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About me

I am a Research Director at CAFRAL, which is promoted by the Reserve bank of India. I am an applied economist with interests across banking, corporate finance, household finance, and real estate. I am particularly interested in how government intervention influences bank, borrower, and household decisions.

Research interests: Banking, Corporate Finance, Household Finance, Real Estate


Contact Information

​Nirupama Kulkarni

Research Director

CAFRAL, Research Department

Reserve Bank of India Main Building,

Mezzanine Floor,

Shahid Bhagat Singh Road,

Fort,  Mumbai 400 001

+91 22 22694583 (O)

+91 7506291802 (M)


Email id:




February 18, 2023: Distinguished Speaker at O.P. Jindal Global University at the Global Finance Conclave 2023 talked on “State-owned banks: Challenges and the way forward.”

February 1, 2023: Presentation of "Mortgage Policies, Racial Segregation, and Upward Mobility" at Ashoka University.

January 10, 2023: Presentation of “Bank Deposit Franchise, Interest Rate Risk, and Credit Booms: Evidence from India” at the Asian Econometric Society, Mumbai held from January 10-12, 2023

December 13, 2022: Presentation of "Deposit and Credit Reallocation in a Banking Panic: The Role of State-Owned Banks" at the CAFRAL Annual Conference on The Financial System and Macroeconomy in Emerging Economies held from 12-13 December 2022, Mumbai.

December 9, 2022: Presentation of "Zombie Lending in India" at NIBM Seminar Series.


December 1, 2022: Academic expert for the Department of Economic Affairs for the Physical Workshop (Private Investments in Manufacturing, Housing, Real Estate, and Services) organized by IIT Guwahati.

November 3, 2022: Discussant at NIPFP "Credit Markets Workshop" held on November 3, 2022

July 3, 2021: Panel member at the ISB Impact Forum, 2021 on impact through policy research and intervention.

June 4, 2021: Presentation of The Unholy Trinity: Regulatory Forbearance, Stressed Banks, and Zombie Firms" at the Financial Intermediation Research Society (FIRS) 2021 conference held from June 4-6, 2021

May 5, 2021: Presentation of work on zombie lending at the IIM, Calcutta Research Summer School, 2021 held from 1-10 May, 2021

April 16, 2021: Presentation of "Unearthing zombies" at the Shiv Nadar seminar series. Slides can be found here.

April 3, 2021: Presentation of “Mortgage policies and their effects on racial segregation and upward mobility” at the NBER-RFS conference on Inequality, Discrimination, and the Financial System 

January 7, 2021: Discussion of “Consumer Demand Shocks & Firm Linkages: Evidence from Demonetization in India” at the 5th JAAF India Symposium on January 7-8, 2021 jointly organized by IIMC, IIMA, IIMB, and ISB. 

December 1, 2020: Presentation of "Unearthing zombies" at the IIM-L Finance Research Seminar Series. Slides can be found here.

November 6, 2020: Presentation of "Unearthing zombies" at the Indiana Kelley Junior Finance Conference. Slides can be found here.

July 2, 2020: Presentation of “Fire Sales and Zombie Lending” at the 2nd Asia-Pacific Corporate Finance Online Workshop

May 1, 2020: Panel Discussion on “FinTech and the Covid-19 pandemic” at Varanium Capital Advisors Private Limited

December 20, 2019: Policy Panel Discussion on “Banking Crisis and the Indian Economy” at the 15th Annual Conference on Economic Growth and Development. Slides can be found here.

December 19, 2019: Presentation of "Unearthing zombies" at the 15th Annual Conference on Economic Growth and Development. Slides can be found here.

December 13, 2019:Presentation of "Unearthing zombies" at the Winter School @DSE 2019. Slides can be found here.

November 27, 2019: Presentation of "The unintended consequences of forbearance" at Ashoka seminar series. 

November 11, 2019: Presentation of "The unintended consequences of forbearance" at the conference on "Prepared for the Next Crisis? The Costs and Benefits of Financial Regulation" organized by Norges Bank

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