RBI/DOR/2025-26/336 DOR.MCS.REC.No.255/01-01-040/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Responsible Business Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Institutional Framework 3 A. Role of Board 3 Chapter III – Responsible Lending Conduct 4 A. Fair Practices Code 4 B. Penal Charges in Loan Accounts 7 C. Pre-payment charges on loans 9 D. Responsibilities of an AIFI employing Recovery Agents 10 Chapter IV – Miscellaneous Instructions 11 A. Compliance with Hon’ble Supreme Court Order dated April 30, 2025 in the matter of Pragya Prasun and Ors. vs Union of India and Ors. (W.P.(C) 289 of 2024) and Amar Jain vs Union of India and Ors. (W.P.(C) 49 of 2025) 11 Chapter V – Repeal and Other Provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12

RBI/DOR/2025-26/337 DOR.ORG.REC.No.256/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Managing Risks in Outsourcing) Directions, 2025 Table of Contents CHAPTER I – PRELIMINARY 3 A. Short Title and Commencement 3 B. Applicability and Scope 3 C. Definitions 5 CHAPTER II – ROLE OF THE BOARD 8 A. Board-Approved Policy 8 B. Key Responsibilities 8 CHAPTER III – OUTSOURCING OF INFORMATION TECHNOLOGY (IT) SERVICES 9 A. Authorisation, Accountability, and Oversight 9 B. Governance Framework 10 B.1 Outsourcing Policy 10 B.2 Role of Senior Management 11 B.3 Role of IT Function 12 C. Risk Management 12 C.1 Risk Management Framework 12 C.2 Confidentiality and Security of Information 13 D. Outsourcing Process 14 D.1 Service Provider Evaluation 14 D.2 Outsourcing Agreement 15 D.3 Monitoring and Control of Outsourced Services 18 D.4 Inventory of Outsourced Services 19 D.5 Business Continuity and Management of Disaster Recovery Plan 20 D.6 Exit Strategy 20 D.7 Termination 21 E. Specific Outsourcing Arrangements 21 E.1 Outsourcing within a Group / Conglomerate 21 E.2 Offshore or Cross-Border Outsourcing 22 E.3 Outsourcing of Security Operations Centre (SOC) 22 E.4 Usage of Cloud Computing Services 23 F. Redressal of Grievances related to Outsourced Services 28 CHAPTER IV – REPEAL AND OTHER PROVISIONS 29 A. Repeal and Saving 29 B. Application of other laws not barred 29 C. Interpretations 30

RBI/DOR/2025-26/338 DoR.SOG(SPE).REC.No. 257/13-04-001/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Miscellaneous) Directions, 2025 Table of Contents Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter II – Role of the Board 3 Chapter III – Audit Committee of the Board 4 Chapter IV – Services and Market Operations 5 A. Deferment of Option Premium 5 B. Reporting of Corporate Bond Transactions 5 Chapter V – Regulatory Compliance 6 A. Inter-Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration Requirements 6 Chapter VI – Human Resource and Capacity Building 7 A. Certifications 7 Chapter VII – Repeal and Other Provisions 8 A. Repeal and Saving 8 B. Application of Other Laws not Barred 8 C. Interpretations 8

RBI/DOR/2025-26/339 DOR.FIN.REC.No.258/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Framework for Scale Based Regulation 9 Chapter-III – Registration requirement 18 Chapter-IV - Exemptions from the provisions of the RBI Act, 1934 22 Chapter-V – Reporting Requirements 26 Chapter-VI – Repeal and Other Provisions 27

RBI/DOR/2025-26/340 DOR.HOL.REC.259/16.13.100/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Acquisition of Shareholding or Control) Directions, 2025 Table of Contents Chapter I- Preliminary 2 A. Short Title and Commencement. 2 B. Applicability 2 C. Definitions 3 Chapter II: Acquisition of Shareholding or Control 4 A. Acquisition of Shareholding or Control of NBFCs 4 B. Application for prior Approval 5 C. Requirement of prior Public Notice about Change in Control/ Management 5 D. Investment from FATF non-compliant jurisdictions 6 Chapter III- Repeal and Other Provisions 7 A. Repeal and saving 7 B. Application of other laws not barred 7 C. Interpretations 7 Annex I 9

