1 Legal framework

1.1 Beyond general commercial and contract laws, what other specific laws and regulations govern project finance transactions in your jurisdiction?

Project finance in India is not regulated by a single codified statute. Instead, a number of laws and regulations apply to various aspects of project finance transactions, depending on the nature of financing and that of the project. All rupee-denominated lending for projects are governed by:

• the Banking Regulation Act 1949; and
• the Reserve Bank of India (RBI) Act 1934 and guidelines, along with the master directions, notifications and circulars issued by the RBI from time to time.