CAFRAL is a research institution set up by the Reserve Bank of India. Our focus is on the areas of banking, finance and macroeconomics. Within these broad areas, our interests include financial markets, monetary economics, international finance, macro- finance, corporate finance, and behavioural finance.


CAFRAL aims to build intellectual capacity in these areas through its own internal hires, by hosting researchers of international repute, and facilitating collaborative research by building data resources and analytical capabilities.

The selected candidates –

· Will assist and work with CAFRAL researchers and research visitors on projects. The output will be articles that inform policy and papers targeted for publication at high quality finance and economics journals.

· Will assist in putting together the data resources and assist with the relevant analytical statistical and econometric tools necessary to execute the research projects.

· Research associates can expect a vibrant research environment, exposure to issues of policy and academic interest, and the chance to work with interesting datasets, mathematical and statistical toolkits used to address them. They will interact with senior faculty and scholars from top ranked universities and research institutions in the world.

We prefer applicants who have completed their Masters degree in finance, economics, statistics and data analytics, engineering or computer science with significant potential in above requirement at the junior level. Programming skills in STATA and MATLAB or ability to acquire them are necessary. Candidates with Bachelor’s degrees will also be considered on case-by-case basis.


Strong motivation is critical. Our work environment gives you many opportunities to learn and participate in research. Candidates should be enthusiastic about our core areas of research and also be capable of benefiting from what we do in these areas.

Our job experience will provide you with the training to get into top Ph.D. programs.

Selected candidates will be offered contracts of up to two years with some chance of renewal for a third year. Compensation will be about INR 7.2 lakhs per year for candidates with Master’s degrees + performance related bonus after successful performance of one year.