IST,
मास्टर निदेशों
भारतीय रिज़र्व बैंक ने जनवरी 2016 से सभी विनियामकीय मामलों पर मास्टर निदेश जारी करना शुरू किया है। मास्टर निदेशों में रिज़र्व बैंक बैंकिंग मुद्दों और विदेशी विनिमय लेनदेनों सहित विभिन्न अधिनियमों के अंतर्गत नियमों और विनियमों पर अनुदेश समेकित करता है।
मास्टर निदेश जारी करने की प्रक्रिया में प्रत्येक विषय के लिए एक मास्टर निदेश जारी करना शामिल है जिसमें उस विषय पर सभी अनुदेशों को कवर किया जाता है। वर्ष के दौरान नियमों, विनियमनों या नीति में किसी प्रकार के परिवर्तन की सूचना परिपत्रों/प्रेस प्रकाशनियों के माध्यम से दी जाती है। मास्टर निदेशों को उचित रूप से और नियमों/विनियमों में किसी प्रकार का बदलाव होने या नीति में किसी प्रकार का बदलाव होने के साथ ही अद्यतन किया जाएगा। सभी प्रकार के परिवर्तनों को भारतीय रिज़र्व बैंक की वेबसाइट पर उपलब्ध मास्टर निदेशों में दर्शाया जाएगा और इसके साथ परिवर्तन होने वाली तारीख भी दर्शाई जाएगी।
मास्टर निदेशों के जारी होने के बाद बारंबार पूछे जाने वाले प्रश्नों (एफएक्यू) के माध्यम से नियमों और विनियमों के स्पष्टीकरणों को समझने में आसान भाषा में जारी किया जाएगा जहां आवश्यक होगा। विभिन्न विषयों पर जारी मौजूदा मास्टर परिपत्र उस विषय पर मास्टर निदेश के जारी होने के साथ ही वापस लिए माने जाएंगे।
मास्टर निदेशों
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/2025-26/336 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
पीडीएफ (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/2025-26/337 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/2025-26/338 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/2025-26/339 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/2025-26/340 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/2025-26/341 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/2025-26/342 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/2025-26/343 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/2025-26/344 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
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
RBI/DOR/2025-26/346 DOR.FIN.REC.No.265/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Acceptance of Public Deposits) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II- Requirement of Maintenance of Liquid Assets 12 Chapter III- Restriction on Acceptance of Public Deposit by NBFC 13 Chapter IV - General Provisions regarding repayment of Public Deposit 20 Chapter V- Miscellaneous Instructions 23 Chapter VI- Reporting Requirements 31 Chapter VII- Repeal and Other Provisions 32 Annex I 36 Annex II 43
RBI/DOR/2025-26/346 DOR.FIN.REC.No.265/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Acceptance of Public Deposits) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II- Requirement of Maintenance of Liquid Assets 12 Chapter III- Restriction on Acceptance of Public Deposit by NBFC 13 Chapter IV - General Provisions regarding repayment of Public Deposit 20 Chapter V- Miscellaneous Instructions 23 Chapter VI- Reporting Requirements 31 Chapter VII- Repeal and Other Provisions 32 Annex I 36 Annex II 43
RBI/DOR/ 2025-26/347 DOR.CRE.REC.No.266 /07-01-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Credit Facilities) Directions, 2025 Table of Contents Introduction 4 Chapter I - Preliminary 5 A. Short Title and Commencement 5 B. Applicability 5 C. Definitions 6 Chapter II - Board Approved Policies 13 A. Role of Board 13 Chapter III - Digital Lending 14 A. General Requirements for NBFC-LSP Arrangements 14 B. Conduct and Customer Protection Requirements 15 C. Technology and Data Requirement 19 D. Reporting of Credit Information and DLAs 21 E. Loss sharing arrangement in case of default 23 F. General Provisions 28 Chapter IV - Lending against Gold and Silver Collateral 29 A. General Provisions 29 B. Restrictions and Ceilings 30 C. Valuation and Assaying of Gold and Silver collateral 31 D. Loan to Value Ratio (LTV) 31 E. Other Provisions 32 Chapter V - Microfinance Loan 34 A. Assessment of Household Income 34 B. Limit on Loan Repayment Obligations of a Household 36 C. Flexibility of repayment periodicity 37 D. Pricing of Microfinance Loans 37 E. Other aspects related to microfinance loans 37 Chapter VI - Project Finance 38 A. Introduction 38 B. General Guidelines 38 C. Prudential Conditions Related to Disbursement and Monitoring 40 D. Miscellaneous 41 E. Disclosures 42 Chapter VII - Partial Credit Enhancement 43 A. Salient features of the PCE facility 43 B. Additional conditions for providing PCE to bonds of NBFCs 45 C. Other Aspects of PCE 45 Chapter VIII - Other Regulatory Restrictions 47 A. Ceiling on IPO Funding 47 B. Loans against NBFC’s own shares 47 C. Loans against security of shares 47 D. Demand / Call Loans 47 E. Finance for Housing Projects 48 Chapter IX - Other Regulations applicable to Non-Banking Financial Companies 49 A. Loans and advances to Real Estate Sector 49 B. Commercial Real Estate 49 Chapter X - Repeal and other Provisions 50 A. Repeal and saving 50 B. Application of other laws not barred 50 C. Interpretations 50 Annex-I 52 Annex-II 53 Annex-III 56
