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Dr. Ashok Nag

Director, Center of Excellence in Analytics / Data Sciences, SBM, NMIMS

Phone - 91 22 4235 5555

Email -

Academic and Professional Qualification

  • Ph.D. Indian Statistical Institute, Calcutta, 1986 
  • M.Stat. Indian Statistical Institute, Calcutta, 1976 
  • B.Stat. Indian Statistical Institute, Calcutta, 1975

Honors and Awards 

Golden Jubilee Scholar of RBI and was visiting scholar at the Statistics Department of the North Carolina State University at Raleigh, North Carolina, USA between 1991-92.



  • Member of the Executive Committee of Indian Association of Research in National Income and Wealth. 
  • Member of the Committee on Credit Risk Model formed by Deposit Insurance And Credit Guarantee Corporation. 2006-2007

Editorial Boards

  • Member of the editorial board of RBI bulletin. 1998-2000

Courses Taught

National Income Accounting, Data Warehousing, Financial Mathematics

Teaching Experience:

Research Associate at the Center for Development Studies at Trivandrum, Kerala, 1982-1984 

Lecturer of Statistics, Department of Commerce and Business Management, University of Calcutta, 1981-1982 

Research Fellow, Indian Statistical Institute, Calcutta, 1976-1980

Industry Experience

Consultant, Financial Technologies (India) Ltd., 2 years

Sr. Vice President, Financial Technologies (India) Ltd., 8 years

Adviser, Reserve Bank of India

Joined the Reserve Bank of India in 1984 and worked in many areas in various capacities and rose to the rank of Chief General Manager. 1984-2005 (22 years)

Ph.D. Topic

Concept of Class

Research Interest

Application of statistical method in banking and financial area, National Income Accounting, Financial Econometrics, Forecasting, Information management and Data warehousing for the banking sector, Data Modeling.

Recent Publication

  • R.B.I. Occasional Paper:
    • Concept of Work in National Income (June 1988)
    • Planning and employment Note on Changing Macro-Economic Perspectives of Indian Plans - December 1989
    • On Disaggregation of Household Saving into Rural and Urban Components (as co-author of K.G.K Subba Rao) - June 1990. 
    • Foreign Banks in India-Recent Performance (With K.Shivaswamy) - December 1990.
    • Demand for Money: A co integration Approach (With G.Upadhyay) - March 1993. (also included in a book titled Money and Banking ed. By Dr. A. Vasusdevan) 
    • Neural Networks and Early Warning Indicators of Currency Crisis (with Amit Mitra) Vol 20, No. 2, Monsoon 1999
  • Journal of Income & Wealth (Published by Indian Association of Research in National Income & Wealth):
    • Financial Development and Planning in India (With T.Rama.Rao & K.S.R.Rao) - July 1990.
    • Imputation in National Income Accounts: Financial Sector (with co-author K.G.K.Subba Rao) - January 1992. 
    • Production Account in the 1993(SNA) with Reference to the Financial sector (jointly with K.G.K.Subba Rao):- Vol. 19 No.1 January, 1997
  • Economic & Political Weekly:
    • Transfer of Resources from Center & Growth of State Domestic Product (with co-author D.V.S. Sastry) April 7 1990. 
    • Inflation during Eighties: An analytical Review (with G.P. Samanta) - February 19, 1994. 
    • Exchange Rate and Trade Imbalance (with co-author G. Upadhyay): April 2, 1994 
    • Exchange Rate of Rupee and Purchasing Power Parity • (With Amit Mitra): June20-26 199 
    • Yield Curve Analysis for Government Securities in India (With Sudip K Ghose), Vol XXXV No 5. January 29 2000 
    • Credit Growth and Response to Capital Requirements: Evidence from Indian Public Sector Banks” (with Abhiman Das) Vol XXXVII, No 32, August 10, 2002 
    • Liberalization, Ownership and Efficiency in Indian Banking – A Non-parametric Analysis by Das Abhiman, Ashok Nag and Subhash C Ray
  • Journal of the Indian Statistical Association: 
    • Influence of large observation on coefficient of correlation (as co-author with D.V.S.Sastry) - Vol. 28, 1990.
  • Prajnan (A Journal published by National Institute of Bank Management, India):
    • Integration of Financial Markets in India: An Empirical Investigation (with Amit Mitra) Vol XXVIII No 3, 1999-2000 
    • Analysis of performance trajectory of public sector banks in India using self-organizing maps”,(with Amit Mitra), 2002
  • Statistics and Applications:
    • Time series modeling with genetic neural networks: case studies of some important Indian economic and financial series (with Amit Mitra) Vol4 No1 2002
    • Financial Information System for India – A Data Warehousing Approach”, (as co-author of Dr. R.B.Barman) Vol. 3.2001
  • Journal of Social & Economic Development (Published by Institute for Social and Economic Change):
    • Identifying Patters of Socio-Economic Development Using Self-Organising Maps, (with Amit Mitra) January-June 2002
  • International Journal of Forecasting :
    • Forecasting Daily Foreign Exchange Rates Using Genetically Optimized Neural Networks (with Amit Mitra) Vol21, 2002
  • Computational Statistics :
    • Detecting multidimensional outliers from large datasets using self-organizing maps jointly with Amit Mitra and Sharmistha Mitra in Vol. 20 (2), pp. 245-264, 2005.
  • IFC Bulletin (International Fisher Committee of Central-Bank Statistics) :
    • Building a data warehouse for a central bank – CDBMS jointly with Anujit Mitra No21, July 2005
  • Compliance Risk & Opportunity The journal of Risk Management and compliance in Banking :
    • Measuring Operational Risk- Advanced Measurement Approach 1st Issue 2006
  • Omega, The International Journal of Management Science Elsevier :
    • Labor-use efficiency in Indian banking: A branch-level analysis” by Das, Abhiman & Ray, Subhash C. & Nag, Ashok vol. 37(2), pages 411-425, April 2009
  • Information Technology and Management :
    • Bodyshopping versus Offshoring among Indian Software and Information Technology Firms by Sumit K. Majumdar, Kenneth L. Simons , Ashok Nag Published on line 29th December , 2010
  • Asia Pacific Journal of Management :
    • Legal form of the firm and overseas market choice in India’s software and IT industry by Sumit K. Majumdar, Davina Vora and Ashok K. Nag Published online in August 2010
  • Journal of Entrepreneurship :
    • Industry Structure Characteristics and International Entrepreneurship in India’s Software Industry by Sumit K. Majumdar ; Davina Vora Ashok K. Nag September 2010 vol. 19 no. 2 109-136
  • ERM Journal :
    • Basel III- Potential Impact on Indian Banks By Ashok Nag in February 2011 Vol 1.1
  • Advances and Applications in Statistics :
    • Time series lag selection using genetic algorithm, Ashok K. Nag and Amit Mitra, Vol. 4(2), 233-251, 2004
  • The Chartered Financial Analyst-The Analyst :
    • Operational Risk Management- Ensuring efficiency November 2007

