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Master Directions
The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions.
The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made.
Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.
Master Directions
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
پی ڈی ایف (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
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/ 2025-26/356 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/2025-26/357 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/2025-26/358 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/2025-26/359 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/2025-26/360 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
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
RBI/DOR/2025-26/362 DOR.MCS.REC.No.281/01-01-039/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter II – Institutional Framework 7 A. Role of Board 7 Chapter III – Responsible Lending Conduct 8 A. Fair Practices Code for NBFCs 8 B. Key Facts Statement for Loans & Advances 11 C. Penal Charges in Loan Accounts 14 D. Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans 16 E. Pre-payment charges on loans 18 F. Release of Movable / Immovable Property Documents on Repayment / Settlement of Personal Loans 19 G. Conduct related aspects in Lending Against Gold and Silver Collateral 20 H. Guidelines on conduct towards Microfinance borrowers 26 I. Responsibilities of Direct Sales Agents (DSA) / Direct Marketing Agents (DMA) / Recovery Agents of the NBFC 29 Chapter IV – Miscellaneous 31 A. Need for public notice before closure of the branch/office 31 B. Rounding off of transactions to the Nearest Rupee 31 C. Provision of Safe Deposit Locker Facility by NBFCs 31 D. 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) 31 Chapter V – Repeal and Other Provisions 32 A. Repeal and saving 32 B. Application of other laws not barred 32 C. Interpretations 32 Annex I – Key Facts Statement 34 Annex II – Lending against collateral of Gold Jewellery 36
RBI/DOR/2025-26/362 DOR.MCS.REC.No.281/01-01-039/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 4 Chapter II – Institutional Framework 7 A. Role of Board 7 Chapter III – Responsible Lending Conduct 8 A. Fair Practices Code for NBFCs 8 B. Key Facts Statement for Loans & Advances 11 C. Penal Charges in Loan Accounts 14 D. Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans 16 E. Pre-payment charges on loans 18 F. Release of Movable / Immovable Property Documents on Repayment / Settlement of Personal Loans 19 G. Conduct related aspects in Lending Against Gold and Silver Collateral 20 H. Guidelines on conduct towards Microfinance borrowers 26 I. Responsibilities of Direct Sales Agents (DSA) / Direct Marketing Agents (DMA) / Recovery Agents of the NBFC 29 Chapter IV – Miscellaneous 31 A. Need for public notice before closure of the branch/office 31 B. Rounding off of transactions to the Nearest Rupee 31 C. Provision of Safe Deposit Locker Facility by NBFCs 31 D. 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) 31 Chapter V – Repeal and Other Provisions 32 A. Repeal and saving 32 B. Application of other laws not barred 32 C. Interpretations 32 Annex I – Key Facts Statement 34 Annex II – Lending against collateral of Gold Jewellery 36
RBI/DOR/2025-26/363 DOR.ORG.REC.No.282/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Managing Risks in Outsourcing) Directions, 2025 Table of Contents CHAPTER I – PRELIMINARY 4 A. Short Title and Commencement 4 B. Applicability and Scope 4 C. Definitions 8 CHAPTER II – ROLE OF THE BOARD 10 A. Board Approved Policy 10 B. Key responsibilities 10 CHAPTER III – OUTSOURCING OF FINANCIAL SERVICES 12 A. Definitions 12 B. Activities that shall not be outsourced 12 C. Authorisation, Accountability, and Oversight 13 D. Governance Framework 14 D.1 Outsourcing Policy 14 D.2 Role of Senior Management 14 E. Risk Management 15 E.1 Evaluation of the Risks 15 E.2 Confidentiality and Security of Information 16 F. Outsourcing Process 17 F.1 Service Provider Evaluation 17 F.2 Outsourcing Agreement 18 