project output will rest solely with the Bank.

3. Financing for Publications of Research Journals

The Reserve Bank provides financial support to non-profit professional societies/ research associations for meeting a part of the cost incurred by them in publishing their Journals covering disciplines like Economics, Econometrics and allied subjects. Financial support is extended for bringing out publications in diverse areas like demography, agricultural economics, agricultural marketing, health economics, econometrics, development economics, monetary economics etc.

Application submission

Any non-profit academic/ research institution is eligible to apply to the Bank for financial grant for publication only once in a financial year.

Details to be submitted in the application

The Reserve Bank may be given the following details for scrutiny of applications from institutions seeking funding for publications of research journals.

  • Name of the Institution

  • Non-profit institution or not

  • Name of the Journal

  • Date of the publication

  • List of co-Sponsors

  • Exact Budget estimates for the Publication (covering details on various major heads, and amount committed by other sponsors).

About Co-sponsor

As the Bank provides only part of the cost of publication after scrutiny, no application will be entertained without any co-sponsors or commitment or indication from the publisher to spend money from own sources.

Compliances

  • The Institution is required to submit utilisation certificate issued by the Chartered Accountant within one month from the date of the release of the said publication, along with two copies of the publication.

  • In case of non-compliances, the Bank will reserve the right to reject the future requests.

Publications

The finally cleared project study by the Top Management will be published on the Bank's' website

Project Studies Completed

4. Financing of Conferences/Workshops/Seminars

The Reserve Bank provides financial support to professional bodies/ research associations and also to Universities/Research Institutions for holding Seminars/ Conferences/ Workshops (henceforth event) in areas which are of relevance to the Bank.

Indicative Guidelines

  • Any academic research institution is eligible to apply for the grant only once in a financial year (July-June).

  • All requests should be submitted two months before the date of the event.

Details to be submitted in the application

The Reserve Bank may seek the following information from the institutions for considering grant for the event:

  • Name of the Institution holding the Seminar/ Workshop/ Conference.

  • Title of the event.

  • Themes and objectives of the proposed event.

  • Number of expected participants/ invitees/ Experts/ panelists.

  • Date/ duration of the event.

  • Venue of the event.

  • List of Co-Sponsors.

  • Detailed Budget estimates for the event (covering details on various major heads, amount committed by other sponsors).

About Co-sponsor

As the Bank sponsors the event partially, no application for event will be entertained without any co-sponsor(s).

Compliances

  • Institution will have to submit utilisation certificate issued by the Chartered Accountant within one month from the date of completion of the event along with the proceedings of the event.

  • In case of non-compliance within the said period, the Bank may reserve the right to reject the future requests from the concerned Institution.

5. Scholarship Scheme for Faculty Members  from Academic Institutions

The scholarship scheme for faculty members aims at bringing on board scholars, who would be able to take up and pursue critical projects successfully and thereby contribute to the Bank’s research universe. The Reserve Bank invites full time faculty members teaching economics or finance in any UGC-recognised institution in India to undertake short term research in the areas of monetary and financial economics, banking, real sector issues and other areas of interest to the Bank.

The broad objectives of the scheme are:

  • To increase awareness about the activities of the Bank amongst faculty members and student community; and

  • To provide exposure to faculty members teaching economics and/or finance in different areas/ activities in the Bank.

Eligibility

The eligibility criteria for the scheme are as follows:

  • Full-time faculty teaching economics and/or finance in any UGC-recognised academic institution in India.

  • Indian nationals.

  • Age below 55 years.

Theme

The major themes of research for the visiting faculty will be decided by the Bank.

Schedule of Scheme

  • The scheme would be operated every year.

  • The completed applications should reach the Bank within one month from the date of advertisement.

  • Interview of short-listed candidates would be held within a month after listing the eligible candidates.

  • Commencement of the scholarship scheme would be within three months from the date of selection of candidates.

Notification

The Bank reserves the right to choose the mode of communication to public, in any/ all of the following ways:

  • Publishing advertisements in leading newspapers across India, including vernacular press.

  • Displaying the advertisement on the RBI website.

  • Sensitisation of full time faculty of Colleges/ Universities/ other academic institutions through our Regional Directors.

  • Information sent directly to select Research Institutions/ Universities.

Submission of Application

  • The application in hard copy may be forwarded to the Director, Development Research Group, Department of Economic and Policy Research, 7th Floor, Central Office Building, Reserve Bank of India, Fort, Mumbai - 400 001. The application should be sent along with detailed curriculum vitae and Research proposal of not more than 1000 words.

  • The application can also be sent in a soft version at email.

Number of scholars

A maximum of five faculties would be considered for one financial year. The Bank, at its discretion, may vary the number of faculty for any year.

Duration of the  Scheme

The duration of each Scheme will not be more than six months.

Facilities

The main facilities that will be made available includes:

  • Economy class returns airfare from place of work in India and RBI Central Office, Mumbai.

  • Payment of monthly allowance for a period of three months. In addition to the monthly remuneration, on completion of the Project/ Research paper and on acceptance of the same by the Bank, payment of honorarium will be made.

Responsibilities

The selected faculty will have the following responsibilities:

  • The selected faculty will be required to submit a research paper/project report that contributes to the Bank’s research activities.

  • The selected faculty could be asked to share the research output through a seminar or a publication within the Bank.

  • The selected faculty would have the permission to publish it elsewhere outside the Bank with prior permission of the Bank in writing.

6. Prof. K N Raj Memorial National Fellowship Scheme

Prof. K N Raj Memorial National Fellowship Scheme has been established by Reserve Bank of India from 2012-13 in honour of Prof. K N Raj for rendering outstanding services by contributing to the economic development of the nation. The Scheme facilitates research scholars from domestic institutions/abroad to engage in research activities for short term in identified academic institutions in India.