RBI/DOR/ 2025-26/347 DOR.CRE.REC.No.266 /07-01-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Credit Facilities) Directions, 2025 Table of Contents Introduction 4 Chapter I - Preliminary 5 A. Short Title and Commencement 5 B. Applicability 5 C. Definitions 6 Chapter II - Board Approved Policies 13 A. Role of Board 13 Chapter III - Digital Lending 14 A. General Requirements for NBFC-LSP Arrangements 14 B. Conduct and Customer Protection Requirements 15 C. Technology and Data Requirement 19 D. Reporting of Credit Information and DLAs 21 E. Loss sharing arrangement in case of default 23 F. General Provisions 28 Chapter IV - Lending against Gold and Silver Collateral 29 A. General Provisions 29 B. Restrictions and Ceilings 30 C. Valuation and Assaying of Gold and Silver collateral 31 D. Loan to Value Ratio (LTV) 31 E. Other Provisions 32 Chapter V - Microfinance Loan 34 A. Assessment of Household Income 34 B. Limit on Loan Repayment Obligations of a Household 36 C. Flexibility of repayment periodicity 37 D. Pricing of Microfinance Loans 37 E. Other aspects related to microfinance loans 37 Chapter VI - Project Finance 38 A. Introduction 38 B. General Guidelines 38 C. Prudential Conditions Related to Disbursement and Monitoring 40 D. Miscellaneous 41 E. Disclosures 42 Chapter VII - Partial Credit Enhancement 43 A. Salient features of the PCE facility 43 B. Additional conditions for providing PCE to bonds of NBFCs 45 C. Other Aspects of PCE 45 Chapter VIII - Other Regulatory Restrictions 47 A. Ceiling on IPO Funding 47 B. Loans against NBFC’s own shares 47 C. Loans against security of shares 47 D. Demand / Call Loans 47 E. Finance for Housing Projects 48 Chapter IX - Other Regulations applicable to Non-Banking Financial Companies 49 A. Loans and advances to Real Estate Sector 49 B. Commercial Real Estate 49 Chapter X - Repeal and other Provisions 50 A. Repeal and saving 50 B. Application of other laws not barred 50 C. Interpretations 50 Annex-I 52 Annex-II 53 Annex-III 56
RBI/DOR/2025-26/348 DOR.AUT.REC.No.267/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Conduct of Credit Card Business 6 Chapter III – Form Factor 22 Chapter IV – Co-branding Arrangement 23 Chapter V – General Guidelines for Credit Cards 25 Chapter VI – Miscellaneous 31 Chapter VII – Repeal and Other Provisions 34
RBI/DOR/2025-26/348 DOR.AUT.REC.No.267/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Conduct of Credit Card Business 6 Chapter III – Form Factor 22 Chapter IV – Co-branding Arrangement 23 Chapter V – General Guidelines for Credit Cards 25 Chapter VI – Miscellaneous 31 Chapter VII – Repeal and Other Provisions 34
RBI/DOR/2025-26/349 DOR.FIN.REC.No.268/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter-II Membership of CICs 6 Chapter-III Credit Information Reporting and Dissemination 7 A. Data formats 7 B. Reporting timelines and updation 7 C. Reporting guidelines 7 D. Rectification of rejected data and review of Data Quality Index (DQI) 13 E. Correction of Credit Information Report 13 F. Use of credit information reports in credit appraisal 14 G. Display of information 14 H. Applicability of other instructions issued by Department of Regulation 16 Chapter-IV Technical Working Group 17 Chapter-V Customer Service and Grievance Redressal 19 A. Strengthening of customer service 19 B. Framework for compensation to customers 20 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 27 D. Appointment of Internal Ombudsman 27 Chapter-VI Best Practices 28 Chapter-VII Repeal and Other Provisions 29 A. Repeal and saving 29 B. Application of other laws not barred 29 C. Interpretations 30 Annex I 31 Annex II 62 Annex III 63 Annex IV 69 Annex V 70