F.3 Monitoring and Control of Outsourced Activities 19 F.4 Business Continuity and Management of Disaster Recovery Plan 20 F.5 Termination 21 G. Specific Outsourcing Arrangements 21 G.1 Outsourcing within a Group / Conglomerate 21 G.2 Offshore outsourcing 23 H. Redressal of Grievances related to Outsourced Services 24 CHAPTER IV – OUTSOURCING OF INFORMATION TECHNOLOGY (IT) SERVICES 26 A. Definitions 26 B. Authorisation, Accountability, and Oversight 27 C. Governance Framework 28 C.1 Outsourcing Policy 28 C.2 Role of Senior Management 28 C.3 Role of IT Function 29 D. Risk Management 30 D.1 Risk Management Framework 30 D.2 Confidentiality and Security of Information 30 E. Outsourcing Process 31 E.1 Service Provider Evaluation 31 E.2 Outsourcing Agreement 32 E.3 Monitoring and Control of Outsourced Activities 34 E.4 Inventory of Outsourced Services 36 E.5 Business Continuity and Management of Disaster Recovery Plan 36 E.6 Exit Strategy 36 E.7 Termination 37 F. Specific Outsourcing Arrangements 37 F.1 Outsourcing within a Group / Conglomerate 37 F.2 Offshore or Cross-Border outsourcing 37 F.3 Outsourcing of Security Operations Centre (SOC) 38 F.4 Usage of Cloud Computing Services 39 G. Redressal of Grievances related to Outsourced Services 44 CHAPTER V – REPEAL AND OTHER PROVISIONS 45 A. Repeal and saving 45 B. Application of other laws not barred 45 C. Interpretations 46
RBI/DOR/2025-26/363 DOR.ORG.REC.No.282/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Managing Risks in Outsourcing) Directions, 2025 Table of Contents CHAPTER I – PRELIMINARY 4 A. Short Title and Commencement 4 B. Applicability and Scope 4 C. Definitions 8 CHAPTER II – ROLE OF THE BOARD 10 A. Board Approved Policy 10 B. Key responsibilities 10 CHAPTER III – OUTSOURCING OF FINANCIAL SERVICES 12 A. Definitions 12 B. Activities that shall not be outsourced 12 C. Authorisation, Accountability, and Oversight 13 D. Governance Framework 14 D.1 Outsourcing Policy 14 D.2 Role of Senior Management 14 E. Risk Management 15 E.1 Evaluation of the Risks 15 E.2 Confidentiality and Security of Information 16 F. Outsourcing Process 17 F.1 Service Provider Evaluation 17 F.2 Outsourcing Agreement 18 F.3 Monitoring and Control of Outsourced Activities 19 F.4 Business Continuity and Management of Disaster Recovery Plan 20 F.5 Termination 21 G. Specific Outsourcing Arrangements 21 G.1 Outsourcing within a Group / Conglomerate 21 G.2 Offshore outsourcing 23 H. Redressal of Grievances related to Outsourced Services 24 CHAPTER IV – OUTSOURCING OF INFORMATION TECHNOLOGY (IT) SERVICES 26 A. Definitions 26 B. Authorisation, Accountability, and Oversight 27 C. Governance Framework 28 C.1 Outsourcing Policy 28 C.2 Role of Senior Management 28 C.3 Role of IT Function 29 D. Risk Management 30 D.1 Risk Management Framework 30 D.2 Confidentiality and Security of Information 30 E. Outsourcing Process 31 E.1 Service Provider Evaluation 31 E.2 Outsourcing Agreement 32 E.3 Monitoring and Control of Outsourced Activities 34 E.4 Inventory of Outsourced Services 36 E.5 Business Continuity and Management of Disaster Recovery Plan 36 E.6 Exit Strategy 36 E.7 Termination 37 F. Specific Outsourcing Arrangements 37 F.1 Outsourcing within a Group / Conglomerate 37 F.2 Offshore or Cross-Border outsourcing 37 F.3 Outsourcing of Security Operations Centre (SOC) 38 F.4 Usage of Cloud Computing Services 39 G. Redressal of Grievances related to Outsourced Services 44 CHAPTER V – REPEAL AND OTHER PROVISIONS 45 A. Repeal and saving 45 B. Application of other laws not barred 45 C. Interpretations 46
RBI/DOC/2025-26/364 DOR.SFG.REC.No.283/30.01.021/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Climate Finance and Management of Climate Change Risks) Directions, 2025 Table of contents Chapter I – Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II – Role of the Board 5 Chapter III – Framework for acceptance of Green Deposits 6 A. Policy 6 B. Denomination, interest rates and tenor of deposits 6 C. Financing Framework 6 D. Use of Proceeds 7 E. Third-Party Verification / Assurance 9 F. Impact Assessment 10 G. Reporting and Disclosures 11 Chapter IV – Repeal and other provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12
