[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...
Coffee Plantations under SARFAESI: A Bitter Brew
[Rahul Machaiah is a lawyer from Karnataka. He holds an LLM in Law & Development from Azim Premji University] On 29 January, 2021, a Division Bench of the Karnataka High Court held in UM Ramesh Rao v Union Bank of India that a coffee plantation is not ‘agricultural land’ under section 31(i) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security...
FIU’s Penalty on PayPal: Should Payment Gateways be Subject to Anti-Money Laundering Law?
Recently, the Financial Intelligence Unit (FIU) penalized PayPal to the tune of Rs. 9 million for not registering itself as a ‘payment system operator’ under the Prevention of Money Laundering Act, 2002 (PMLA), India’s anti-money laundering (AML) law. PayPal appealed against the FIU’s order before the Delhi High Court. In January 2021, the Court directed the Finance Ministry to constitute a...
The Need to Recalibrate the Indian Approach towards Cryptocurrencies
[Santosh S is a III year student at Symbiosis Law School, Pune] Since their advent in global economic affairs, cryptocurrencies have consistently stirred controversy, fear and caution. Despite this, they have proliferated rapidly, causing some significant legal and policy considerations to arise. In tandem with this global trend, cryptocurrency trading saw an increased share in volume in India...
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