Regulating Non-Banking

RBI/2025-26/74 DoR.MCS.REC.47/01.01.028/2025-26 August 14, 2025 All Banks All Non-Banking Financial Companies (including Housing Finance Companies) All All-India Financial Institutions All Credit Information Companies All Payment System Providers/ System Participants All Authorised Persons in Foreign Exchange Compliance with Hon’ble Supreme Court Order dated April 30, 2025 in the matter of Pragya Prasun and Ors. vs Union of India (W.P.(C) 289 of 2024) and Amar Jain vs Union of India & Ors. (W.P.(C) 49 of 2025)

RBI/2025-26/140 DOR.STR.REC.45/13.07.010/2025-26 August 06, 2025 Reserve Bank of India (Non-Fund Based Credit Facilities) Directions, 2025 Index Chapter - I 2 Preliminary 2 A. Introduction 2 B. Applicability 2 C. Definitions 3 Chapter II 4 General Conditions 4 Chapter – III 5 A. Guarantees 5 B. Co-acceptances 6 C. Requirements for Other Specific Guarantees 6 Chapter - IV 7 Partial Credit Enhancement 7 A. Salient features of the PCE facility 8 B. Balance Sheet treatment, capital requirements, exposure and asset classification norms for exposures arising on account of providing PCE 9 C. Additional conditions for providing PCE to bonds of NBFCs and HFCs 11 D. Other Aspects of PCE 11 Chapter - V 12 Exclusions and Other Aspects 12 Chapter VI 13 Disclosures 13 Annex 1 14 Operational Risk Controls for issuance of Electronic Guarantees 14 Annex 2 16 List of Circulars repealed in respect of Scheduled Commercial Banks 16 List of Circulars repealed in respect of Urban Cooperative Banks 20

RBI/2025-26/139 DOR.STR.REC.44 /13.07.010/2025-26 August 06, 2025 Reserve Bank of India (Co-Lending Arrangements) Directions, 2025 Index Introduction 2 Short title and commencement 2 Applicability 2 Definitions 3 General Guidelines 3 Interest Rate and Other Fees/ Charges 4 Operational Arrangements 5 Reporting to credit information companies (CICs) 6 Default Loss Guarantee 7 Asset Classification Norms 7 Transfer of Loan Exposures 7 Disclosures 7 Repeal Provisions 8

RBI/2025-26/138 DOR.STR.REC.43/21.04.048/2025-26 July 29, 2025 Reserve Bank of India (Investment in AIF) Directions, 2025 The Reserve Bank had issued the circulars DOR.STR.REC.58/21.04.048/2023-24 dated December 19, 2023 and DOR.STR.REC.85/21.04.048/2023-24 dated March 27, 2024 (“existing circulars”), prescribing the regulatory guidelines in respect of investment by the regulated entities of the Reserve Bank (REs) in Alternative Investment Funds (AIFs). The above guidelines have been reviewed, inter alia, taking into account industry feedback as well as the regulations issued by the Securities and Exchange Board of India (SEBI) relating to specific due diligence of investors and investments of AIFs.

RBI/2025-26/64 DoR.MCS.REC.38/01.01.001/2025-26 July 2, 2025 Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 Availability of easy and affordable financing to Micro and Small Enterprises (MSEs) is of paramount importance.

RBI/2025-26/59 DOR.STR.REC.34/21.04.048/2025-26 June 19, 2025 Reserve Bank of India (Project Finance) Directions, 2025

RBI/2025-26/15 DOR.CRE.REC.No.05/21.04.172/2025-26 April 01, 2025 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

RBI/2024-2025/128 DOR.CAP.REC.No.68/21.01.002/2024-25 March 21, 2025 Dear Sir/Madam, Treatment of Right-of-Use (ROU) Asset for Regulatory Capital Purposes

RBI/2024-25/116 DOR.MRG.REC.60/00-00-017/2024-25 February 17, 2025 Madam / Dear Sir, Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023 - Amendment Please refer to paragraph 34.2 of the Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023 issued on September 21, 2023.

RBI/2024-25/107 DOR.FIN.REC.No.58/03.10.136/2024-25 January 29, 2025 All Housing Finance Companies (HFCs) Dear Sir/ Madam, Private Placement of Non-Convertible Debentures (NCDs) with maturity period of more than one year by HFCs – Review of guidelines Please refer to Chapter XI of Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 wherein guidelines on private placement of NCDs by HFCs have been prescribed.