RBI/DOC/2025-26/364 DOR.SFG.REC.No.283/30.01.021/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Climate Finance and Management of Climate Change Risks) Directions, 2025 Table of contents Chapter I – Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II – Role of the Board 5 Chapter III – Framework for acceptance of Green Deposits 6 A. Policy 6 B. Denomination, interest rates and tenor of deposits 6 C. Financing Framework 6 D. Use of Proceeds 7 E. Third-Party Verification / Assurance 9 F. Impact Assessment 10 G. Reporting and Disclosures 11 Chapter IV – Repeal and other provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12
RBI/DOR/2025-26/365 DoR.FIN.REC.284/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Housing Finance Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board and Registration 12 Chapter-III – Prudential Regulation – Capital 15 Chapter-IV – Prudential Regulation - Asset Classification and Provisioning 21 Chapter-V – Prudential Regulation- Regulatory Restrictions and Limits 29 Chapter-VI – Prudential Regulation- Acceptance of Public Deposits 38 Chapter-VII – Governance- Acquisition / Transfer of Control 46 Chapter-VIII – Corporate Governance 47 Chapter-IX – Auditor’s Report 49 Chapter-X – Fair Practices Code 53 Chapter-XI – Miscellaneous Instructions 77 Chapter-XII – Reporting Requirements 87 Chapter-XV - Repeal and Other Provisions 88 Annex I 90 Annex II 94 Annex III 96 Annex IV 100 Annex V 106
RBI/DOR/2025-26/365 DoR.FIN.REC.284/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Housing Finance Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board and Registration 12 Chapter-III – Prudential Regulation – Capital 15 Chapter-IV – Prudential Regulation - Asset Classification and Provisioning 21 Chapter-V – Prudential Regulation- Regulatory Restrictions and Limits 29 Chapter-VI – Prudential Regulation- Acceptance of Public Deposits 38 Chapter-VII – Governance- Acquisition / Transfer of Control 46 Chapter-VIII – Corporate Governance 47 Chapter-IX – Auditor’s Report 49 Chapter-X – Fair Practices Code 53 Chapter-XI – Miscellaneous Instructions 77 Chapter-XII – Reporting Requirements 87 Chapter-XV - Repeal and Other Provisions 88 Annex I 90 Annex II 94 Annex III 96 Annex IV 100 Annex V 106
RBI/DOR/2025-26/366 DOR.FIN.REC.No.285/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Standalone Primary Dealers) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Registration 7 Chapter III – Capital Funds and Capital Requirements 9 Chapter IV – Sources and Application of Funds 42 Chapter V – Other Prudential Regulations 57 Chapter VI – Governance Issues – Corporate Governance 60 Chapter VII – Miscellaneous Instructions 62 Chapter VIII – Reporting Requirements 64 Chapter IX – Repeal and Other Provisions 65 Annex I 67 Annex II 68 Annex III 70 Annex IV 71
RBI/DOR/2025-26/366 DOR.FIN.REC.No.285/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Standalone Primary Dealers) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Registration 7 Chapter III – Capital Funds and Capital Requirements 9 Chapter IV – Sources and Application of Funds 42 Chapter V – Other Prudential Regulations 57 Chapter VI – Governance Issues – Corporate Governance 60 Chapter VII – Miscellaneous Instructions 62 Chapter VIII – Reporting Requirements 64 Chapter IX – Repeal and Other Provisions 65 Annex I 67 Annex II 68 Annex III 70 Annex IV 71
RBI/DOR/2025-26/367 DOR.FIN.REC.No.297/03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Core Investment Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board of Directors and Registration 11 Chapter-III – Capital Requirements 14 Chapter-IV – Prudential Regulations 18 Chapter-V – Shareholding and Corporate Governance 22 Chapter-VI – Corporate Governance and Disclosure requirements 23 Chapter-VII – Risk Management 26 Chapter-VIII - Overseas Investment 28 Chapter-IX – Miscellaneous Instructions 29 Chapter-X – Reporting Requirements 31 Chapter-XI – Repeal and Other Provisions 32 Annex I - Additional Disclosure Requirements 34
