RBI/DOR/2025-26/351 DOR.CRE.REC.270/07-03-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 3 Chapter II - Guidelines Applicable to NBFC – Base Layer 8 Chapter III - Guidelines Applicable to NBFC – Middle Layer 10 Chapter IV - Guidelines Applicable to NBFC – Upper Layer 14 Chapter V - Repeal and other provisions 20 Annex - I 21

RBI/DOR/2025-26/353 DOR.STR.REC.272/21.04.177/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Securitisation Transactions) Directions, 2025 Table of Contents Chapter I- Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 4 Chapter II - General requirements for securitisation 10 A. Assets eligible for securitisation 10 B. Minimum Retention Requirement (MRR) 11 C. Origination Standards 13 D. Payment priorities and observability 13 E. Limit on Total Retained Exposures by Originators 14 F. Issuance and Listing 14 G. Conditions to be satisfied by the special purpose entity 15 H. Representations and Warranties 16 I. Accounting Provisions 17 Chapter III- Simple, transparent and comparable (STC) securitisations 19 A. STC Securitisations- Criteria for regulatory capital purposes 19 B. Disclosure and Prudential Oversight for STC Securitisations 28 Chapter IV- Provision of facilities supporting securitisation structures 30 A. General Conditions 30 B. Credit Enhancement Facilities 31 C. Reset of credit enhancements 32 D. Liquidity Facilities 34 E. Underwriting Facilities 36 F. Servicing Facilities 36 Chapter V - Requirements to be met by an NBFC who is an investor in securitisation exposures 38 A. Due Diligence Requirements 38 B. Stress Testing 39 C. Credit monitoring and valuation 39 Chapter VI - Capital requirements for securitisation exposures and Disclosures Norms 41 A. Capital requirements for securitisation exposures 41 B. Disclosures 41 Chapter VII - Repeal and other Provisions 43 A. Repeal and saving 43 Application of other laws not barred 43 B. Interpretations 43 Annex I 45

RBI/DOR/2025-26/354 DOR.MRG.REC.No.273/00-00-014/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025 Table of Contents Chapter I: Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 4 Chapter II: Regulations applicable for NBFC-BL 5 A. Accounting 5 B. Investment Policy 5 C. Transactions in Government Securities 6 D. Operative instructions relating to Government Securities Transactions 6 E. Reporting Platform for Corporate Bond Transactions 6 F. Accounting for Investments for non-Ind AS NBFC 6 G. Income from Investments 7 H. Investments in Alternative Investment Funds (AIFs) 8 I. Currency Futures 9 J. Interest Rate Futures 9 Chapter III: Regulations applicable for NBFC-ML and NBFC-UL 11 A. Ready Forward Contracts in Corporate Debt Securities 11 B. Participation in Currency Options 11 C. Participation in Interest Rate Futures 12 Chapter IV: Repeal and Other Provisions 13 A. Repeal and Saving 13 B. Application of other laws not barred 13 C. Interpretations 14

RBI/DOR/2025-26/355 DoR.LRG.REC.No.274/13-10-004/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Asset Liability Management) Directions, 2025 Table of Contents Chapter I – Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter II – Liquidity Risk Management Framework 6 A. Role of the Board 6 A.1 Approval of policies, limits, and reviews 6 B. Asset Liability Management Governance 6 C. ALM Information Systems 7 D. ALM Organisation 7 E. Liquidity Risk Management 8 F. Maturity Profiling 10 G. Liquidity Mismatch Management 12 H. Liquidity Risk Measurement – Stock Approach 13 I. Currency Risk Management 13 J. Interest Rate Risk (IRR) Management 13 K. Earnings Perspective: TGA 14 L. Regulatory Reporting and Periodicity 16 Chapter III – Liquidity Coverage Ratio 17 A. Liquidity Coverage Ratio (LCR) 17 B. High Quality Liquid Assets (HQLA) 18 C. Classification of assets for HQLA Computation 18 D. Total net cash outflows 21 E. Computation of Net cash outflows 23 F. LCR Disclosure 24 Chapter IV – Repeal and Other Provisions 25 A. Repeal and Saving 25 B. Application of other laws not barred 25 C. Interpretations 26 Annex – I: Public disclosure on liquidity risk 27 Annex – II: Maturity Profile – Liquidity 28 Annex – III: Interest Rate Sensitivity 33 Annex – IV: Formats for Returns 36