Published Conference Proceedings

  • Recent patterns of economic development in the world: an exploratory data analysis using self-organizing maps”, Ashok K. Nag & Amit Mitra, Proceedings of the IASTED International Conference on Artificial Intelligence & Applications, Marbella, Spain, pp. 115-120, September 2001.
  • Measuring Risk in the Indian Equity Market - Extreme Value Theory Based Approach", Published in Proceedings of the UTI Capital Market Conference, December 2001

Paper included in Book

  • Inflation in India: A Multidimensional View Through Various Price Indices”, as co-author of Dr. R.Barman in Minhas, B.S. [Ed.], National Income Accounts and Data Systems, OUP, 2002.

Publication in Business Dailies

  • Top Private Sector Companies in Business Standard, Calcutta - December 29, 30 and 31, 1983
  • Inflation in Economic Times, Bombay (with G.P.Samanta) - December'92

Unpublished Conference Paper

  • Structure and Performance of top Private Sector Companies - Presented at Indian Econometric Conference, January 1983. 
  • Economic Development and Structural Change in Working Force - Presented in the IARNIW conference held at Madras, November 1987. 
  • Research in National Income: Some Issues (as co-author of R.N.Rao) - Presented in 13th seminar of IARNIW held at Hyderabad, February 1993. 
  • Identification of sources of fluctuation in nominal and real exchange rates of rupee with sensitivity analysis for identifying assumption (with K.Rajkumar) - Presented at 30th conference of the Indian Econometric Society held on 1-3 May 1994, Mysore University. 
  • Modification in Data Flows in the Banking Sector in a Liberalized Environment (co- authored with Shri. K.G.K.Subbarao) - Presented at the Seminar of IARNIW at New Delhi, March 1995. 
  • Smooth Transition Conditional Heteroscedasticity (STARCH) Model-presented at 31st conference of the Indian Econometric Society held on 11-13 May 1995 at NIBM Pune. 
  • Revised System of National Accounts and its Application to Indian Financial Sector (with K.G.K.Subba Rao. -presented at 20th Conference of IARNIW held at Calcutta between 3-6 February 1996.
  • Testing of stability of Money Demand Function -paper presented at 32nd conference of Indian Econometric society, held at Bangalore between 21-23March,1996 
  • Smooth Transition Autoregression Conditional Heteroskedasticity (STARCH) with Application to Modelling Non-Linear Dynamics of Stock Market Return-( with co-author G.P.Samanta)- paper presented at Bernoulli Society East Asia & Pacific Regional Conference held at Hong Kong University of Science & Technology, December 2003

Monographs published

  • Stabilization policies in India: A macro econometric analysis (as a co-author with Prof. B.B. Bhattacharya and Dr. R.B.Burman) - A RBI DRG Study Report.
  • Portfolio Selection for Management of Foreign Exchange Reserves (as a co-author with S.R.Mohan and others)-a RBI DRG study report
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