RBI/DOR/2025-26/349 DOR.FIN.REC.No.268/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter-II Membership of CICs 6 Chapter-III Credit Information Reporting and Dissemination 7 A. Data formats 7 B. Reporting timelines and updation 7 C. Reporting guidelines 7 D. Rectification of rejected data and review of Data Quality Index (DQI) 13 E. Correction of Credit Information Report 13 F. Use of credit information reports in credit appraisal 14 G. Display of information 14 H. Applicability of other instructions issued by Department of Regulation 16 Chapter-IV Technical Working Group 17 Chapter-V Customer Service and Grievance Redressal 19 A. Strengthening of customer service 19 B. Framework for compensation to customers 20 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 27 D. Appointment of Internal Ombudsman 27 Chapter-VI Best Practices 28 Chapter-VII Repeal and Other Provisions 29 A. Repeal and saving 29 B. Application of other laws not barred 29 C. Interpretations 30 Annex I 31 Annex II 62 Annex III 63 Annex IV 69 Annex V 70
RBI/DOR/ 2025-26/350 DOR.CRE.REC.No.269/07-02-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - Board Approved Policies 6 Chapter III – Credit Risk Evaluation 7 Chapter IV –Regulatory Restrictions 8 Chapter V - Regulations on Credit Default Swaps (CDS) – NBFCs as Users 11 Chapter VI - Legal Entity Identifier (LEI) for Borrowers 18 Chapter VII - Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI 20 Chapter VIII – Repeal and other provisions 22 Annex I 24
RBI/DOR/ 2025-26/350 DOR.CRE.REC.No.269/07-02-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - Board Approved Policies 6 Chapter III – Credit Risk Evaluation 7 Chapter IV –Regulatory Restrictions 8 Chapter V - Regulations on Credit Default Swaps (CDS) – NBFCs as Users 11 Chapter VI - Legal Entity Identifier (LEI) for Borrowers 18 Chapter VII - Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI 20 Chapter VIII – Repeal and other provisions 22 Annex I 24
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/2025-26/351 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/2025-26/349 DOR.FIN.REC.No.268/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter-II Membership of CICs 6 Chapter-III Credit Information Reporting and Dissemination 7 A. Data formats 7 B. Reporting timelines and updation 7 C. Reporting guidelines 7 D. Rectification of rejected data and review of Data Quality Index (DQI) 13 E. Correction of Credit Information Report 13 F. Use of credit information reports in credit appraisal 14 G. Display of information 14 H. Applicability of other instructions issued by Department of Regulation 16 Chapter-IV Technical Working Group 17 Chapter-V Customer Service and Grievance Redressal 19 A. Strengthening of customer service 19 B. Framework for compensation to customers 20 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 27 D. Appointment of Internal Ombudsman 27 Chapter-VI Best Practices 28 Chapter-VII Repeal and Other Provisions 29 A. Repeal and saving 29 B. Application of other laws not barred 29 C. Interpretations 30 Annex I 31 Annex II 62 Annex III 63 Annex IV 69 Annex V 70
RBI/DOR/2025-26/349 DOR.FIN.REC.No.268/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter-II Membership of CICs 6 Chapter-III Credit Information Reporting and Dissemination 7 A. Data formats 7 B. Reporting timelines and updation 7 C. Reporting guidelines 7 D. Rectification of rejected data and review of Data Quality Index (DQI) 13 E. Correction of Credit Information Report 13 F. Use of credit information reports in credit appraisal 14 G. Display of information 14 H. Applicability of other instructions issued by Department of Regulation 16 Chapter-IV Technical Working Group 17 Chapter-V Customer Service and Grievance Redressal 19 A. Strengthening of customer service 19 B. Framework for compensation to customers 20 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 27 D. Appointment of Internal Ombudsman 27 Chapter-VI Best Practices 28 Chapter-VII Repeal and Other Provisions 29 A. Repeal and saving 29 B. Application of other laws not barred 29 C. Interpretations 30 Annex I 31 Annex II 62 Annex III 63 Annex IV 69 Annex V 70
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/2025-26/353 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/2025-26/354 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/2025-26/355 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
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