A public dispute has emerged between the Reserve Bank of India (RBI) and the State Bank of India (SBI) after an RBI economist accused SBI researchers of copying sections of the central bank’s Monetary Policy Reports (MPRs) without credit.
The issue came to light during Diwali when RBI economist Sarthak Gulati posted screenshots on LinkedIn alleging that SBI’s Ecowrap research reports from April and October closely resembled the RBI’s MPRs in structure, language and visuals. He claimed that paragraphs, charts and the overall presentation in the Ecowrap issues were replicated from the RBI’s reports.
Gulati wrote on LinkedIn that professionals in economic research depend on originality, attribution and integrity. He said it was concerning to see what appeared to be verbatim replication of the RBI’s MPRs in SBI’s Ecowrap reports without attribution.
The economist cited examples from the July 2025 Ecowrap, which he said reproduced large parts of Chapter 2: Price and Cost from the RBI’s April 2025 MPR, including key charts and narratives. He also said the October 2025 Ecowrap used similar language and structure to the RBI’s October 2025 MPR.
Gulati added that boxed items in the RBI’s MPR — often used to highlight original analysis — appeared in the Ecowrap as if they were SBI’s own work.
SBI Denies Allegations
Ecowrap, SBI’s flagship research note, is led by Soumya Kanti Ghosh, who also serves on the Finance Commission and the Prime Minister’s Economic Advisory Council. Responding to the allegations, the SBI research team dismissed them as “sensational.” Team member Tapas Parida defended the group’s methodology as independent of the RBI’s and said their data tables cited sources such as “RBI, NSO, and SBI Research.”
In two LinkedIn posts, Parida said similarities across research reports are natural in economics because the field often explores common datasets and questions. Addressing the charge that the July 2025 Ecowrap copied the RBI’s April 2025 report on spatial price convergence, he acknowledged the depth of the central bank’s study but said SBI’s analysis focused on one-year data to capture the latest inflation trends influenced by recent economic disruptions.
Parida said the Ecowrap’s reference to β-convergence was drawn from established economic literature. He added that SBI’s research was transparent, with its equations and analytical framework published and distinct from those used by the RBI.
On claims that the October 2025 Ecowrap mirrored the RBI’s October 2025 MPR, Parida said both reports relied on publicly available data from the Ministry of Statistics and Programme Implementation (MOSPI). He said SBI updated the analysis using the latest MOSPI data and acknowledged the RBI as a source, sharing documentation to support his statement.
Calls for Constructive Dialogue
Parida ended his response by quoting the Sufi poet Rumi, saying, “Raise your words, not voice. It is the rain that grows flowers, not thunder.” He said the repetition of meaningful ideas should not be mistaken for plagiarism but as the reproduction of valuable thoughts for broader understanding.
He added that SBI Research views quality research as a collaborative process that depends on open debate and knowledge sharing. He said such exchanges strengthen research integrity and contribute to India’s continued progress.
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