RBI/DOR/2025-26/367 DOR.FIN.REC.No.297/03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Core Investment Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board of Directors and Registration 11 Chapter-III – Capital Requirements 14 Chapter-IV – Prudential Regulations 18 Chapter-V – Shareholding and Corporate Governance 22 Chapter-VI – Corporate Governance and Disclosure requirements 23 Chapter-VII – Risk Management 26 Chapter-VIII - Overseas Investment 28 Chapter-IX – Miscellaneous Instructions 29 Chapter-X – Reporting Requirements 31 Chapter-XI – Repeal and Other Provisions 32 Annex I - Additional Disclosure Requirements 34
RBI/DOR/2025-26/368 DoR.FIN.REC.No.287/03-10-123/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board and Registration 8 Chapter-III – Scope of Activities 12 Chapter-IV – Corporate Governance 19 Chapter-V – Miscellaneous Instructions 22 Chapter-VI – Repeal and Other Provisions 23
RBI/DOR/2025-26/368 DoR.FIN.REC.No.287/03-10-123/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board and Registration 8 Chapter-III – Scope of Activities 12 Chapter-IV – Corporate Governance 19 Chapter-V – Miscellaneous Instructions 22 Chapter-VI – Repeal and Other Provisions 23
RBI/DOR/2025-26/369 DOR.FIN.REC.No.288/23-11-001/2025-26 November 28, 2025 Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 10 Chapter-III – Prudential Regulations 15 Chapter-IV – Corporate Governance 27 Chapter-V - Miscellaneous instructions 28 Chapter-VIII – Repeal and Other Provisions 33
RBI/DOR/2025-26/369 DOR.FIN.REC.No.288/23-11-001/2025-26 November 28, 2025 Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 10 Chapter-III – Prudential Regulations 15 Chapter-IV – Corporate Governance 27 Chapter-V - Miscellaneous instructions 28 Chapter-VIII – Repeal and Other Provisions 33
RBI/DOR/2025-26/370 DOR.FIN.REC.No.289/03.10.124/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 4 Chapter-III – Prudential Norms 10 Chapter-IV – Corporate Governance 17 Chapter-V – Miscellaneous Instructions 20 Chapter-VI – Repeal and Other Provisions 22 Annex I 24
RBI/DOR/2025-26/370 DOR.FIN.REC.No.289/03.10.124/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 4 Chapter-III – Prudential Norms 10 Chapter-IV – Corporate Governance 17 Chapter-V – Miscellaneous Instructions 20 Chapter-VI – Repeal and Other Provisions 22 Annex I 24
RBI/DOR/2025-26/371 DOR.FIN.REC.290/ 03-10-038/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board of Directors and Registration Requirements 6 Chapter-III – Qualifying Assets and Permissible Activities 7 Chapter-IV – Prudential Regulations 9 Chapter-V – Shareholding and Corporate Governance 12 Chapter-VI - Risk Management 13 Chapter-VII – Miscellaneous Instructions 14 Chapter-VIII – Repeal and Other Provisions 18
RBI/DOR/2025-26/371 DOR.FIN.REC.290/ 03-10-038/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board of Directors and Registration Requirements 6 Chapter-III – Qualifying Assets and Permissible Activities 7 Chapter-IV – Prudential Regulations 9 Chapter-V – Shareholding and Corporate Governance 12 Chapter-VI - Risk Management 13 Chapter-VII – Miscellaneous Instructions 14 Chapter-VIII – Repeal and Other Provisions 18
RBI/DOR/2025-26/372 DoR.LIC.REC.No.291/16.13.218/2025-26 November 28, 2025 Reserve Bank of India (Non-Operative Financial Holding Company) Directions, 2025 Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Registration, Regulatory Structure and Shareholding 5 A. Registration 5 B. Regulatory Structure 5 C. Shareholding 6 Chapter-III Corporate Governance of NOFHC 8 Chapter-IV Prudential Norms for the NOFHC 10 A. NOFHC on a stand-alone basis 10 B. NOFHC on a consolidated basis 11 C. Exposure Norms 11 C.1 Exposure Norms for stand-alone NOFHC 11 C.2 Exposure Norms for consolidated NOFHC 12 C.3 Exposure norms for the bank held by the NOFHC 12 C.4 Exposure norms for the financial entities (other than bank) held by the NOFHC 13 Chapter-V Non-Permitted Activities of an NOFHC 14 Chapter-VI Consolidated Supervision 16 Chapter-VII Repeal and Other Provisions 17 A. Repeal and Saving 17 B. Application of other laws not barred 17 C. Interpretations 17 D. Exemptions 18
