INTRODUCTION
On January 3, 2024, the Reserve Bank of India
("RBI") issued the Master Directions on
Commercial Paper and Non-Convertible Debentures with an original or
initial maturity of up to one year, 2024 ("Master
Directions"). These directions supersede the existing
RBI guidelines on the issuance of Commercial Papers
("CPs") and non-convertible debentures
with a maturity of less than one year ("Money Market
NCDs") previously governed by: (a) Master Direction
on Money Market Instruments: Call/Notice Money Market, Commercial
Paper, Certificates of Deposit, and Non-Convertible Debentures
(original maturity up to one year, dated July 7, 2016; and (b) the
Reserve Bank Commercial Paper Directions 2017
("Erstwhile Framework").
