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Notifications
Feb 20, 2023
Implementation of Indian Accounting Standards (Ind AS)
RBI/2022-23/182 DOR.ACC.REC.No.104/21.07.001/2022-23 February 20, 2023 Dear Sir/ Madam, Implementation of Indian Accounting Standards (Ind AS) Please refer to circular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020 on the captioned subject read with paragraph 13 (iii) of Master Circular DOR.SIG.FIN.REC 1/26.03.001/2022-23 dated April 1, 2022 on Asset Reconstruction Companies. 2. It has been observed that consequent to the implementation of Ind AS, some
RBI/2022-23/182 DOR.ACC.REC.No.104/21.07.001/2022-23 February 20, 2023 Dear Sir/ Madam, Implementation of Indian Accounting Standards (Ind AS) Please refer to circular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020 on the captioned subject read with paragraph 13 (iii) of Master Circular DOR.SIG.FIN.REC 1/26.03.001/2022-23 dated April 1, 2022 on Asset Reconstruction Companies. 2. It has been observed that consequent to the implementation of Ind AS, some
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Dec 01, 2022
Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) - Compliance with statutory/regulatory norms
RBI/2022-23/145 DOR.MRG.REC.87/00-00-020/2022-23 December 1, 2022 Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) - Compliance with statutory/regulatory norms As you are aware, Reserve Bank had vide circular DBOD.No.BP.BC.89/21.04.141/2008-09 dated December 1, 2008 and circular DBOD.No.BP.BC.111/21.04.157/2013-14 dated May 12, 2014 issu
RBI/2022-23/145 DOR.MRG.REC.87/00-00-020/2022-23 December 1, 2022 Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) - Compliance with statutory/regulatory norms As you are aware, Reserve Bank had vide circular DBOD.No.BP.BC.89/21.04.141/2008-09 dated December 1, 2008 and circular DBOD.No.BP.BC.111/21.04.157/2013-14 dated May 12, 2014 issu
Nov 23, 2022
Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework
RBI/2022-23/140 DoR.FIN.REC.82/03.10.123/2022-23 November 23, 2022 To All Regulated Entities of the Bank Madam/Dear Sir, Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework Please refer to the Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016. 2. With a view to facilitate cash flow-based lending to MSMEs, it has been decided
RBI/2022-23/140 DoR.FIN.REC.82/03.10.123/2022-23 November 23, 2022 To All Regulated Entities of the Bank Madam/Dear Sir, Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework Please refer to the Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016. 2. With a view to facilitate cash flow-based lending to MSMEs, it has been decided
Oct 11, 2022
Diversification of activities by SPDs - Review of permissible non-core activities - Prudential regulations and other instructions
RBI/2022-23/127 DOR.FIN.REC.No.73/03.10.117/2022-23 October 11, 2022 All Standalone Primary Dealers (SPDs) Dear Sir/ Madam, Diversification of activities by SPDs – Review of permissible non-core activities – Prudential regulations and other instructions Please refer to the circular DOR.FIN.REC.No.72/03.10.117/2022-23 dated October 11, 2022 allowing SPDs to undertake foreign exchange activities as part of their non-core activities. In this connection, SPDs shall adhere
RBI/2022-23/127 DOR.FIN.REC.No.73/03.10.117/2022-23 October 11, 2022 All Standalone Primary Dealers (SPDs) Dear Sir/ Madam, Diversification of activities by SPDs – Review of permissible non-core activities – Prudential regulations and other instructions Please refer to the circular DOR.FIN.REC.No.72/03.10.117/2022-23 dated October 11, 2022 allowing SPDs to undertake foreign exchange activities as part of their non-core activities. In this connection, SPDs shall adhere
Oct 11, 2022
Diversification of activities by SPDs - Review of permissible non-core activities
