This five-day program aims to provide a leadership competency framework, curated for senior & emerging leaders in the financial sector, to create demonstrable and high impact leadership quotient. The program has been designed with Catallyst Executive Education Institute (CEEI) for senior and middle management leaders of banking and financial services organizations in India. The program would also focus on high level functional skills of critical importance for financial sector leaders such as those relating to governance, strategy and risk.

Nations vary widely in how often they are governed by left-wing governments. Using data from 56 nations over 45 years, we find that the propensity of a nation to elect the left is positively correlated with both the average level and volatility of their sovereign spreads. To explain these facts, we build a quantitative sovereign default model in which two policymakers (left and right) alternate in power. Re-election probabilities are increasing in government spending, with the left having a small advantage (as found in the data). We use variation in the responsiveness of re-election probabilities to government spending in order to create economies that elect the left more or less frequently in equilibrium. We call these the left leaning and the right leaning economy. The left leaning economy faces worse borrowing terms due to higher default risk.

It is thus imperative for Banks, Financial Institutions and NBFCs to enhance their fraud risk management systems including their framework for Early Warning Signals. It is necessary for the Board members & senior officials to have a sound understanding of the audit and investigation processes relating to frauds, to strengthen their fraud governance and response systems and ensure effective implementation of fraud prevention measures.

This paper examines the value and impact of using purchase-level information, specifically its role in alleviating the information asymmetry in the credit markets. Using a proprietary lending dataset from a firm operating in the BNPL industry, I evaluate the underwriting practices of the lender and document three findings - i) the lender’s internal score predicts the likelihood of a loan defaulting with 18% greater accuracy than traditional credit score, ii) the lender’s internal score incorporates purchase-level information, and iii) the lender prices a significant portion of loans using purchase-level information.

The Conference of CHROs and CLOs aims at bringing together visionary leaders who would shape their future work force. The objective is also to obtain feedback on the way forward and appreciate the learning gaps to further enhance the professional awareness and capabilities of senior executives and top management of banks who would be the future leaders in the financial sector.

The Insolvency and Bankruptcy Code (IBC) has proved to be a pivotal legislation, shifting the corporate insolvency resolution process towards a creditor-driven approach with strict timelines. It has resulted in successful rescues in the number of cases with partial success in optimizing stakeholder value. The proposed CAFRAL conference, "Resolution of Stressed Assets and IBC - Future Roadmap," seeks to assess the seven-year impact of IBC, and ways to enhance its effectiveness in addressing the evolving challenges in insolvency resolution.

I examine the impact of financial friction, specifically borrowing from non-bank financial Corporations (NBFCs), on firm-level investment responses to the Reserve Bank of India (RBI) monetary policy shocks. My empirical analysis demonstrates that when firms borrow from NBFCs, their investment responsiveness to RBI monetary shocks decreases. I develop a quantitative New-Keynesian dynamic stochastic general equilibrium model with investment, default risk, and bank and NBFC borrowing to interpret this result. Until recently, the RBI’s stringent regulations did not apply to NBFCs. In addition, they don’t have creditor rights under various regulations, including the SARFECI Act.

We examine how global institutional funds respond to news-based economic policy uncertainty (EPU) in their investment destinations. On average, we find a negative flow-EPU relationship for global funds, with that negative response being weaker for destinations which are more familiar, share similar legal and cultural origins, have strong democratic government and legal rights, and are more informationally transparent. We document a significant transmission of EPU shocks internationally via multi-country presence of the global institutional funds.