1. Objectives

  1. To strengthen and promote academic research activities by encouraging collaborative efforts with eminent research scholar to work in University/ Research institution.

  2. To address some of the policy challenges through short term research activity.

  3. To provide an opportunity to the researchers in University/ Research Institutions to work with distinguished economists.

2. Eligibility

The eligibility criteria for the Scheme are as follows:

  1. Distinguished scholars in the field of social sciences from reputed domestic/ international Universities/ Research institutions (Indian or foreign nationals).

  2. Scholars having outstanding professional contributions including publication of papers/articles in leading international Journals.

  3. Scholars sponsored by reputed domestic/international Universities/Research institutions fulfilling the eligibility criteria.

3. Theme

The theme identified by the Reserve Bank will be the basis for research.

4. Selection Process

  1. Only those applications, complete in all respects, as per format along with a research proposal of not more than 1000 words, received before due date will be considered.

  2. The candidates will be shortlisted on the basis of the research proposal and curriculum vitae by the Selection Committee set up by the Reserve Bank.

N.B.: The Bank will identify research/academic institution (host institution) where the selected scholar has to carry the research work.

5. Submission of Application

The application, along with detailed curriculum vitae and the research proposal, completed in all respect in the prescribed form (format enclosed) should be sent to “Director, Development Research Group, Department of Economic and Policy Research, 7th Floor, Central Office Building, Reserve Bank of India, Fort, Mumbai - 400 001”.

The soft version (in addition to hard copy) and/or any queries related to the Scheme may be sent to email.

6. Number of Scholarship

Only one scholar may be selected at a time under the Scheme.

7. Duration of the Scheme

The duration of the Scheme will be for a period of three months but could be spread across a period of six months in order to give flexibility to the scholar.

8. Responsibilities

The responsibilities of the selected scholar include the following:

  1. The selected scholar will firm up the research topic in consultation with Reserve Bank of India

  2. The selected scholar will have to adhere to the time frame committed to the Reserve Bank under the Scheme.

  3. The scholar on completion of the study should make a seminar presentation at RBI, Mumbai.

  4. Both the Reserve Bank and the scholar will have the copyright over the Study.

7. Programme Funding Scheme

The Programme Funding Scheme has been established to bridge the gap of existing Endowment Schemes and also to encourage research activities to address the newly emerging complex policy issues which are of interest to the Bank. The Scheme will have the following features:

  1. Annual Plan of research programmes (including detailed budget) received from Universities/ Research Institutions will be processed by DRG and put up to Top Management for consideration/approval.

  2. Funding under the Scheme will be for a maximum period of three years.

  3. The Universities/Research institutions receiving the grant will have to agree to the terms and conditions under the Scheme.

  4. Annual performance review will be carried out by the Bank.

  5. Copyright for the research report will rest with the Bank.

II. DRG Study Series

DRG Study Series are the outcome of collaborative efforts between the experts outside the Bank and the pool of research talent within the Bank. These studies are released for wider circulation with a view to generating constructive discussion among professional economists and policymakers.

Initiation of DRG Studies

  • As Secretariat for DRG Study Series, all the proposals for DRG Study Series will be received and processed by DRG.

Assignment of DRG Study

  • The DRG Studies are assigned to external experts with an objective of undertaking quick and effective policy-oriented research of short-term periodicity, backed by strong analytical and empirical formulations, essentially on subjects contributing clarity and solutions to the challenges faced by the Bank.

  • The period of the Study should not, generally, exceed six months.

  • The responsibility for the Study rests with the external expert only.

Compensation

  • The grant amount for DRG Study may be finalised within the indicative range decided by the Bank. The honorarium amount will be released only after acceptance of the Study report by the Bank.

  • An allowance, as decided by the Bank, may be paid as per diem allowance to the external expert during his/her visits to the DRG, Central Office, Mumbai in connection with the Study.

Other Facilities

  • The Bank may provide restricted economy domestic air-fare ticket during visits to Central Office Mumbai.

  • Accommodation during their visit in Mumbai as decided by the Bank.

  • Local transport may be provided at the disposal of the external expert during his/her stay or visit to Mumbai.

  • The Bank may not encourage more than two visits of the external experts to Mumbai depending upon the necessity, and each trip may not exceed two to three days at a stretch.

Peer Review

  • DRG Studies are refereed publications.

  • The comments of the referee will be forwarded to the external expert for his/ her consideration.

Seminar

  • Internal team may be encouraged to present a Seminar on the Study, say after 3 months of commencing the Study in the Central Office of the Reserve Bank, reflecting interim progress report.

  • Besides as indicated above a Seminar in the mid-term of the Project, DRG may arrange for the final Seminar of the Study before its submission to the Bank. Based on the feedback received, the Study may be firmed up by the Study Team.

Publication

Copyright for the research Study rest with the Bank.

DRG Studies Completed

Steering Committee on Economic and Policy Research

The Bank has constituted a Steering Committee on Economic and Policy Research (SCEPR) under the Chairmanship of Deputy Governor (Research), Reserve Bank of India. The major objectives of the Committee are as follows:

  • Identifying broader research areas for external research activities encompassing RBI Chairs, DRG Study Series and Projects.

  • Ensuring accountability, transparency, usefulness and above all timeliness of various Schemes of external research activities of the Reserve Bank.


Administration

All the above schemes will be administered by -
Development Research Group,
Department of Economic and Policy Research,
7th Floor, Central Office Building,
Reserve Bank of India,
Fort, Mumbai - 400 001.

For any further details, contact us at:

E-mail
Phone Numbers: +91-22- 2260 1000 Extn. 2246/ 2528/ 2239
FAX: +91-22-2263 0061.

Server 214
Top