RBI/2022-23/126 DOR.FIN.REC.No.72/03.10.117/2022-23 October 11, 2022 All Standalone Primary Dealers (SPDs) Dear Sir/ Madam, Diversification of activities by SPDs – Review of permissible non-core activities A reference is invited to circular DNBR (PD) CC.No.094/03.10.001/2018-19 dated July 27, 2018 in terms of which SPDs, as part of their non-core activities, are permitted to offer foreign exchange products, as allowed from time to time, to their Foreign Portfolio Inve
RBI/2022-23/126 DOR.FIN.REC.No.72/03.10.117/2022-23 October 11, 2022 All Standalone Primary Dealers (SPDs) Dear Sir/ Madam, Diversification of activities by SPDs – Review of permissible non-core activities A reference is invited to circular DNBR (PD) CC.No.094/03.10.001/2018-19 dated July 27, 2018 in terms of which SPDs, as part of their non-core activities, are permitted to offer foreign exchange products, as allowed from time to time, to their Foreign Portfolio Inve
Oct 11, 2022
Multiple NBFCs in a Group: Classification in Middle Layer
RBI/2022-23/129 DOR.CRE.REC.No.78/03.10.001/2022-23 October 11, 2022 All Non-Banking Financial Companies Madam / Dear Sir, Multiple NBFCs in a Group: Classification in Middle Layer Please refer to para 1 of the Annex to the Circular on “Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs” issued on October 22, 2021 delineating the four layered regulatory structure for NBFCs under Scale Based Regulatory Framework. 2. As per para 16 of the Master Dire
RBI/2022-23/129 DOR.CRE.REC.No.78/03.10.001/2022-23 October 11, 2022 All Non-Banking Financial Companies Madam / Dear Sir, Multiple NBFCs in a Group: Classification in Middle Layer Please refer to para 1 of the Annex to the Circular on “Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs” issued on October 22, 2021 delineating the four layered regulatory structure for NBFCs under Scale Based Regulatory Framework. 2. As per para 16 of the Master Dire
Oct 11, 2022
Review of Regulatory Framework for Asset Reconstruction Companies (ARCs)
RBI/2022-23/128 DoR.SIG.FIN.REC.75/26.03.001/2022-23 October 11, 2022 All Asset Reconstruction Companies Dear Sir/ Madam, Review of Regulatory Framework for Asset Reconstruction Companies (ARCs) ARCs play a vital role in the management of distressed financial assets of banks and financial institutions. Considering their critical role, a need was felt to review their functioning and operating framework. Accordingly, as part of the Statement on Developmental and Regulat
RBI/2022-23/128 DoR.SIG.FIN.REC.75/26.03.001/2022-23 October 11, 2022 All Asset Reconstruction Companies Dear Sir/ Madam, Review of Regulatory Framework for Asset Reconstruction Companies (ARCs) ARCs play a vital role in the management of distressed financial assets of banks and financial institutions. Considering their critical role, a need was felt to review their functioning and operating framework. Accordingly, as part of the Statement on Developmental and Regulat
Sep 02, 2022
Guidelines on Digital Lending
RBI/2022-23/111 DOR.CRE.REC.66/21.07.001/2022-23 September 02, 2022 All Commercial Banks, Primary (Urban) Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks; and Non-Banking Financial Companies (including Housing Finance Companies) Madam/ Sir, Guidelines on Digital Lending A reference is invited to para 7 of the RBI Press Release “Recommendations of the Working Group on Digital Lending – Implementation” dated August 10, 2022. Detailed gu
RBI/2022-23/111 DOR.CRE.REC.66/21.07.001/2022-23 September 02, 2022 All Commercial Banks, Primary (Urban) Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks; and Non-Banking Financial Companies (including Housing Finance Companies) Madam/ Sir, Guidelines on Digital Lending A reference is invited to para 7 of the RBI Press Release “Recommendations of the Working Group on Digital Lending – Implementation” dated August 10, 2022. Detailed gu
Aug 12, 2022
Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents
