Tag: RBI
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Decoding RBI’s Overhaul of the Payment Aggregator Directions
[Manas Divetia is a IV year B.B.A. LL.B. (Hons.) student at Gujarat National Law University, Gandhinagar] The Reserve Bank of India’s (“RBI”) 2025 Master Direction on Regulation of Payment Aggregators dated 15 September 2025 consolidates and replaces the fragmented 2020 framework, aligning online, physical point‑of‑sale, and cross‑border aggregation under a single, enforceable code that hardwires escrow architecture, KYC, cyber resilience, and FEMA‑compliant cross‑border
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Decoding ECB Restrictions Through the Core Business Lens
[Sanya Purohit and Kushal Agarwal are 4th year students at Hidayatullah National Law University, Raipur in the B.A., LL.B. (Hons.) course] Six years after the Reserve Bank of India (‘RBI’) overhauled its Master Direction on External Commercial Borrowings, Trade Credits, and Structured Obligations (‘ECB Directions’) in 2019, the scope and application of end-use restrictions remain ambiguous, with no formal definitions provided. Although
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The RBI’s New Directions on Investments by Regulated Entities in Alternative Investment Funds
[Aparna Ravi is a Partner and Divyanshu Sharma an Associate at S&R Associates, Advocates] In the past few years, the Reserve Bank of India (“RBI”) has issued directions to regulate investments by banks, non-banking financial companies and other regulated entities (collectively, “REs”) in alternative investment funds (“AIFs”). These regulatory measures have been primarily intended to curb evergreening of
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RBI’s Revised Digital Lending Guidelines: Strengthening Guardrails in an Evolving Ecosystem
[Dhwanil Tandon is a 5th year B.A.LL.B. student at Gujarat National Law University, Gandhinagar] The Reserve Bank of India (“RBI”) on May 8, 2025 issued its updated Digital Lending Directions (“2025 Directions”), significantly reforming and building upon its 2022 guidelines. In recent years, digital lending has proliferated across regulated and unregulated segments alike, driven by platform-based models, app-based credit
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RBI on Regulated Entities in AIFs: From Blanket Prohibition to Calibrated Limits
[Aditi Kanoongo is a 5th year law student at NALSAR University of Law, Hyderabad] The Reserve Bank of India (‘RBI’) recently released draft directions on Regulated Entities (‘REs’) in Alternative Investment Funds (‘AIFs’). The proposed rules follow the earlier circulars issued in December 2023 and March 2024, marking a continued effort by the RBI to strengthen oversight over REs’ indirect exposures
