Bhoi Barendra Kumar

Bhoi Barendra Kumar

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Dr. Barendra Kumar Bhoi is a career central banker and an economist. He served the Reserve Bank of India (RBI) for more than three decades since 1984 and held several responsible positions, including Principal Adviser and Head of the Monetary Policy Department at RBI during 2014-2016. He served as Chief General Manager / Head of the Research Department at Securities and Exchange Board of India (SEBI) during 2005-2007 and as Economic Policy Expert at Central Bank of Oman during 2009-2012.

Currently, Dr. Bhoi is a Visiting Fellow at IGIDR, Mumbai. He is also an independent consultant to FIIs, Private Equities, Mutual Funds, etc. His other activities include delivering special lectures at educational institutions / think tanks / industry associations on contemporary issues; writing special columns in financial dailies; and appearing as a panelist on business news channels.

Dr. Bhoi holds a Ph.D. in Economics from the Indian Institute Technology (IIT) Bombay and a Master’s degree in Analytical and Applied Economics from Utkal University, Bhubaneswar, besides CAIIB from the Indian Institute Bankers. He has served as Member / Secretary / Convener for 27 Committees / Working Groups / Task Force set up by the Government of India / RBI. He has published 23 research articles and 7 book reviews in reputed Economics Journals in India and abroad, in addition to 34 articles in leading financial dailies. Dr. Bhoi’s research interest mainly focuses on monetary economics, international trade and macroeconomics.

Research Papers

  • Aggregate Demand Management, Policy Errors and Optimal Monetary Policy in India, jointly with Abhishek Kumar and Prashant Mehul Parab, IGIDR Working Paper,No. 029, September 2019.
  • Agrarian Distress in India: Possible Solutions, Jointly with Dr. C. L. Dadhich, IGIDR Working Paper, No. 017, June 2019.
  • Capital Flows and External Vulnerabilities of EMEs, Jointly with J. B. Sing, Bank Quest, The Journal of the Indian Institute of Bankers, ISNN 00194921, Vol. 89, No. 03, July-Sept. 2018, pp 43-51.
  • ‘Effectiveness of Alternative Channels of Monetary Policy Transmission: Some Evidence for India’, jointly with A.K. Mitra, J.B. Singh and S. Gangadaran, Macroeconomics and Finance in Emerging Market Economies, February 2017, Vol.10, No.1, pp 19-38.
  • ‘India’s Potential Output Revisited’, jointly with Dr. Harendra Kumar Behera, Journal of Quantitative Economics,  March 2017, Volume 15, Issue 1, pp 101–120 and also as RBI Working Paper Series No. 5, 2016.
  • Farm Loan Waiver: A Critical Evaluation’, jointly with Dr. C.L. Dadhich, brought out as a booklet by Forum of Free Enterprise, Mumbai, August 2, 2017.
  • Macro-prudential Policy and Monetary Policy: An Indian Experience’, SEACEN Conference Volume of High Level Seminar on Integrating Monetary Policy with Macro-prudential Framework, held at Bali, Indonesia, November 6-8, 2013.
  • Developing Debt Market in Oman: A Road Map’, Discussion Paper, available in the CBO Website (, 2011.
  • Developing Corporate Debt Market in India: Issues and Options”, The Hindu Survey of Indian Industry, December 2006.
  • Securities Transaction Tax: International Experience and Lessons for India’, Economic and Political Weekly, Vol. XL, No. 8, February 8, 2005.
  • Monetary Policy in India: Recent Experiences and Future Challenges”, Bank Quest, The Journal of the Indian Institute of Bankers, Vol. 72, No. 2, April-June 2001.
  • Mergers and Acquisitions: An Indian Experience”, RBI Occasional Papers, Vol.21, No.1, Summer 2000.
  • Forecasting of Select Monetary and Banking Aggregates: A Transfer Function Approach” in Econometric Studies & Economic Reforms in India (2000) (eds.) Prof. V.V.N. Somayajulu, Academic Foundation, Delhi, Jointly with Dr. H. Joshi.
  • Inflation Rate and Optimal Growth - Is There a Gateway to Nirvana? in Fifty years of development economics: from planning to liberalization: Essays in honour of Prof. P.R. Brahmananda / editors, A. Vasudevan, D.M. Nachane, A.V. Karnik;  Himalaya Publishing House, 1999.
  • “Integration of Financial Markets in India: An Empirical Evaluation”, RBI Occasional Papers, Vol. 19, No.4, December 1998, Jointly with Dr. S. C. Dhal.
  • “Dynamics of Inflation in India: A Neural Network Approach”, Development Research Group (DRG) Study of RBI, No.16, April 1998, Jointly with Dr. J. C. Parikh, et al.
  • “Emerging Money Markets in India: Agenda for Further Reforms” in the 80th Conference Volume of the Indian Economic Association, 1997, Reproduced in Emerging Money Markets in India, (ed) Dr. Alak Ghosh, Deep and Deep Publication, New Delhi.
  • “Modeling Buffer Stock Money:  An Indian Experience”, RBI Occasional Papers, Vol.16, No.1, March, 1995.
  • “Analytics of the Recent Call Money Rate Behaviour in India”, RBI Occasional Papers, Vol. 14, No. 4, December, 1993.
  • “Money Market Operations and Liquidity Management in the UK and Germany”, RBI Staff Studies, No. SS (DEAP): 7/93 (1993).
  • “Countertrade: A Potential Threat to Multilateralism”, RBI Staff Studies, No. SS (DEAP): 11/92 (1992).
  • “Issue of Instability in Money Demand Analysis: A Perspective”, RBI Staff Studies No. SS (DEAP):  9/92 (1992).
  • “On the Economic Performance of the Major Eastern States of India: Some Issues”, RBI Occasional Papers, Vol. 11, No.1, March, 1990.

