No doubt, the central banks support research in academic and other research institutions. Often, the central banks provide significant inputs to national statistical endeavours, particularly in regard to financial sector. We, in the RBI, attach great value to the interactions with the academia in several ways.
The foundation for financial sector reform in the early 1990s, in India, was laid down by Governor Rangarajan, an academic, originally drawn from a Professorship of the Indian Institute of Management, Ahmedabad. The Board of the Reserve Bank generally has four academics of eminence, two each from economics and sciences. On an ongoing basis, the Reserve Bank benefits from active inputs from academics.