In terms of para 7(b) of the captioned Directions dated July 29, 2025, it has been stipulated that the Reserve Bank may, in consultation with the Government of India, by a notification, exempt certain Alternative Investment Funds (AIFs) from the scope of the above Directions (except for paragraph 5 – “General Requirement”), and the previous circulars dated December 19, 2023 and March 27, 2024 issued on the matter.

In this regard, it has been decided to enlist SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund-I under the above specified exemption category. Accordingly, the Direction ibid has been suitably amended, including addition of an Annex containing the list of exempted AIFs.

The Annex will be updated, as and when required, in consultation with the Government of India.

(Brij Raj)               
Chief General Manager

Press Release: 2025-2026/1375