RBI/2022-23/108 DOR.ORG.REC.65/21.04.158/2022-23 August 12, 2022 Madam/ Sir, Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents The Reserve Bank of India has from time to time advised regulated entities (REs) that the ultimate responsibility for their outsourced activities vests with them and they are, therefore, responsible for the actions of their service providers including Recovery Agents (hereafter referred to as
RBI/2022-23/108 DOR.ORG.REC.65/21.04.158/2022-23 August 12, 2022 Madam/ Sir, Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents The Reserve Bank of India has from time to time advised regulated entities (REs) that the ultimate responsibility for their outsourced activities vests with them and they are, therefore, responsible for the actions of their service providers including Recovery Agents (hereafter referred to as
Aug 11, 2022
Bilateral Netting of Qualified Financial Contracts - Amendments to Prudential Guidelines
RBI/2022-23/107 DOR.MRG.REC.64/00-00-005/2022-23 August 11, 2022 Dear Sir / Madam, Bilateral Netting of Qualified Financial Contracts - Amendments to Prudential Guidelines Please refer to the circular DOR.CAP.51/21.06.201/2020-21 dated March 30, 2021 and circular DOR.CAP.REC.No.97/21.06.201/2021-22 dated March 31, 2022 on the captioned subject. 2. At present, while computing capital requirements for counterparty credit risk, the following exposures, wherever allowed t
RBI/2022-23/107 DOR.MRG.REC.64/00-00-005/2022-23 August 11, 2022 Dear Sir / Madam, Bilateral Netting of Qualified Financial Contracts - Amendments to Prudential Guidelines Please refer to the circular DOR.CAP.51/21.06.201/2020-21 dated March 30, 2021 and circular DOR.CAP.REC.No.97/21.06.201/2021-22 dated March 31, 2022 on the captioned subject. 2. At present, while computing capital requirements for counterparty credit risk, the following exposures, wherever allowed t
Jul 13, 2022
UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List
RBI/2022-2023/91 DOR.AML.REC.55/14.06.001/2022-23 July 13, 2022 The Chairpersons/CEOs of all the Regulated Entities Madam/Dear Sir, UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List Please refer to our circular DoR.AML.REC.03/14.06.001/2021-22 dated April 08, 2021 advising Regulated Entities (REs) to adhere to the ‘Implementation of Security Council Resolution on Democratic People’s Republic of Korea Order, 2017’ as amended from time to tim
RBI/2022-2023/91 DOR.AML.REC.55/14.06.001/2022-23 July 13, 2022 The Chairpersons/CEOs of all the Regulated Entities Madam/Dear Sir, UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List Please refer to our circular DoR.AML.REC.03/14.06.001/2021-22 dated April 08, 2021 advising Regulated Entities (REs) to adhere to the ‘Implementation of Security Council Resolution on Democratic People’s Republic of Korea Order, 2017’ as amended from time to tim
Jun 06, 2022
Provisioning for Standard assets by Non-Banking Financial Company - Upper Layer
RBI/2022-23/61 DOR.STR.REC.40/21.04.048/2022-23 June 6, 2022 All Non-Banking Financial Companies (Including Housing Finance Companies) Madam / Dear Sir, Provisioning for Standard assets by Non-Banking Financial Company – Upper Layer Please refer to the circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on “Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs” wherein it was inter alia mentioned that RBI would issue guidelines on diff
RBI/2022-23/61 DOR.STR.REC.40/21.04.048/2022-23 June 6, 2022 All Non-Banking Financial Companies (Including Housing Finance Companies) Madam / Dear Sir, Provisioning for Standard assets by Non-Banking Financial Company – Upper Layer Please refer to the circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on “Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs” wherein it was inter alia mentioned that RBI would issue guidelines on diff
May 02, 2022
Review of Minimum Investment Grade Credit Ratings for Deposits of NBFCs
