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/2025-26/348 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/ 2025-26/350 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/2025-26/349 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/2025-26/354 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