Book Reviews

  • Public Policy and Economic Development”, (eds.) Maurice Scott and Deepak Lal,RBI Occasional Papers, Vol. 12, No. 1, March, 1991.
  • “Frameworks for Monetary Stability: Policy Issues and Country Experiences”, IMF(eds.), Tomas J.T. Balino and Carlo Cottarelli, RBI Occasional Papers, Vol. 16, No. 13, Sept., 1995.
  •  “Critique of the New Consensus Macroeconomics and Implications for India”, a Springer publication by Dr. Dillip M. Nachane, Emiritus Professor, IGIDR, Mumbai, in Artha Vijnana, Economic Journal of Gokhale Institute of Politics and Economics Vol. LXI, No.1, March 2019.
  • “Re-Visiting Agriculture Policies in the Light of Globalization Experience: The Indian Context”, edited by Dinesh Marothia, Will Martin, A. Janaiah and C.L. Dadhich; Indian Journal of Agricultural Economics, Vol.72, No.1, Jan.- March 2017.
  • “Demonetisation: The Economists Speak’, edited by Uma Kapila, Academic Foundation, New Delhi, 2017, Indian Journal of Agricultural Economics, Vol.72, No.2, April - June 2017.
  • Inclusive Finance India Report 2017”, a SAGE publication, by M.S. Sriram, faculty at the Centre for Public Policy, IIM Bangalore; Indian Journal of Agricultural Economics, Vol.73, No.2, April-June 2018.
  • BRICS or Bust? Escaping the Middle-Income Trap” by Hartmut Elsenhans and Salvatore Babones, Stanford University Press, First Edition, 2017, in Macroeconomics and Finance in Emerging Market Economies, Vol. 12, No. 3, 2019.

Newspaper Articles

  • ‘Has India’s growth slowdown bottomed out?’ The Hindu Business Line, Oct. 14, 2019.
  • ‘Efficient capital market may kick-start investment cycle in India’, The Financial Express, August 5, 2019.
  • ‘Making the $5-trillion target possible’, The Hindu Business Line, July 31, 2019.
  • ‘NBFCs facing stringent regulatory headwinds’, The Financial Express, May 30, 2019.
  • ‘The way ahead for dealing with NPAs', The Hindu Business Line, May 22, 2019.
  • ‘Why repo rate is not a suitable external benchmark?’ The Hindu Business Line, March 18, 2019.
  • ‘Towards a sustainable Universal Basic Income: Can PM-KISAN surmount implementation hurdle?’, The Financial Express, February 28, 2019.
  • 'Structural reforms must continue', The Hindu Business Line, January 29, 2019.
  • ‘Liquidity management in the limelight’, The Hindu Business Line, Dec. 9, 2018.
  • ‘Relaxing PCA would mean bigger bailout’, The Financial Express, Nov. 28, 2018.
  • ‘Pressure on rupee is deep-rooted’, The Financial Express, September 8, 2018.
  • ‘The impact of the Fed rate hike on EMEs’, The Financial Express, June 18, 2018.
  • ‘Oil hangover can hit India’s macro stability’, The Hindu Business Line, May 8, 2018.
  • ‘India’s oil economy needs prudent supply management’, The Financial Express, April 10, 2018.
  • ‘Sustaining the global economic revival’, The Hindu Business Line, March 14, 2018.
  • ‘Structural farm reforms are the key’, The Hindu Business Line, February 15, 2018.
  • ‘Fiscal prudence must for Budget FY19’, The Financial Express, January 5, 2018.
  • ‘Why financial inclusion has not taken off’, The Hindu Business Line, Dec. 26, 2017.
  • ‘Government must act to contain food price-rise’, The Financial Express, Nov. 17, 2017.
  • Obstacles to monetary transmission’, The Hindu Business Line, Oct. 30, 2017.
  • ‘Minimum-balance obligation needs a rethink’, The Financial Express, Oct. 19, 2017.
  • ‘MPC must attend to liquidity surplus’, The Hindu Business Line, Sept. 22, 2017.
  •  ‘Demonetization depleted RBI profit’, The Financial Express, Sept. 1, 2017.
  •  ‘Is RBI repo rate cut coming?’ The Financial Express, July 14, 2017.
  •  ‘Is WPI useful in India anymore?’ The Hindu Business Line, June 27, 2017.
  •  ‘New factory index may push up GDP’, The Hindu Business Line, May 25, 2017.
  •  ‘Greater policy push required to go cashless’, The Hindu Business Line, April 8, 2017.
  • ‘Time to revisit the bank deposit rates’, The Hindu Business Line, March 24, 2017.
  •  ‘Right time for path-breaking Budget’, The Hindu Business Line, January 18, 2017.
  •  ‘Why emerging economies are vulnerable?’ The Hindu Business Line, Dec. 15, 2016.
  •  ‘What about cash that doesn’t return?’ The Hindu Business Line, November 24, 2016.
  •  ‘Far-Reaching Impact of Demonetisation’, The Economic Times, November 23, 2016.
  •  ‘Demonetisation’s good policy too’, The Hindu Business Line, November 11, 2016.
  • ‘The outlook on output’s pretty good’, The Hindu Business Line, November 4, 2016.

  • Central Bank Reaction Function
  • Supply Shock and Monetary Policy

  • Monetary Theory and Practice