Advanced International Journal for Research

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Monetary Policy and the Standard-Asset Securitisation Market in India: Framing an Empirical Research Agenda

Author(s) Mr. Ankush Rajan Andhare, Dr. Pradeep Thombare
Country India
Abstract Over the past quarter-century, India's standard-asset securitisation market has grown from an experimental niche, occupied by a handful of NBFC originators and a thin investor base, to a market that crossed two lakh crore rupees in annual issuance in FY2025 and is on track to do so again in FY2026. Despite this scale, the relationship between the market and the operating stance of the Reserve Bank of India remains, oddly, one of the least-studied corners of the Indian financial system. This paper sets out the puzzle — record volumes during the sharpest tightening cycle in a decade — surveys the relevant theoretical and empirical literature, and proposes a framework for empirical work that takes seriously the institutional features that make the Indian market distinctive: the dominance of non-bank originators, the priority-sector lending anchor on the demand side, and the continued use of quantitative monetary policy instruments. We argue that the conventional bank-lending-channel framing, useful as a starting point, requires substantial modification before it can speak usefully to the Indian case. Four testable propositions and five outstanding gaps are set out as the basis for a research programme.
Keywords Securitisation; monetary policy transmission; Reserve Bank of India; non-banking financial companies; priority sector lending; pass-through certificates; direct assignment.
Published In Volume 7, Issue 3, May-June 2026
Published On 2026-06-26
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E-ISSN 3048-7641
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