RBI/DOR/ 2025-26/356 DOR.STR.REC.No.275/21.04.048/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Income Recognition, Asset Classification and Provisioning) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short title and commencement 2 B. Applicability 2 C. Definitions 4 Chapter II - Prudential Norms applicable to all NBFCs 6 A. Prudence in Lending and Consumer Education 6 B. Asset Classification 7 C. Provisioning Requirements 8 D. Income Recognition 12 E. Disclosure Requirements 13 Chapter III - Additional Prudential Norms applicable to an NBFC classified as NBFC – Base Layer (NBFC – BL) 14 A. Asset Classification 14 B. Provisioning Requirements 15 Chapter IV - Additional Prudential Norms applicable to a NBFC classified as NBFC–Middle Layer (NBFC–ML) 17 A. Asset Classification 17 B. Provisioning Requirements 18 Chapter V - Additional Prudential Norms applicable to a NBFC classified as NBFC–Upper Layer (NBFC–UL) 19 A. Asset Classification 19 B. Provisioning Requirements 19 Chapter VI - Repeal and Other Provisions 21 A. Repeal and saving 21 B. Application of other laws not barred 21 C. Interpretations 22

RBI/DOR/2025-26/357 DOR.STR.REC. 276/21.04.048/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Resolution of Stressed Assets) Directions, 2025 Table of Contents Chapter I - Preliminary 5 A. Short title and commencement 5 B. Applicability 5 Part A: Resolution of Stressed Assets by a non-deposit taking NBFC with asset size of ₹500 crore or more, or a deposit taking NBFC 7 Chapter II - Definitions and General Requirements 7 A. Definitions 7 B. Board approved policies: 11 C. Early identification and reporting of stress 13 D. Disclosures 14 E. Supervisory Review 15 Chapter III - Resolution Process 16 A. Review Period 16 B. Inter Creditor Agreement 16 C. Resolution Plan 17 Chapter IV - Additional Provisioning 20 A. Delayed Implementation of Resolution Plan – Additional Specific Provisioning 20 Chapter V - Prudential Norms Applicable to Restructuring 22 A. Applicability 22 B. Asset Classification Post Restructuring 22 C. Additional Finance 22 D. Asset classification upgrade after satisfactory performance 23 E. Default by a borrower after monitoring period 24 F. Provisioning post Restructuring 24 G. Income Recognition 25 H. Change in Ownership 26 Chapter VI - Special Cases of Restructuring 28 A. Sale and Leaseback Transactions 28 B. Borrowers who have committed Frauds / Malfeasance / Wilful Default 28 C. Compromise Settlements and Technical Write-offs 29 D. Resolution of Accounts Impacted by Natural Calamities 32 E. Projects Under Implementation 32 Chapter VII - Government Debt Relief Schemes (DRS) 39 A. Prudential treatment in respect of Government Debt Relief Schemes (DRS): 39 Chapter VIII - Prudential Treatment of Instruments Acquired as part of Restructuring 42 A. Asset classification of instruments acquired as part of restructuring 42 B. Provisioning in respect of instruments acquired as part of restructuring 42 C. Valuation of instruments acquired as part of restructuring 42 D. Income Recognition from instruments acquired as part of restructuring 44 Chapter IX - Regulatory Exemptions 46 A. Exemptions from Regulations of Securities and Exchange Board of India (SEBI) 46 Part B: Resolution of Stressed Assets by a non-deposit taking NBFC with asset size of less than ₹500 crore 47 Chapter X - Preliminary 47 A. Directions from Part A applicable to a non-deposit taking NBFC with asset size of less than ₹500 crore 47 B. Definitions 47 Chapter XI - General Principles and Prudential Norms for Restructured Advances 49 A. General instructions for restructuring of advances 49 B. Asset classification norms 53 C. Income Recognition Norms 54 D. Provision on restructured advances 54 E. Provision for diminution in the fair value of restructured advances 54 Chapter XII - Prudential Norms for Conversion of Principal into Debt / Equity 57 A. Asset classification norms 57 B. Income recognition norms 57 C. Valuation and provisioning norms 57 Chapter XIII - Prudential Norms for Conversion of Unpaid Interest into 'Funded Interest Term Loan' (FITL), Debt or Equity Instruments 58 A. Asset classification norms 58 B. Income recognition norms 58 C. Valuation & Provisioning norms 58 Chapter XIV - Special Measures 59 A. Trade Relief Measures 59 Chapter XV - Repeal and Other Provisions 60 A. Repeal and saving 60 B. Application of other laws not barred 60 C. Interpretations 61 Annex 62

