The Centre for Advanced Financial Research and Learning (CAFRAL) has been set up by Reserve Bank of India in the backdrop of India’s evolving role in the global economy, in the financial services sector and its position in various international fora, to develop into a global hub for research and learning in banking and finance.


CAFRAL is a not-for-profit organisation; it is an independent body fully funded by the Reserve Bank of India (RBI).

It is engaged in conducting seminars, conferences and other learning programs for central banks, regulators, senior management in the financial sector, industry and government on matters related to banking and finance. CAFRAL undertakes research in areas of interest to the financial sector. It aims to provide a platform for academics, researchers and practitioners to explore issues in banking and finance so as to develop relevant policy and strategies. In carrying forward its objectives, CAFRAL also explores collaboration with other institutions and academics for its research and learning programs.


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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