Independent Research and Policy Advocacy

Amulya Neelam Dvara

Amulya Neelam

Senior Research Associate
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Amulya is a Senior Research Associate in the Financial Systems Design initiative. Her research focuses on understanding and improving access to suitable financial services for all, especially low-income households. Her work aims to enable the creation of a regulatory framework that fosters both meaningful inclusion and financial stability.

Amulya holds a Master’s in Rural Management from the Institute of Rural Management, Anand. She also holds a dual degree from BITS Pilani with a Bachelor’s in Chemical Engineering and a Master’s Degree in Mathematics. Previously, she served in a project management role with Tata Trusts in Odisha and has also gained experience in the field of education assessment.

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Financial Systems Design



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January 14, 2024 | Dvara Research

An action project to help financial service providers detect debt distress among their borrowers and administer interventions to alleviate distress. To read full report, Click here.

April 14, 2023 | Dvara Research

An action project to help financial service providers detect debt distress among their borrowers and administer interventions to alleviate distress.

January 9, 2023 | ThePrint

Low-income households work with irregular income inflows, resulting in shrinking financial planning horizon and necessitating frequent decisions in response to frequent changes.

March 14, 2022 | Dvara Research

We presented detailed feedback on the Reserve Bank of India’s Discussion Paper on Review of Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks in the form of answers to the ten questions posed within the Discussion Paper.

By Amulya Neelam, Madhu Srinivas
December 14, 2021 | CNBC TV18

Complex financial instruments and products can help consumers to meet their precise financial needs even if they are opaque in their design details due to the underlying mathematical principles. Regulators need to understand that restricting complexity in design is not in the best interests of the consumer.

By Dr. Nachiket Mor, Amulya Neelam
December 1, 2021 | Dvara Research

Bad Banks are typically Government sponsored Asset Reconstruction Companies (ARCs) setup with the primary objective of cleaning up bank balance sheets. Unlike private ARCs, the Bad Banks are setup as a one-time measure with the primary objective of reducing the build-up of Non-Performing Assets (NPAs) post a financial or economic crisis.

December 1, 2021 | omifoundation

In this policy brief, we compare the design and historical experience of Bad Banks in other jurisdictions with the newly setup NARCL across dimensions relating to legal character, government control, objectives, funding sources, resolution process and level of haircuts. We perform this analysis for the Resolution Trust Corporation in US, Securum and Retrieva in Sweden, Korea Asset Management Company in South Korea and Fondo Bancario de Protección al Ahorrro in Mexico. Using the insights from our comparative analysis, we identify certain design flaws in NARCL and propose some policy measures to rectify them.

August 3, 2021 | Dvara Research

A Convening on ‘Emerging Customer Risks in Digital Lending’ was conducted on April 22nd and 23rd, 2021, by Dvara Research Foundation in collaboration with the Consultative Group to Assist the Poor (CGAP).

By Amulya Neelam, Sarah Stanley, Eric Duflos, Jayshree Venkatesan
August 3, 2021 | Dvara Research

Dvara Research, in partnership with CGAP, co-organized a round table on customer risks in the digital lending space. Here is the proceedings

By Sarah Stanley, Amulya Neelam, Jayshree Venkatesan, Eric Duflos
June 23, 2021 | Dvara Research

In this post, we analyse the RBI's proposed policy changes to payments and settlements sector and how they might impact the PBs and PPIs

By Amulya Neelam, Srikara Prasad