[Manal Shah is a policy researcher in the field of Indian financial regulation] A recent study has ranked India as seventh most affected country by extreme weather events such as floods, storms and heatwaves. Another study conducted by the Council on Energy, Environment and Water (CEEW) indicates that 75% districts and half of India’s population are vulnerable to extreme climate events. In such a...
The Unavailability of Writ Jurisdiction for Interference with One-Time Settlements
The Supreme Court in State Bank of India v. Arvindra Electronics Pvt. Ltd. (4 November 2022) was concerned with the question whether a High Court, in exercise of its writ jurisdiction under Article 226 of the Constitution, can intervene in the terms of a one-time settlement (OTS) entered into between a defaulting borrower and a lending bank, for instance by extending the time period for payment...
RBI Bans Loading of Prepaid Payment Instruments From Credit Lines
[Manasi Chandriani Shah is a Solicitor (B.I.L.S)] Fintech entities, wallet providers, and non-banking financial companies have been mandated to pull the chains on all existing arrangements to facilitate or extend loans through prepaid payment instruments (“PPI”), including cards and wallets. Extending a credit line through any PPI has been prohibited by the Reserve Bank of India (“RBI”). This ban...
Call for Papers: Scholasticus
[Announcement on behalf of Scholasticus] Scholasticus (ISSN 0975-1157) is one of the earliest publications by National Law University, Jodhpur, established with the objective of promoting academic research and fostering debate in the field of Banking & Finance. The Journal has been re-launched after a gap of a few years, and is now published under the aegis of the Centre of Studies in Banking...
Open Banking and Competition in Retail Financial Markets
[Sourav Paul is a 3rd Year B.A. LL. B (Hons.) student at the National University of Juridical Sciences, Kolkata] Rapid technological innovations are changing the fundamentals of the retail financial markets, thereby opening up a new frontier for competition in the industry. The harbingers of the radical changes in the retail banking segment are fintech start-ups, who are deploying innovative...
Use Cases of a Digital Rupee to the Average Household and Business in India
In her Budget Speech, the Finance Minister announced a proposal to issue a Digital Rupee by the Reserve Bank of India (RBI) starting financial year 2022-23. What functions might a Digital Rupee (synonymously, a central bank digital currency or CBDC) issued by the RBI, serve? Identifying the use-cases of a CBDC is critical to the design of the Digital Rupee, and the design of the infrastructure...
LIBOR Transition: Reassessing the Risks and the Viability of Alternative Reference Rates
[Mukund Arora is a second-year BBA LL.B. (Hons.) student at the Symbiosis Law School, Pune] London Interbank Offered Rate (LIBOR) was a benchmark rate used to price lending transactions among major global banks in the international market. It demonstrated the borrowing costs between banks on unsecured terms. According to the Federal Reserve System, it was utilized to price financial products...
P&H High Court on SARFAESI Act and the Right of Redemption
[Velpula Audityaa is an Advocate practicing before the Madras High Court and trial courts in Chennai. He can be contacted at [email protected]] Recently, a division bench of the Punjab & Haryana High Court in Pal Alloys & Metal India Private Limited v. Allahabad Bank (2021 SCC OnLine P&H 2733) had an occasion to consider the effect of the 2016 amendment to section 13(8) of the...
Call for Submissions: Scholasticus Vol. 9(2)
[Announcement on behalf of the Centre of Studies in Banking and Finance at National Law University, Jodhpur] Scholasticus (ISSN 0975-1157) is one of the earliest publications by National Law University, Jodhpur established with the objective of promoting academic research and fostering debate in the field of Banking & Finance. The Journal has been re-launched after a gap of a few years, and...
Analyzing the Fintech Implications of RBI’s Mandate for Interoperability
[Akshay Luhadia and Rohit Gupta are 3rd year B.A., LL.B. (Hons.) students at West Bengal National University of Juridical Sciences, Kolkata] On April 7, 2021, the Governor of the Reserve Bank of India (‘RBI’) announced significant changes in the policies regulating the operation of prepaid payment instruments (‘PPIs’) in India. According to the guidelines under the Payment and Settlement Systems...
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