Blog
Position papers and essays on UPI monetisation, household gold, and India's financial infrastructure.
UPI Monetisation · Response Essay
UPI Doesn't Need a Price. It Needs a Financial Operating System.
Duvvuri Subbarao is right that UPI needs a sustainable economic model. But sustainability isn't the same as who should capture the value UPI's transaction data creates.
September 2026~16 min readRead the essay
Household Gold · Position Paper
India's Household Gold Is an Asset Class Waiting for Infrastructure
India holds 23,000-31,000 tonnes of household gold, most of it economically idle. The constraint isn't willingness to monetise it — it's the absence of infrastructure that lets a family unlock its value without selling it.
August 2026~18 min readRead the essay
UPI Monetisation · Position Paper
Why Merchants Should Not Pay for UPI
The UPI MDR debate keeps asking who should pay for the transaction. The better question is who benefits most from the fact that it happened at all.
August 2026~15 min readRead the essay