The Centre for Advanced Financial Research and Learning (CAFRAL) is an independent body set up by the Reserve Bank of India (RBI) in the backdrop of India's evolving role in the global economy, in the financial services sector and its position in various international fora. CAFRAL seeks to develop into a world class global institution for research and learning in banking and finance.

The Governor of RBI is the Chairman of the Governing Council of CAFRAL. CAFRAL's learning arm is engaged in conducting seminars, conferences and other learning programs that serve as a platform for exchange of high-level policy dialogues between the various stakeholders by bringing together regulators, policy makers, bankers, academicians, researchers and practitioners. It also conducts advanced programs for enhancing professional capabilities of senior executives in the financial sector.CAFRAL's research focus is on the areas of banking and finance. Within these broad areas, our interests include financial institutions, financial markets, behavioural finance, corporate finance, household finance and related areas of macro-finance such as monetary economics or international finance. CAFRAL aims to build intellectual capacity in these areas through its own staff, by hosting researchers of international repute and facilitating collaborative research by building data resources and analytical capabilities.


To evolve as a global centre of excellence for policy research and advanced learning in banking and finance


  • Enhance our understanding of how the financial sector contributes to real sector growth through in-house and collaborative research that is useful and relevant
  • Enhance professional capabilities in the banks, financial sector, and among central banks regulators and policy makers through learning events and programs
  • Provide a platform for dialogue between policy makers’ regulators, financial sector, practitioners and academics on issues of topical relevance and systemic importance
  • Communicate and disseminate the conclusions and results of the learning and research activities of CAFRAL to policy makers, central banks, regulators and public at large
  • Collaborate and network with domestic and global institutions with similar mandate for mutually beneficial arrangements


  • To undertake research that will be useful to central banks, regulators and the financial sector
  • To conduct learning programs for central banks, regulators, Boards and senior management in the financial system
  • To provide a platform for academics, researchers and practitioners to explore policy and regulatory issues in banking and finance
  • To disseminate the results of the research and learning activities
  • To collaborate with other institutions within the country and outside to promote research in areas of interest to the Centre



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