7 October, 2017
Reserve Bank Directions – Commercial Paper
The Reserve Bank of India (“RBI”), has issued notification dated August 10, 2017, pursuant to which it has issued Reserve Bank Commercial Paper Directions 2007. The said directions came into force on August 10, 2017.
Reserve Bank Directions – Tri-Party Repo
The RBI has issued notification dated August 10, 2017, pursuant to which it has issued Tri-Party Repo (Reserve Bank) Directions, 2017.
DBS Bank wins RBI approval
Singapore's biggest lender DBS Group Holdings has won the RBI's approval to provide banking services in India through a wholly-owned subsidiary. The bank expects to move to a subsidiary structure from the current branch structure in the country in the next 6 (six) to 9 (nine) months.
NBFCs – Appointment of Nominated Counsel in the Hon’ble High Court of Delhi
In Writ Petition (C) No. 1088 of 2017 (M/s J.K Jewellers vs. Capri Global Capital Ltd), the Hon’ble High Court of Delhi at New Delhi has passed an order pursuant to which it has directed RBI to issue a circular within 2 (two) weeks, asking all NBFCs empowered to invoke Section 14 of the SARFAESI Act, 2002 to appoint nominated counsels in the High Court of Delhi and convey their names to the Registry within 4 (four) weeks from the date of receipt of the circular. The purpose of appointing nominated counsels was to ensure that when a party files a petition in the High Court of Delhi for seeking interim orders/ directions against the NBFC, the High Court of Delhi has adequate assistance from the other side and accordingly advance copies of petitions can be served directly on the said counsel(s) and they are ready with instructions at the stage of admission itself.
Accordingly, the RBI has issued a notification to all NBFCs notified as “Financial Institutions” under sub clause (iv) of clause (m) of sub section (1) of section 2 read with section 31A of the SARFAESI Act, 2002 to take necessary action in relation to above mentioned order of High Court of Delhi.
For further information, please contact:
Vineet Aneja, Partner, Clasis Law
vineet.aneja@clasislaw.com