RBI/2022-23/37 DOR.FIN.REC.No.30/03.10.001/2022-23 May 02, 2022 All Deposit taking NBFCs (including deposit taking HFCs) Dear Sir/ Madam, Review of Minimum Investment Grade Credit Ratings for Deposits of NBFCs Please refer to para 9 of Master Direction – Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 wherein the names of approved credit rating agencies and their respective minimum investment grade credit rating for the pu
RBI/2022-23/37 DOR.FIN.REC.No.30/03.10.001/2022-23 May 02, 2022 All Deposit taking NBFCs (including deposit taking HFCs) Dear Sir/ Madam, Review of Minimum Investment Grade Credit Ratings for Deposits of NBFCs Please refer to para 9 of Master Direction – Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 wherein the names of approved credit rating agencies and their respective minimum investment grade credit rating for the pu
Apr 29, 2022
Guidelines on Compensation of Key Managerial Personnel (KMP) and Senior Management in NBFCs
RBI/2022-23/36 DOR.GOV.REC.No.29/18.10.002/2022-23 April 29, 2022 All Non-Banking Financial Companies Madam/Sir, Guidelines on Compensation of Key Managerial Personnel (KMP) and Senior Management in NBFCs As you are aware, a revised Scale Based Regulatory (SBR) framework for NBFCs was put in place vide circular DOR.CRE.REC.No.60/03.10.001/2021-22 October 22, 2021. In terms of para 3.2.3 (h) of the said circular, in order to address issues arising out of excessive risk
RBI/2022-23/36 DOR.GOV.REC.No.29/18.10.002/2022-23 April 29, 2022 All Non-Banking Financial Companies Madam/Sir, Guidelines on Compensation of Key Managerial Personnel (KMP) and Senior Management in NBFCs As you are aware, a revised Scale Based Regulatory (SBR) framework for NBFCs was put in place vide circular DOR.CRE.REC.No.60/03.10.001/2021-22 October 22, 2021. In terms of para 3.2.3 (h) of the said circular, in order to address issues arising out of excessive risk
Apr 21, 2022
Legal Entity Identifier (LEI) for Borrowers
RBI/2022-23/34 DOR.CRE.REC.28/21.04.048/2022-23 April 21, 2022 All Scheduled Commercial Banks (Excluding Regional Rural Banks), All India Financial Institutions, Small Finance Banks, Local Area Banks, Primary (Urban) Co-operative Banks, and Non-Banking Financial Companies (including Housing Finance Companies) Madam/Dear Sir, Legal Entity Identifier (LEI) for Borrowers Please refer to Para 3 of DBR.No.BP.BC.92/21.04.048/2017-18 dated November 2, 2017, on the captioned
RBI/2022-23/34 DOR.CRE.REC.28/21.04.048/2022-23 April 21, 2022 All Scheduled Commercial Banks (Excluding Regional Rural Banks), All India Financial Institutions, Small Finance Banks, Local Area Banks, Primary (Urban) Co-operative Banks, and Non-Banking Financial Companies (including Housing Finance Companies) Madam/Dear Sir, Legal Entity Identifier (LEI) for Borrowers Please refer to Para 3 of DBR.No.BP.BC.92/21.04.048/2017-18 dated November 2, 2017, on the captioned
Apr 19, 2022
Large Exposures Framework for Non-Banking Financial Company - Upper Layer (NBFC-UL)
RBI/2022-23/32 DOR.CRE.REC.24/21.01.003/2022-23 April 19, 2022 All Non-Banking Financial Companies Madam / Dear Sir, Large Exposures Framework for Non-Banking Financial Company - Upper Layer (NBFC-UL) Please refer to paragraph 3.2.2 (d) of RBI circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on “Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs”, in terms of which a Large Exposure Framework (LEF) is prescribed for NBFCs in the U
RBI/2022-23/32 DOR.CRE.REC.24/21.01.003/2022-23 April 19, 2022 All Non-Banking Financial Companies Madam / Dear Sir, Large Exposures Framework for Non-Banking Financial Company - Upper Layer (NBFC-UL) Please refer to paragraph 3.2.2 (d) of RBI circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on “Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs”, in terms of which a Large Exposure Framework (LEF) is prescribed for NBFCs in the U
Apr 19, 2022
