What India Needs: Inside India's Central Bank with Alpana Killawala Artwork

What India Needs with Shutapa Paul

Join Shutapa Paul as she delves into social, economic, and environment issues that should matter, speaks to inspiring individuals, while diving deep into every conversation.

Shutapa Paul is an anchor, commenter, author, and media entrepreneur. She has spent almost two decades within the media space, first as a journalist, and now as a media entrepreneur. Currently, she is Founder of award-winning brand-building and communications company, Dharma Media Consultants, where she has been working closely within the investing, startup, and impact ecosystem.

Shutapa has been recognised as:

- BW 40 Under 40 (PR & Corp Comm)
- BW Excel Communications Personality of the Year
- Social Samosa 40 Under 40
- Agency Reporter 40 Under 40
- LinkedIn ‘Top Voice’
- ‘100 Women Faces’ by the Confederation of Women Entrepreneurs
- ‘Woman of the Year in Media and Journalism’ by Woman Times
- Sattva Nation’s Iconic Wellness Award

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What India Needs with Shutapa Paul

What India Needs: Inside India's Central Bank with Alpana Killawala

July 16, 2025 • Shutapa Paul • Season 3 • Episode 3

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Since April 1, 1935, the Reserve Bank of India (RBI) has been protecting India’s economy. Printing currency, managing banks, controlling inflation, and handling the Rupee — the nation’s central bank has been doing it all. But the inner workings of this carefully guarded institution has remained an enigma.

In this episode of What India Needs, Shutapa Paul is joined by Alpana Killawala, former Principal Advisor at the Reserve Bank of India, and an insider who gives us a ‘fly on the wall’ view of the RBI.

From UPI scams and fintech regulation to inflation control and autonomy debates, this conversation sheds light on what the RBI can and cannot do. Alpana shares her personal experiences from landmark events, including demonetisation, the Harshad Mehta scam, and the shift to digital banking, offering unmatched insight into an institution that shapes every Indian’s economic reality.

Watch it now on YouTube or listen to it on Spotify.

#WhatIndiaNeedsPodcast #RBI #UPI #cyberfraud #fintech #inflation #demonetisation #centralbank #indianeconomy #publicpolicy #financialregulation

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00:00:00 - Intro

00:02:18 - India’s economic challenges

00:04:15 - The skipped manufacturing phase

00:06:56 - Responsible innovation & regulating fintech

00:10:18 - UPI’s rise and the scam problem

00:14:20 - Idle youth and job creation

00:15:40 - View on Rupee value and exchange Rate

00:20:12 - The Tussle within RBI

00:24:56 - AI in RBI’s supervisory process