Ravi Vatsa
Assistant General Manager @ Reserve Bank of India (RBI)
About
As a central banker working in the Financial Markets Regulation Department, and earlier in the Foreign Exchange Department of the Reserve Bank of India, I have had the privilege of shaping India's evolving regulatory architecture in the foreign exchange space contributing to the formulation of foreign exchange regulations and driving policy work related to capital flow management and external sector liberalization. I work at the intersection of financial markets regulation and policy, with a focus on India’s Fx, Rates, Bonds and foreign exchange spot and derivative markets. My role spans the design and oversight of products, trading frameworks, settlement systems, governance, and market conduct—ensuring markets remain transparent, efficient, and resilient. I am deeply engaged in policy work relating to non-resident investment in RBI-regulated debt instruments, enabling smooth capital flows while balancing stability and access. As a member of the Policy Screening Committee, I help shape strategic decisions and regulatory frameworks. I have been closely involved in drafting FEMA regulations, facilitating cross-border payment innovation through regulatory sandboxes, and enabling new forex market access for standalone primary dealers. I also played a key role in the design and rollout of APConnect, an end-to-end digital platform for streamlining authorisation processes under FEMA. Prior to RBI, I worked as a Senior Consultant with PwC India’s Government Advisory practice, supporting the rollout of one of India’s largest financial inclusion initiatives for a state government. Earlier, I served in the development sector as a Research Associate collaborating with multilateral organizations and various government bodies to shape impactful social sector strategies. In 2014, I was honored with the Prime Minister’s Rural Development Fellowship by the Government of India for contributing to institutional capacity-building and strengthening governance in some of India’s most remote districts. With a strong belief in financial inclusion, transparent governance, and innovation-led policy, I aim to contribute meaningfully to India’s evolving financial landscape—balancing innovation, market development, and stability through a principle-based regulatory approach. Let’s connect if you’re passionate about international finance, regulation, forex markets, cross-border payments, or digital policy infrastructure.
India
Mumbai
Public Policy
Financial Risk Management, Risk Assessment, Risk Management, Government Securities, Market Monitoring, FX Derivatives, Foreign Exchange (FX) Trading, Foreign Investment, Bond Markets, Administrative Law, Legal Writing, Financial Markets, Macroeconomics, Financial Sector Reform, International Development, Foreign Exchange Management, Thought Leadership, Project Delivery, Client Relations, Stakeholder Management
Experience

Assistant General Manager
🔹 Forex Markets – Regulating India's Fx, Rates, Bonds and Derivative markets covering products, trading, settlement, governance, market conduct, prevention of market abuse, and customer protection. 🔹 Financial Market Infrastructures (FMIs) – Regulate and supervise Central Counterparties (CCPs), Trade Repositories (TRs), and Electronic Trading Platforms (ETPs), ensuring resilient, transparent, and efficient market infrastructure. 🔹 Non-Resident Investments – Institute regulatory framework under FEMA for non-resident investment in debt instruments, FPI flow management and policy reforms balancing capital flow facilitation with macro-financial stability. 🔹 Supervision of FX Operations – Oversee foreign exchange operations of banks under RBI’s SPARC framework, identifying material risks, assessing governance and control systems, and engaging with banks to strengthen risk management practices. 🔹 Policy & Development – Contribute to the evolution of India’s financial markets and regulatory frameworks, promoting innovation and accessibility while safeguarding stability through a principle-based approach. 🔹 Member, Policy Screening Committee – Involved in high-level policy deliberations as a core member of the Policy Screening Committee, responsible for reviewing, evaluating, and recommending regulatory proposals under FEMA for strategic alignment with macroeconomic priorities.

Manager
Mumbai
🔹 Member, Policy Screening Committee Contributed to high-level policy deliberations as a core member of the Policy Screening Committee, responsible for reviewing, evaluating, and recommending regulatory proposals under FEMA for strategic alignment with macroeconomic priorities. 🔹 Drafting of FEMA Regulations Led the drafting and revision of key FEMA regulations and guidelines, ensuring alignment with evolving market practices, legal clarity, and facilitation of external trade and payments while maintaining regulatory safeguards. 🔹 Regulatory Sandbox on Cross-Border Payments Evaluated applications under regulatory sandbox initiatives focused on innovative cross-border payment solutions; collaborated with fintechs, banks, and internal stakeholders to assess regulatory impact and enable safe experimentation in a controlled environment. 🔹 Authorisation of Standalone Primary Dealers for Forex Market-Making Spearheaded policy formulation and implementation enabling standalone primary dealers to access and offer full-spectrum forex market-making services under FEMA, enhancing market depth and competition. 🔹 Development of APConnect Software Platform Conceptualized and steered the development of APConnect, a digital platform for seamless processing of FEMA authorisation applications, enhancing transparency, turnaround time, and stakeholder convenience.

Research Associate
New Delhi Area, India
-Social sector projects in education, health and sanitation for World Bank and UNICEF -Executed multiple research projects in rural India for UN bodies, central govt. ministries, state govts and international research organizations.

Project Associate
Vikas Bharti
Ranchi Area, India
Education

Finance, General
- National Champion of 'C-Suite Challenge', the flagship leadership competition at ISB Advaita 2015, Indian School of Business - Winner (East zone) of 'Parivartan', the policy making case competition at Confluence 2014, IIM Ahmedabad - National Winner of 'Strategist', the consulting case competition at Khlur-Thma 2015, IIM Shillong - National Finalist of 'Clash of the Imperialists', the Economics & Strategy competition at Confluence 2015, IIM Ahmedabad - National Finalist of 'Lakshwiz Bazaar 2015', the marketing case competition at NITIE, Mumbai - National Finalist of 'Tek-Quest 15', the technology case competition at Backwaters, IIM Kozhikode - Campus Finalist of 'Transcend 2015', Colgate Palmolive's Sales&Marketing Case Competition - Campus Finalist of 'KICC 2014', the KPMG International Case Competition - Published a paper "Is this all Greece's fault?" in September 2015 edition of FINALOGUE, the journal of Finance Association at XLRI
Ravi Vatsa's Contact Information
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