TagRBI

Supreme Court on RBI’s Circular Relating to Insolvency: A Critical Analysis

[Rishabh Sant Tiwari is a 5th year B.A. LL.B. (Business Law Honours) student at National Law University, Jodhpur, India] The 12 February 2018 circular of the Reserve Bank of India (RBI) was assailed as ultra vires the powers given to it under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934 in Dharani Sugars and Chemicals Ltd. v. Union of India. The Challenge Curious Case...

Voluntary Retention Route for Foreign Portfolio Investors

[Bhawana Keshwani is a student at Law College Dehradun, Faculty of Uttaranchal University] In March 2019, the Reserve Bank of India (RBI) along with Government of India and the Securities and Exchange Board of India (SEBI) introduced a new window called “Voluntary Retention Route” to encourage Foreign Portfolio Investors (FPI) to lock their investments in India for a considerable period. This...

Consumer Protection and Payment Wallets – A Case for Tech-based Intervention

[Debanshu Mukherjee heads the Corporate Law and Financial Regulation vertical at the Vidhi Centre for Legal Policy, a New Delhi based independent think-tank. Shehnaz Ahmed is a Senior Resident Fellow at the Vidhi Centre for Legal Policy. Param Pandya is a Research Fellow at the Vidhi Centre for Legal Policy. An expanded version of this post has appeared in the Oxford Business Law Blog]...

RBI’s Circular Invalidated: A Potential Watershed Moment in the Indian Insolvency Regime

[Saurav Roy is a final-year law student [V B.A.LL.B] at ILS Law College, Pune] On 2 April 2019, a Supreme Court bench of Justice Rohinton Nariman and Justice Vineet Saran delivered a landmark judgement in the case of Dharani Sugars and Chemicals Ltd. v. Union of India which deals with the pertinent issue of a controversial circular issued on 12 February 2018 titled “Resolution of Stressed Assets...

Relief for Distressed under the Insolvency & Bankruptcy Code

[Utkarsh Jhingan is a fourth year BA LLB (Hons.) student and Rakshit Raj Singh a third year BA LLB (Hons.) student at NUALS, Kochi] India’s corporate sector debt has become a cause for concern as the mounting debts of major companies are at an unsustainable level. In recent years some of the companies have been entangled in a debt trap as their debt payment requirements have grown at a higher...

RBI’s Ombudsman Scheme for Digital Transactions

[Falaq Patel is a 4th Year BBA-LLB student at Symbiosis Law School, Hyderabad] The Payment and Settlement Systems Act, 2007 (the ‘Act’) is a legislation designed to provide the Reserve Bank of India (‘RBI’) with regulatory and supervisory powers over all payment systems in India and authorise it to set up a committee of its central board, known as the Board for Regulation of Payment and...

Real Estate Intermediaries: A Missed Opportunity in the Recent ECB Framework?

[Bhavin Gada, Soumya Shanker and Sharan Sanil are with M/s Economic Laws Practice, Advocates and Solicitors. The views of the authors are personal] Recently, the Reserve Bank of India (“RBI”), through the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, consolidated all the erstwhile foreign exchange regulations governing the borrowing and lending in foreign currency or...

RBI Notifies New Framework Policy for External Commercial Borrowings

[Nidhisha Garg is a 3rd year B.A., LL.B (Hons.) student at the National Law Institute University, Bhopal] On 16 January 2019, the Reserve Bank of India (RBI) notified the new policy for External Commercial Borrowings (ECB). It seeks to revise the policy that was earlier in place by virtue of the Master Direction on External Commercial Borrowings dated 1 January 2016, as updated from time to time...

RBI’s Amendment to the Hedging Policy for ECBs: Reasoning and Impact

[Saher Fatima and Siddharth Tandon are III year students at the National Law University, Jodhpur] Introduction Over the years, external commercial borrowings (“ECB”) have become a preferred source of finance for Indian entities. ECBs refer to commercial loans in the form of bank loans, securitized instruments, buyers’ credit or suppliers’ credit availed of from non-resident lenders with a minimum...

Prompt Corrective Action

[Manal Shah is a B.A. LL.B. (Hons.) student at the National University of Advanced Legal Studies, Kochi and writes at thesecuritiesblawg.in] Prompt corrective action (“PCA”) is intended to “intervene early and take corrective measures in a timely manner, so as to restore the financial health of banks that are at risk by limiting deterioration in their health and preserving their capital levels”...

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