DRAFT CIRCULAR RBI/2024-25/ DoR.MCS.REC. /01.01.001/2024-25 XXXXXX XX, 2025 All Scheduled Commercial Banks (excluding Payments Banks) All Local Area Banks All Primary (Urban) Co-operative Banks All State Co-operative Banks and Central Co-operative Banks All NBFCs (including HFCs) All India Financial Institutions (AIFIs) Madam/ Dear Sir

RBI/2024-25/ DOR.RAUG.AUT.REC.No. /24.01.041/2024-25 October 04, 2024 All Scheduled Commercial Banks (excluding Regional Rural Banks) All Non-Banking Financial Company (including Housing Finance Company) - group entities of Scheduled Commercial Banks All Non-Operative Financial Holding Companies Madam/Sir, Draft Circular - Forms of Business and Prudential Regulation for Investments In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and Chapter IIIB of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest to do so, hereby, amends the directions issued vide Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 dated May 26, 2016.

DRAFT CIRCULAR FOR COMMENTS RBI/2024-25/ DOR.STR.REC. /21.04.048/2024-25  August 05, 2024 All Commercial Banks (including Regional Rural Banks and Local Area Banks) All Primary (Urban) Co-operative Banks All State Cooperative Banks & Central Cooperative Banks All Non-Banking Financial Companies (including Housing Finance Companies) All All-India Financial Institutions Madam/Dear Sir, Regulatory Principles for Management of Model Risks in Credit

Please refer to circular DBOD.BP.BC.No.120/21.04.098/2013-14 dated June 09, 2014 on ‘Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards’ and associated guidelines.

DRAFT FOR COMMENTS RBI/DOR/2024-25/ DOR.STR.REC. /21.04.048/2024-25 May 03, 2024 All Commercial Banks (including Small Finance Banks but excluding Payments Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks All All-India Financial Institutions All Non-Banking Financial Companies

RBI/2023-24/ DOR.SFG.REC. /30.01.021/2023-24 February 28, 2024 All Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks and Regional Rural Banks) All Tier-IV Primary (Urban) Co-operative Banks (UCBs) All All-India Financial Institutions (viz. EXIM Bank, NABARD, NaBFID, NHB and SIDBI)All Top and Upper Layer Non-Banking Financial Companies (NBFCs)

Please refer to paragraph 91.7 of Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023 as per which Government owned NBFCs set up to serve specific sectors are permitted to approach the Reserve Bank for exemptions, if any, from credit/investment concentration norms. 

Technological innovations are reshaping the financial services landscape, with FinTechs emerging as disruptors and facilitators. FinTechs encompass diverse entities in terms of constitution, size, activities, domains, etc., all subject to constant flux and evolution. FinTechs play a pivotal role in redefining financial services by saving time, enhancing access, and lowering costs. At the same time, the sector raises concerns relating to customer protection, data privacy, cyber security, grievance handling, internal governance, financial system integrity, and the like. While the innovation and dynamism of FinTechs needs to be harnessed, the emerging risks require to be appropriately managed. In such a context, approach to regulation should be imaginative, adaptive, flexible, and proportionate to the perceived risks. In particular, an effective regulatory approach should maintain the balance between maximising the creative potential of FinTechs, while minimising the idiosyncratic risks they pose to the financial system. 

Please refer to our circular DOR.NBFC (HFC).CC.No.118/03.10.136/2020-21 dated October 22, 2020, issued after examination of inputs received on the draft regulatory framework for HFCs, which was placed in public domain on June 17, 2020.  Reference is invited to para 4 of the above circular advising that further harmonisation between the regulations of HFCs and NBFCs will be taken up in a phased manner in the next two years so as to ensure that the transition is achieved with least disruption.