RBI/DOR/2025-26/372 DoR.LIC.REC.No.291/16.13.218/2025-26 November 28, 2025 Reserve Bank of India (Non-Operative Financial Holding Company) Directions, 2025 Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Registration, Regulatory Structure and Shareholding 5 A. Registration 5 B. Regulatory Structure 5 C. Shareholding 6 Chapter-III Corporate Governance of NOFHC 8 Chapter-IV Prudential Norms for the NOFHC 10 A. NOFHC on a stand-alone basis 10 B. NOFHC on a consolidated basis 11 C. Exposure Norms 11 C.1 Exposure Norms for stand-alone NOFHC 11 C.2 Exposure Norms for consolidated NOFHC 12 C.3 Exposure norms for the bank held by the NOFHC 12 C.4 Exposure norms for the financial entities (other than bank) held by the NOFHC 13 Chapter-V Non-Permitted Activities of an NOFHC 14 Chapter-VI Consolidated Supervision 16 Chapter-VII Repeal and Other Provisions 17 A. Repeal and Saving 17 B. Application of other laws not barred 17 C. Interpretations 17 D. Exemptions 18
RBI/DOR/2025-26/373 DOR.FIN.REC.No.292/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Miscellaneous instructions applicable to NBFCs in Base Layer 5 Chapter-III – Miscellaneous Instructions applicable to NBFCs in Middle Layer 11 Chapter-IV – Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011 12 Chapter-V – Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs) 16 Chapter-VI – Repeal and Other Provisions 18
RBI/DOR/2025-26/373 DOR.FIN.REC.No.292/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Miscellaneous instructions applicable to NBFCs in Base Layer 5 Chapter-III – Miscellaneous Instructions applicable to NBFCs in Middle Layer 11 Chapter-IV – Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011 12 Chapter-V – Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs) 16 Chapter-VI – Repeal and Other Provisions 18
RBI/DoR/2025-26/374 DoR.FIN.REC.No.293/26.03.001/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies) Directions, 2025 Table of Contents Chapter-I Preliminary 2 Chapter-II Role of Board of Directors, Registration and Related Matters 6 Chapter-III Guidelines on Asset Reconstruction and Securitisation 11 Chapter-IV Prudential Regulations 29 Chapter-V Governance and Conduct 31 Chapter-VI Accounting and Disclosures 42 Chapter-VII Miscellaneous Instructions 53 Chapter-VIII Repeal and Other Provisions 55 Annex I 57 Annex II 60 Annex III 64 Annex IV 65 Annex V 70 Annex VI 77
RBI/DoR/2025-26/374 DoR.FIN.REC.No.293/26.03.001/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies) Directions, 2025 Table of Contents Chapter-I Preliminary 2 Chapter-II Role of Board of Directors, Registration and Related Matters 6 Chapter-III Guidelines on Asset Reconstruction and Securitisation 11 Chapter-IV Prudential Regulations 29 Chapter-V Governance and Conduct 31 Chapter-VI Accounting and Disclosures 42 Chapter-VII Miscellaneous Instructions 53 Chapter-VIII Repeal and Other Provisions 55 Annex I 57 Annex II 60 Annex III 64 Annex IV 65 Annex V 70 Annex VI 77
RBI/DOR/2025-26/375 DOR.FIN.REC.No.294/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter-II Membership of CICs 5 Chapter-III Credit Information Reporting and Dissemination 6 A. Data formats 6 B. Reporting timelines and updation 6 C. Reporting guidelines 6 D. Rectification of rejected data and review of Data Quality Index (DQI) 11 E. Correction of Credit Information Report 12 F. Use of credit information reports in credit appraisal 12 G. Display of information 12 Chapter-IV Technical Working Group 15 Chapter-V Customer Service and Grievance Redressal 17 A. Strengthening of customer service 17 B. Framework for compensation to customers 18 Chapter-VI Best Practices 26 Chapter-VII Repeal and Other Provisions 27 A. Repeal and saving 27 B. Application of other laws not barred 27 C. Interpretations 28 Annex I 29 Annex II 59 Annex III 60 Annex IV 66 Annex V 67
