Dayita Kanodia and Simrat Singh | Finserv@vinodkothari.com Background Under the National Monetisation Pipeline (NMP) 2.0, released on February 23, 2026 NITI Aayog has proposed securitisation of ₹45,500 crore of future cash flows in the power sector as part of the overall ₹16.72 lakh crore monetisation target for 5 year period FY 2026-FY 2030. The NMP […]
Vinod Kothari, Payal Agarwal and Simrat Singh | finserv@vinodkothari.com The RBI recently opened the avenues for banks to provide funding for acquisitions. For domestic banks, enabling changes were made vide Amendment Directions on Capital Market Exposure dated 13.02.2026, covered in our write up here, and for global banks, the enabling amendments were made in ECB […]
Chirag Agarwal | finserv@vinodkothari.com RBI had earlier directed NBFCs to compute expected credit loss (ECL) without considering the impact of any default loss guarantees (DLGs) obtained from its lending service provider (LSP). We had published a short note explaining why this position was debatable (See our article on the topic here) and had also made […]
Vinod Kothari and Simrat Singh | Finserv@vinodkothari.com Ledn, a Cayman Islands based bitcoin-backed lender, has originated what is believed to be the first securitisation of bitcoin-backed loans. It is a pool of about $ 199 million bitcoin-backed loans, with a first loss piece of $ 11 million, roughly 6% of the pool. Rating agency S&P […]
Tejasvi Thakkar and Simrat Singh | Finserv@vinodkothari.com Introduction Pursuant to the RBI’s stated intent in the Statement on Developmental and Regulatory Policies to harmonise the conduct of Regulated Entities in relation to loan recovery, comprehensive draft instructions have been proposed, to be effective from July 1, 2026, consolidating and rationalising the existing scattered provisions. The […]
Introduction The insurance industry globally has witnessed the emergence of several hybrid operating models that do not fit neatly within traditional regulatory classifications. One such model is that of the Managing General Agent (‘MGA’), an entity that performs significant insurance functions such as underwriting and risk assessment, pricing of insurance products, binding of policies, etc […]
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The RBI’s proposed relief to exempt pure investment companies from exemption from regulation is not a cakewalk but a hurdle race. It is not an exemption that comes in auto mode; you need to earn the right to be exempt. Some of the important pre-conditions that the RBI has proposed are: Conditions for deregistration application […]