court clarifies that payment aggregators will fall under the category of a payment system

Reserve Bank of India amends Master Direction on External Commercial Borrowing

The Reserve Bank of India (“RBI”) vide it’s A.P. (DIR Series) Circular No.11 (“Circular”) dated August 01, 2022 pertaining to liberalization of External Commercial Borrowings (“ECB(s)”) amended the Master Direction – External Commercial Borrowings, Trade Credits and Structured Obligations, 2019 (hereinafter referred as “Master Direction, 2019”) which supersedes the Master Direction – External Commercial Borrowings, …

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