RBI/DOR/2025-26/358 DOR.FIN.REC.No.277/20-16-003/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 Table of Contents Chapter I - Preliminary 3 Chapter II - Function of Board 10 Chapter III - Treatment of Wilful Defaulters 11 Chapter IV - Reporting of Wilful Defaulters and Large Defaulters 17 Chapter V - Preventive Measures and Role of Auditors 21 Chapter VI - Repeal and Other Provisions 24 Annex I - Format for submission of List of Large Defaulters 26 Annex II - Format for submission of data on cases of wilful default 29

RBI/DOR/2025-26/359 DOR.ACC.REC.No.278/21.04.018/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025 Table of Contents Chapter-I Preliminary 2 A. Short title and commencement 2 B. Applicability 2 Chapter-II Balance sheet and Profit and Loss Account 4 A. Preparation of the balance sheet and profit and loss account 4 B. Accounting standards to be followed 4 C. Guidance on specific issues with respect to certain Accounting Standards 4 D. Other instructions 8 Chapter-III Disclosure in Financial Statements – Notes to Accounts 9 A. General 9 B. Presentation 9 C. Disclosure requirements 10 Chapter-IV Consolidated Financial Statements 47 Chapter-V Repeal and other provisions 48 A. Repeal and saving 48 B. Application of other laws not barred 48 C. Interpretations 49 Annex I 50

RBI/DOR/2025-26/360 DOR.ACC.REC.279/ 21.02.067/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Declaration of Dividends) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short title and commencement 2 B. Applicability 2 C. Definitions 3 Chapter II - Declaration of dividend 5 A. Board oversight 5 B. Eligibility criteria 5 C. Quantum of dividend payable 6 D. Reporting System 8 Chapter III - Repeal provisions 9 A. Repeal and saving 9 B. Application of other laws not barred 9 C. Interpretations 10 Annex I - Reporting format for an NBFC declaring dividend 11 Annex II - Reporting format for an SPD declaring dividend 12

RBI/DOR/2025-26/361 DOR.AML.REC.No.280/14.01.003/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Directions, 2025 Table of Contents Chapter I – Preliminary 3 Chapter II – General 15 Chapter III – Customer Acceptance Policy 19 Chapter IV – Risk Management 21 Chapter V – Customer Identification Procedure (CIP) 22 Chapter VI – Customer Due Diligence (CDD) Procedure 24 Chapter VII – Record Management 48 Chapter VIII – Reporting Requirements to Financial Intelligence Unit – India 50 Chapter XI – Requirements / obligations under International Agreements - Communications from International Agencies 52 Chapter-X - Other Instructions 56 Chapter XI – Repeal and Other Provisions 67 Annex – I 69 Annex – II 83