Independent Research and Policy Advocacy

Deepti George Dvara

Deepti George

Deputy ED and Head of Strategy
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With one and a half decades of experience, Deepti leads Dvara Research’s thinking on regulatory and policy themes in financial and banking systems. Deepti’s area of research and advocacy include consumer protection and institutional conduct, financial inclusion, and retail and wholesale financial services within Indian as well as international jurisdictions. She was part of the core technical secretariat to the Reserve Bank of India’s Mor Committee (2014), and SEBI’s Working Group on Social Stock Exchange (2020), and currently serves as a member of the ongoing SEBI Investor Survey Advisory Committee, and as the convenor for the Special Committee of the C20 on Financial Issues as part of India’s 2023 Presidency of the G20.

She has been member of CGAP’s (Consultative Group to Assist the Poor) coalition on Consumer Protection and has contributed to various fora like the International Financial Consumer Protection Organisation (FinCoNet) and the Global Alliance for Mass Entrepreneurship (GAME). In 2019, Deepti was ranked among India’s top 100 women in finance by the Association of International Wealth Management of India (AIWMI).

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Center For Customer Protection



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January 15, 2024 | Dvara Research

Several studies have found that the Indian banking sector, while having a large number of players, has monopolistic competition.

By Deepti George, Madhu Srinivas
January 15, 2024 | Moneycontrol

Banks not passing on rate cuts points to a lack of intensity in price competition and calls for increasing the number of lenders

By Deepti George, Madhu Srinivas
July 28, 2023 | Dvara Research

These recommendations were submitted to the Independent Expert Group for Strengthening the Multilateral Development Banks, under the G20

June 30, 2023 | Dvara Research

The SDG Agenda, the sovereign debt crisis and the climate crisis will need brave leadership from not just individual governments of both the global north and the south, but also groups such as the United Nations, the G20, G7 and others, to closely negotiate tough decisions that can have enough impact on the triple inequality – of wealth, carbon and power.

January 14, 2023 | ET BFSI, The Economic Times

Tremendous efforts have gone into creating new authoritiessuch as the Central Consumer Protection Authority.

June 16, 2022 | Moneycontrol

By requiring only limited public reporting on asset quality, banks in India have enjoyed a level of opacity that banks in other jurisdictions do not

May 3, 2022 | Moneycontrol

An RBI Working Group has suggested that lending service providers be disallowed from providing credit enhancements such as FLDG (first-loss-default-guarantee). However, a risk-proportionate regulation of FLDG could address its risks, while allowing the ecosystem to benefit from innovation.

January 4, 2022 | Dvara Research

In our response, we question the assumptions put forth by the discussion paper for the creation of DBs and the concomitant licensing and regulatory regime.

By Deepti George, Madhu Srinivas
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.