Loans and Advances - Regulatory Restrictions - NBFCs
RBI/2022-23/29 DOR.CRE.REC.No.25/03.10.001/2022-23 April 19, 2022 All Non-Banking Financial Companies Madam/ Dear Sir, Loans and Advances – Regulatory Restrictions - NBFCs In terms of para 3.2.2 (c) and para 3.2.3 (b) & (c) of the circular on Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs issued on October 22, 2021, certain regulatory restrictions on lending were introduced in respect of NBFCs placed in different layers. Detailed guidelines
RBI/2022-23/29 DOR.CRE.REC.No.25/03.10.001/2022-23 April 19, 2022 All Non-Banking Financial Companies Madam/ Dear Sir, Loans and Advances – Regulatory Restrictions - NBFCs In terms of para 3.2.2 (c) and para 3.2.3 (b) & (c) of the circular on Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs issued on October 22, 2021, certain regulatory restrictions on lending were introduced in respect of NBFCs placed in different layers. Detailed guidelines
Apr 19, 2022
Scale Based Regulation (SBR) for NBFCs: Capital requirements for Non-Banking Finance Companies - Upper Layer (NBFC-UL)
RBI/2022-23/30 DOR.CAP.REC.No.21/21.06.201/2022-23 April 19, 2022 Dear Sir/ Madam, Scale Based Regulation (SBR) for NBFCs: Capital requirements for Non-Banking Finance Companies – Upper Layer (NBFC-UL) Please refer to the circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs. 2. In terms of paragraph 3.2.1 (b) of the circular ibid, NBFC-UL shall maintain Common Equity Tier 1 capita
RBI/2022-23/30 DOR.CAP.REC.No.21/21.06.201/2022-23 April 19, 2022 Dear Sir/ Madam, Scale Based Regulation (SBR) for NBFCs: Capital requirements for Non-Banking Finance Companies – Upper Layer (NBFC-UL) Please refer to the circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs. 2. In terms of paragraph 3.2.1 (b) of the circular ibid, NBFC-UL shall maintain Common Equity Tier 1 capita
Apr 19, 2022
Disclosures in Financial Statements- Notes to Accounts of NBFCs
RBI/2022-23/26 DOR.ACC.REC.No.20/21.04.018/2022-23 April 19, 2022 Dear Sir/ Madam, Disclosures in Financial Statements- Notes to Accounts of NBFCs Please refer to our circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on ‘Scale Based Regulation (SBR): A Revised Regulatory Framework’ for NBFCs, which inter-alia envisages certain specific disclosures. 2. Non-Banking Finance Companies (NBFCs) are required to make disclosures in their financial statements
RBI/2022-23/26 DOR.ACC.REC.No.20/21.04.018/2022-23 April 19, 2022 Dear Sir/ Madam, Disclosures in Financial Statements- Notes to Accounts of NBFCs Please refer to our circular DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22, 2021 on ‘Scale Based Regulation (SBR): A Revised Regulatory Framework’ for NBFCs, which inter-alia envisages certain specific disclosures. 2. Non-Banking Finance Companies (NBFCs) are required to make disclosures in their financial statements
Apr 11, 2022
Compliance Function and Role of Chief Compliance Officer (CCO) - NBFCs
RBI/2022-23/24 Ref.No.DoS.CO.PPG./SEC.01/11.01.005/2022-23 April 11, 2022 The Chairman / Managing Director / Chief Executive Officer All Non-Banking Financial Companies Madam / Dear Sir, Compliance Function and Role of Chief Compliance Officer (CCO) - NBFCs Please refer to the Reserve Bank’s guidelines on ‘Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs’ issued vide Circular Ref.DOR.CRE. REC.No.60/03.10.001/2021-22 dated October 22, 20211. As in
RBI/2022-23/24 Ref.No.DoS.CO.PPG./SEC.01/11.01.005/2022-23 April 11, 2022 The Chairman / Managing Director / Chief Executive Officer All Non-Banking Financial Companies Madam / Dear Sir, Compliance Function and Role of Chief Compliance Officer (CCO) - NBFCs Please refer to the Reserve Bank’s guidelines on ‘Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs’ issued vide Circular Ref.DOR.CRE. REC.No.60/03.10.001/2021-22 dated October 22, 20211. As in
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