The Reserve Bank of India instituted the endowment scheme in 1976 with annual grants for research in Economics and allied subjects. In March 2002, the Bank replaced the scheme with a one-time Corpus Fund of Rs.150.00 lakh for the purpose of research and for higher levels of learning in finance, banking, economics and related areas. On account of the changes in interest rates, inflation and implementation of sixth UGC pay revision, the Bank enhanced the Corpus to Rs.400.00 lakh.
Professor Manmohan Agarwal was Chair Professor of the RBI Unit on Economic Development till the period March 12, 2019, when he completed his term.
The Committee of Direction in its meeting of 20 January, 2020 decided to nominate Prof Sunil Mani as Chair Professor of the Unit with effect from February 7, 2020.
Prof. Sunil Mani