TagRBI

Participation of Mutual Funds and Insurance Companies under the RBI’s Stressed Assets Framework

[Sachin Santuka is a B.B.A LL.B. candidate at the National Law University Odisha] After the Supreme Court in Dharini Sugars v Union of India struck down the Reserve Bank of India (RBI) circular dated 12 February 2018, the RBI on 7 June 2019 introduced a revised framework for the resolution of stressed assets. The provisions of the framework are applicable to Scheduled Commercial Banks, All India...

Will the RBI’s Revised Circular on Stressed Assets Sustain its Validity?

[Surya Rajkumar is a BA LLB student at Jindal Global Law School] The Reserve Bank of India (RBI) had on 7 June 2019 issued its revised circular on the resolution of stressed assets following the decision of the Supreme Court of India in Dharini Sugars and Chemicals Limited v. Union of India, (2019) 5 SCC 480, in which it quashed the RBI’s previous circular dated 12 February 2018 as ultra vires...

RBI’s Revised Circular on Resolution of Stressed Assets

[Aayush Mitruka and Vividh Tandon graduated from ILS Law College, Pune and are currently working with law firms in Delhi and Mumbai respectively. They can be reached at [email protected] and [email protected]] The Reserve Bank of India (RBI) announced the much-awaited revised circular on resolution of stressed assets on 7 June 2019. It may be recalled that the Supreme Court had...

Who Does India’s Draft Enabling Framework for Regulatory Sandbox actually Enable?

[Anupriya Dhonchak is a student at the National Law University New Delhi A longer version of this post is available on the Kluwer Competition Law Blog] One of the salient recommendations of the Reserve Bank of India (RBI) Working Group’s Report on FinTech and Digital Banking was the introduction of a regulatory sandbox in India. A regulatory sandbox is an innovative tool which allows market...

Taxation as a Form of Regulating Cryptocurrencies In India

[Samarth Chaudhari is a final year LL.B. student at Jindal Global Law School, Sonipat] Cryptocurrencies, derived from the innovation of blockchain technology, can function as a reliable online payment method with several benefits.[1] However, the Reserve Bank of India (RBI) has unambiguously prohibited all financial institutions regulated by it from dealing in cryptocurrencies and its related...

Chief Risk Officer: Strengthening Risk Management Practices

[Kanakprabha Jethani is with Vinod Kothari Consultants Private Limited] The Reserve Bank of India (RBI) issued a notification on 16 May 2019  requiring non-banking finance companies (NBFCs) having an asset-size exceeding the prescribed threshold to appoint a Chief Risk Officer (CRO) with clear roles and responsibilities to oversee their risk management practices. The CRO shall be required to...

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...

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