RBI/DOR/2025-26/375 DOR.FIN.REC.No.294/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter-II Membership of CICs 5 Chapter-III Credit Information Reporting and Dissemination 6 A. Data formats 6 B. Reporting timelines and updation 6 C. Reporting guidelines 6 D. Rectification of rejected data and review of Data Quality Index (DQI) 11 E. Correction of Credit Information Report 12 F. Use of credit information reports in credit appraisal 12 G. Display of information 12 Chapter-IV Technical Working Group 15 Chapter-V Customer Service and Grievance Redressal 17 A. Strengthening of customer service 17 B. Framework for compensation to customers 18 Chapter-VI Best Practices 26 Chapter-VII Repeal and Other Provisions 27 A. Repeal and saving 27 B. Application of other laws not barred 27 C. Interpretations 28 Annex I 29 Annex II 59 Annex III 60 Annex IV 66 Annex V 67
RBI/DOR/2025-26/376 DOR.FIN.REC.No.295/20-16-003/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 Table of Contents Contents Chapter I - Preliminary 3 Chapter II - Reporting of Wilful Defaulters and Large Defaulters 4 Chapter III - Repeal and Other Provisions 7 Annex I - Format for submission of List of Large Defaulters 9 Annex II - Format for submission of data on cases of wilful default 12
RBI/DOR/2025-26/376 DOR.FIN.REC.No.295/20-16-003/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 Table of Contents Contents Chapter I - Preliminary 3 Chapter II - Reporting of Wilful Defaulters and Large Defaulters 4 Chapter III - Repeal and Other Provisions 7 Annex I - Format for submission of List of Large Defaulters 9 Annex II - Format for submission of data on cases of wilful default 12
RBI/DOR/2025-26/377 DOR.AML.REC.No.296/14.01.010/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Directions, 2025 Table of Contents Chapter I – Preliminary 3 Chapter II – General 12 Chapter III – Customer Acceptance Policy 15 Chapter IV – Risk Management 17 Chapter V – Customer Identification Procedure (CIP) 18 Chapter VI – Customer Due Diligence (CDD) Procedure 19 Chapter VII – Record Management 39 Chapter VIII – Reporting Requirements to Financial Intelligence Unit – India 41 Chapter IX – Requirements/obligations under International Agreements - Communications from International Agencies 43 Chapter X – Other Instructions 47 Chapter XI – Repeal and Other Provisions 52 Annex - I 54 Annex - II 68
RBI/DOR/2025-26/377 DOR.AML.REC.No.296/14.01.010/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Directions, 2025 Table of Contents Chapter I – Preliminary 3 Chapter II – General 12 Chapter III – Customer Acceptance Policy 15 Chapter IV – Risk Management 17 Chapter V – Customer Identification Procedure (CIP) 18 Chapter VI – Customer Due Diligence (CDD) Procedure 19 Chapter VII – Record Management 39 Chapter VIII – Reporting Requirements to Financial Intelligence Unit – India 41 Chapter IX – Requirements/obligations under International Agreements - Communications from International Agencies 43 Chapter X – Other Instructions 47 Chapter XI – Repeal and Other Provisions 52 Annex - I 54 Annex - II 68
RBI/DOR/2025-26/378 DOR.FIN.REC.No.297/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II – Role of the Board 5 Chapter III - Statutory Framework Governing CICs 6 Chapter IV - Investment in CICs 7 Chapter V - Credit Information Reporting and Dissemination 8 A. Membership of CICs 8 B. Submission of Data by CIs - Role of CICs 11 C. Credit Information dissemination 17 Chapter VI - Technical Working Group 23 A. Constitution of Technical Working Group 23 B. Standing Sub-Group of TWG 23 Chapter VII - Customer Service and Grievance Redressal 25 A. Strengthening of customer service 25 B. Miscellaneous Instructions 33 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 34 Chapter VIII - Best Practices 35 Chapter IX - Repeal and Interpretations 37 Annex I 39 Annex III 71 Annex IV 73 Annex V 80 Annex VI 82 Annex VII 86 Annex VIII 89
RBI/DOR/2025-26/378 DOR.FIN.REC.No.297/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II – Role of the Board 5 Chapter III - Statutory Framework Governing CICs 6 Chapter IV - Investment in CICs 7 Chapter V - Credit Information Reporting and Dissemination 8 A. Membership of CICs 8 B. Submission of Data by CIs - Role of CICs 11 C. Credit Information dissemination 17 Chapter VI - Technical Working Group 23 A. Constitution of Technical Working Group 23 B. Standing Sub-Group of TWG 23 Chapter VII - Customer Service and Grievance Redressal 25 A. Strengthening of customer service 25 B. Miscellaneous Instructions 33 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 34 Chapter VIII - Best Practices 35 Chapter IX - Repeal and Interpretations 37 Annex I 39 Annex III 71 Annex IV 73 Annex V 80 Annex VI 82 Annex VII 86 Annex VIII 89