RBI/DOR/2025-26/341 DoR.HOL.REC.No.260/16-13-100/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Voluntary Amalgamation) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 D. Scope 3 Chapter II – Grant of No Objection Certificate (NOC) / Approval by RBI 4

RBI/DOR/2025-26/342 DOR.RAUG.REC.No.261/23-27-013/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025 Table of Contents Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Branch Authorisation 3 A. Opening of branches 3 A1. Deposit taking NBFCs 3 A2. Housing Finance Companies (HFC) 3 A3. Investment and Credit Companies (NBFC-ICC) 3 A4. Opening of Branch abroad 4 B. Closure of branches 4 C. Opening of representative offices abroad 4 Chapter-III Repeal and other Provisions 6 A. Repeal and saving 6 B. Application of other laws not barred 6 C. Interpretations 6

RBI/DOR/2025-26/343 DOR.AUT.REC.No.262/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025 Table of Contents Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 4 A. Role of the Board 6 B. Investments in Alternative Investment Funds (AIFs) 6 Chapter III - Financial Services 8 A. Opening Subsidiary / Joint Venture / or Undertaking Investment Abroad 8 A.2 Overseas Investment by NBFC-CIC 10 A.2.2 Investment in non-financial sector 11 B. Expansion of activities through automatic route 13 C. Entry into Insurance Business 13 C.1 Entry into Insurance Business by NBFCs (other than NBFC-CIC and HFC) 13 C.2. Entry into Insurance Business by CICs 16 C.3. Entry into Insurance Business by HFCs 18 D. Distribution of Mutual Fund products 22 E. Appointment of Non-Deposit Accepting NBFCs as sub-agents under Money Transfer Service Schemes (MTSS) 23 F. Undertaking of Point of Presence Services under Pension Fund Regulatory and Development Authority for National Pension System 23 G. Infrastructure Debt Funds (IDFs) – Non-Banking Financial Company (IDFs-NBFC) 24 A. Repeal and saving 25 B. Application of other laws not barred 25 C. Interpretations 25 Annex I 27 Annex II 28

RBI/DOR/2025-26/344 DOR.GOV.REC.No. 263/ 18-10-013/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 5 Chapter II – Board approved policy and review 7 Chapter III - Directions applicable to all NBFCs 8 A. Experience of the Board 8 B. Risk Management Committee 8 C. Change in Directors and / or Management 8 Chapter IV – Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL) 9 A. Constitution of Board and Appointment of Directors 9 B. Reviews 10 C. Committees of the Board 10 D. Appointment of Chief Risk Officer 11 E. Appointment of Chief Compliance Officer 12 F. Key Managerial Personnel 12 G. Independent Director 13 H. Compensation of KMP and Senior Management 13 I. Miscellaneous Instructions 15 J. Internal Guidelines on Corporate Governance 16 Chapter V – Directions applicable to NBFCs-Upper Layer (NBFCs-UL) 17 Chapter VI – Repeal and other provisions 18 A. Repeal and saving 18 B. Application of other laws not barred 18 C. Interpretations 18 Annex I 20 Annex II 23 Annex III 27

RBI/DOR/2025-26/345 DOR.CAP.REC.264/21-01-002/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025 Table of Contents Chapter I Preliminary 2 A Short title and commencement 2 B Applicability 2 C Definitions 3 Chapter II Regulatory capital 7 A Limits and minima 7 B Elements of Common Equity Tier 1 (CET1) capital 8 C Elements of owned fund 11 D Elements of Tier 1 capital 11 E Elements of Tier 2 capital 16 F Treatment of Deferred Tax Asset (DTA) and Deferred Tax Liability (DTL) for regulatory capital 17 G Other adjustments to be made from regulatory capital 17 H Leverage Ratio 20 Chapter III Risk Weight Assets (RWAs) 21 A Risk Weight Assets (RWAs) 21 B Securitisation exposures 33 Chapter IV Guidelines for credit default swap (CDS) 48 Chapter V Internal Capital Adequacy Assessment Process (ICAAP) [Applicable to NBFC-ML and above] 54 Chapter VI Repeal and Other Provisions 55