RBI/2024-25/106 DoR.SIG.FIN.REC. 56/26.03.001/2024-25 January 20, 2025 All Asset Reconstruction Companies (ARCs) Dear Sir/ Madam, Guidelines on Settlement of Dues of borrowers by ARCs Please refer to paragraph 15 of the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 dated April 15, 2024 which prescribes guidelines on settlement of dues payable by the borrowers of the ARCs. On a review, it has been decided to revise these guidelines and the amended paragraph 15 of the Master Direction ibid is provided in the Annex.

RBI/DoR/2024-25/125 DoR.FIN.REC.No. 55/20.16.056/2024-25 January 06, 2025 All Commercial Banks including Small Finance Banks, Local Area Banks and Regional Rural Banks and excluding Payment Banks All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ Central Co-operative Banks All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NaBFID) All Non-Banking Financial Companies including Housing Finance Companies All Asset Reconstruction Companies All Credit Information Companies Dear Sir/ Madam, Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025

RBI/2024-25/100 DOR.STR.REC.54/21.04.048/2024-25 December 31, 2024 All Commercial Banks (including Regional Rural Banks and Local Area Banks) All Primary (Urban) Co-operative Banks All State Cooperative Banks & Central Cooperative Banks All Non-Banking Financial Companies (including Housing Finance Companies) All All-India Financial Institutions Madam/Dear Sir, Government Debt Relief Schemes (DRS)

RBI/2024-25/82 DoR.FIN.REC.No. 46/26.03.001/2024-25 October 10, 2024 All Asset Reconstruction Companies (ARCs) Dear Sir/ Madam, Submission of information to Credit Information Companies (CICs) by ARCs

RBI/2024-25/63 DoR.FIN.REC.35/03.10.124/2024-25 August 16, 2024 All Non-Banking Financial Company – Peer to Peer Lending Platforms Dear Sir/ Madam, Review of Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 Please refer to the Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (the Directions). 2. The Directions envisaged the Non-Banking Financial Company – Peer to Peer Lending Platform (NBFC-P2P Lending Platform) to act as an intermediary providing online marketplace / platform to the participants involved in peer to peer lending. Accordingly, the Directions had laid down clear guidelines regarding various aspects of functioning of NBFC-P2P Lending Platforms.

RBI/2024-25/62 DOR.CRE.REC.33/08.12.001/2024-25 August 12, 2024 Housing Finance Companies Madam/ Dear Sir, Review of Risk Weights for Housing Finance Companies (HFCs)

RBI/2024-25/61 DOR.FIN.REC.No.34/03.10.136/2024-25 August 12, 2024  All Housing Finance Companies (HFCs) All Non-Banking Finance Companies (NBFCs)  Dear Sir/ Madam,  Review of regulatory framework for HFCs and harmonisation of regulations applicable to HFCs and NBFCs Please refer to the circular DOR.NBFC (HFC).CC.No.118/03.10.136/2020-21 dated October 22, 2020. In terms of para 4 of the above circular, it was advised that further harmonisation of regulations applicable to HFCs and NBFCs will be taken up in a phased manner over the next two years to ensure that the transition is achieved with least disruption.

RBI/DoR/2024-25/122 DoR.FIN.REC.No.31/20.16.003/2024-25 July 30, 2024 All Commercial Banks including Small Finance Banks, Local Area Banks and Regional Rural Banks and excluding Payments Banks All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ Central Co-operative Banks All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NaBFID) All Non-Banking Financial Companies including Housing Finance Companies All Asset Reconstruction Companies All Credit Information Companies Dear Sir/ Madam, Master Direction on Treatment of Wilful Defaulters and Large Defaulters This Master Direction on wilful defaulters serves as a comprehensive guideline delineating the regulatory framework and procedures for classification of borrowers as wilful defaulters. This directive plays a crucial role in maintaining the integrity of the financial system by outlining the measures and consequences for those borrowers who deliberately default on their financial obligations.

RBI/2024-25/24 DOR.CRE.REC.No.17/21.04.172/2024-25 April 24, 2024 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

RBI/DOR/2024-25/116 DoR.FIN.REC.16/26.03.001/2024-25 April 24, 2024 (Updated as on January 21, 2025) All Asset Reconstruction Companies (ARCs) Dear Sir/ Madam, Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024