RBI/DoR/2025-26/379 DoR.ORG.REC.No.298/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies – 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 10 B.3 Role of IT Function 11 C. Risk Management 12 C.1 Risk Management Framework 12 C.2 Confidentiality and Security of Information 12 D. Outsourcing Process 13 D.1 Service Provider Evaluation 13 D.2 Outsourcing Agreement 15 D.3 Monitoring and Control of Outsourced Services 17 D.4 Inventory of Outsourced Services 19 D.5 Business Continuity and Management of Disaster Recovery Plan 19 D.6 Exit Strategy 19 D.7 Termination 20 E. Specific Outsourcing Arrangements 20 E.1 Outsourcing within a Group / Conglomerate 20 E.2 Offshore or Cross-Border outsourcing 21 E.3 Outsourcing of Security Operations Centre (SOC) 21 E.4 Usage of Cloud Computing Services 22 F. Redressal of Grievances related to Outsourced Services 27 CHAPTER IV – REPEAL AND OTHER PROVISIONS 28 A. Repeal and Saving 28 B. Application of other laws not barred 28 C. Interpretations 28
RBI/DoR/2025-26/379 DoR.ORG.REC.No.298/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies – 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 10 B.3 Role of IT Function 11 C. Risk Management 12 C.1 Risk Management Framework 12 C.2 Confidentiality and Security of Information 12 D. Outsourcing Process 13 D.1 Service Provider Evaluation 13 D.2 Outsourcing Agreement 15 D.3 Monitoring and Control of Outsourced Services 17 D.4 Inventory of Outsourced Services 19 D.5 Business Continuity and Management of Disaster Recovery Plan 19 D.6 Exit Strategy 19 D.7 Termination 20 E. Specific Outsourcing Arrangements 20 E.1 Outsourcing within a Group / Conglomerate 20 E.2 Offshore or Cross-Border outsourcing 21 E.3 Outsourcing of Security Operations Centre (SOC) 21 E.4 Usage of Cloud Computing Services 22 F. Redressal of Grievances related to Outsourced Services 27 CHAPTER IV – REPEAL AND OTHER PROVISIONS 28 A. Repeal and Saving 28 B. Application of other laws not barred 28 C. Interpretations 28
RBI/FMRD/2025-26/142 FMRD.DIRD.04/14.03.038/2025-26 November 11, 2025 To All participants in repo market Dear Sir/Madam Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025 Please refer to the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 dated July 24, 2018, as amended from time to time.
RBI/FMRD/2025-26/142 FMRD.DIRD.04/14.03.038/2025-26 November 11, 2025 To All participants in repo market Dear Sir/Madam Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025 Please refer to the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 dated July 24, 2018, as amended from time to time.
RBI/DPSS/2025-26/141 CO.DPSS.POLC.No.S-633/02-14-008/2025-26 September 15, 2025 All Payment System Providers and Payment System Participants / All Authorised Dealer banks / All Scheduled Commercial Banks Madam / Dear Sir, Master Direction on Regulation of Payment Aggregator (PA)
RBI/DPSS/2025-26/141 CO.DPSS.POLC.No.S-633/02-14-008/2025-26 September 15, 2025 All Payment System Providers and Payment System Participants / All Authorised Dealer banks / All Scheduled Commercial Banks Madam / Dear Sir, Master Direction on Regulation of Payment Aggregator (PA)
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/2025-26/140 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/2025-26/139 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/2025-26/138 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/FMRD/2025-26/137 FMRD.MIOD.No. 02/14.03.027/2025-26 June 16, 2025 To All operators of Electronic Trading Platforms Madam/Sir, Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025
RBI/FMRD/2025-26/137 FMRD.MIOD.No. 02/14.03.027/2025-26 June 16, 2025 To All operators of Electronic Trading Platforms Madam/Sir, Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025
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