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NBFC Public Deposit Directions Updated as of June 30, 2012

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2012-13/36 · issued 02 Jul 2012 · ~2 min read
Quick answerRBI consolidated all current instructions on NBFC public deposit acceptance into a single updated notification as of June 30, 2012. This replaces earlier circulars and provides a unified reference for compliance. Key areas include deposit limits, interest rate ceilings, and reporting requirements.

What changed

RBI issued a consolidated version of the NBFC Acceptance of Public Deposits Directions, 1998, incorporating all amendments up to June 30, 2012. This circular supersedes previous fragmented instructions and provides a single updated reference document. The notification includes definitions for Asset Finance Companies and other NBFC categories.

What it means for you

NBFCs must now refer to this consolidated notification for all public deposit-related compliance, ensuring they follow the latest rules on deposit acceptance, interest rates, and reporting. Lenders should update their internal policies and training materials to align with this unified directive. Non-compliance could attract regulatory action under the RBI Act.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All Non-Banking Financial Companies (except Residuary Non-Banking Companies and Miscellaneous Non-Banking Companies), NBFC compliance officers and legal teams, Auditors certifying NBFC deposit-related returns

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Does this circular replace all previous NBFC deposit directions?

Yes, this notification consolidates all amendments up to June 30, 2012 and supersedes earlier directions, including Notification No.DFC.114/DG(SPT)-98 dated January 2, 1998.

What is the definition of an Asset Finance Company under these directions?

An Asset Finance Company is a financial institution whose principal business is financing physical assets that support productive or economic activity, such as automobiles, tractors, generator sets, and earth moving equipment.

Where can I find the full updated notification?

The updated notification is available on the RBI website at www.rbi.org.in under the notifications section.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1264: DNBS.(PD).CC.No.277/03.02.001/2012-13 — "Notification as Amended upto June 30, 2012 - 'Non-Banking Financial Companies Acceptance of Public Deposits (Reserve ”
📜 Read the original circular — full text as issued by RBI
RBI/2012-13/36 DNBS (PD) CC No 277/03.02.001/2012-13 July 2, 2012 To The Chairman/CEOs of all Non-Banking Financial Companies (except Residuary Non-Banking Companies and Miscellaneous Non-Banking Companies) Dear Sir, Notification as amended upto June 30, 2012 – “Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998” As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars / notifications. The instructions contained in the Notification No.DFC.118/DG (SPT)-98 dated January 31, 1998 updated as on June 30, 2012 are reproduced below. The updated Notification has also been placed on the RBI web-site ( http://www.rbi.org.in ). Yours sincerely, (C.R.Samyuktha) Chief General Manager Table of Contents Para No
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/36 · issued 02 Jul 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7403&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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