NBFC Regulations — withdrawn & superseded
64 circulars in this topic that our nightly lineage check found withdrawn or superseded — kept here for historical reference, not shown on the main NBFC Regulations page since they no longer reflect current regulation.
Always confirm current applicability against the official RBI source linked on each circular. ← Back to current NBFC Regulations circulars
NBFCs: PMLA Compliance & Transaction Monitoring Update
RBI reiterates NBFCs must use software to flag transactions inconsistent with customer risk profiles, file CTR electroni
Master Circular: NBFC/RNBC Liquid Asset Returns & Maintenance
RBI consolidated prior directions on liquid asset maintenance and quarterly return filing for NBFCs and RNBCs into a sin
NBFC Auditor Report Directions 1998: Master Circular
RBI consolidated its 1998 directions for NBFC auditors into a master circular as of June 30, 2005. Auditors must separat
RBI Relaxes Prior Public Notice Norms for NBFC Change in Control
RBI has relaxed prior public notice requirements for NBFCs undergoing change in control/management. For mergers/amalgama
Simplified KYC for Small Accounts at NBFCs
RBI allows NBFCs to open accounts with simplified KYC for customers unable to produce standard documents, provided total
RBI Issues Separate Prudential Norms for Deposit & Non-Deposit NBFCs
RBI replaced the 1998 Prudential Norms with two separate directions for deposit-taking and non-deposit-taking NBFCs, eff
NBFCs must add deposit disclaimer in TV ads
RBI now mandates that all deposit-taking NBFCs (excluding RNBCs) include a specific disclaimer in electronic media ads (
RBI Hikes NBFC Deposit Rate Ceiling to 12.5%
RBI raised the maximum interest rate NBFCs (excluding RNBCs) can pay on public deposits from 11% to 12.5% per annum, eff
NBFC Auditor Report Directions 1998 Master Circular
RBI consolidated its 1998 directions for NBFC auditors into a master circular as of June 30, 2007. Auditors must now sub
NBFC Public Deposit Rules: Master Circular 2007
RBI consolidated all NBFC public deposit norms into a single Master Circular as of June 30, 2007. This circular updates
NBFC Quarterly Return & Liquid Asset Norms Consolidated
RBI consolidated NBFC/RNBC return filing rules (NBS-3/NBS-3A) and liquid asset requirements as of June 30, 2008. Quarter
RBI Monitoring Framework for Mid-Sized NBFCs (Rs 50-100 Cr)
RBI now requires non-deposit taking NBFCs with assets between Rs 50 crore and Rs 100 crore to file a quarterly return on
NBFC Auditor Report Directions 2008: Key Updates
RBI superseded the 1998 auditor directions for NBFCs with new 2008 rules. Auditors must now submit a separate report to
RBI Amendment to NBFC Investment Specifications (2009)
This 2009 RBI notification amends the 1998 Directions to allow NBFCs accepting public deposits to invest in term deposit
NBFC Reporting: Hard Copy & Excel Return for Mid-Size Firms
NBFCs with asset size ₹50–100 crore must now submit their quarterly return as hard copy and Excel soft copy to their reg
RBI Master Circular on NBFC Corporate Governance (2009)
RBI consolidated corporate governance rules for NBFCs as of July 2009. Key recommendations: audit partner rotation every
RBI Updates NBFC Prudential Norms Master Circular (2007 Directions Updated to June 30, 2009)
RBI issued an updated Master Circular consolidating all prudential norms for deposit-taking NBFCs and RNBCs as of June 3
NBFC Auditor Report Directions 2008 Master Circular (Updated to June 30, 2009)
RBI consolidated NBFC auditor reporting rules into a Master Circular updated to June 30, 2009. Auditors must submit an a
RBI Updates NBFC Returns Specifications Master Circular 1997
RBI issued Master Circular DNBS (PD) CC No.147/03. 02.01/ 2009-10 consolidating all instructions on NBFC returns specifi
RBI Master Circular on KYC & AML for NBFCs (2009)
RBI issued a master circular consolidating KYC/AML guidelines for NBFCs, MNBCs, and RNBCs as of June 30, 2009. All NBFCs
Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008 (as amended up to June 30, 2010)
RBI issued a consolidated version of the Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions, 200
RBI Master Circular on KYC/AML for NBFCs (2010)
RBI consolidated all KYC/AML guidelines for NBFCs into a single Master Circular as of June 30, 2010, mandating board-app
RBI Consolidates NBFC-ND-SI Instructions (2010)
RBI consolidated all 2009-10 instructions for systemically important non-deposit taking NBFCs (NBFC-ND-SI) into a single
RBI Master Circular on NBFC Corporate Governance (2010)
RBI consolidated corporate governance norms for NBFCs as of June 30, 2010. Key updates: audit partner rotation every 3 y
Master Circular: NBFC Entry into Insurance & Credit Card Business
RBI consolidated rules for NBFCs entering insurance or credit card business as of June 30, 2010. Key points: NBFCs can d
Master Circular: Fair Practices Code for NBFCs (2010)
RBI consolidated all fair practices instructions for NBFCs/RNBCs as of June 30, 2010. Key requirements: loan application
NBFC Master Circular: ALM, Nomination & Liquid Assets
RBI consolidated miscellaneous NBFC instructions as of June 30, 2010, covering ALM system requirements for NBFCs with as
NBFC Prudential Norms Extended to Primary Dealers
RBI has clarified that the NBFC prudential norms on credit/investment concentration limits apply to all standalone Prima
NBFCs: Enhanced KYC/AML for High-Risk Jurisdictions
RBI directs NBFCs to use public info beyond FATF statements to identify countries with weak AML/CFT regimes, and scrutin
NBFC Entry into Insurance, Credit Cards & Allied Activities: Master Circular 2011
RBI consolidated all instructions on NBFCs entering insurance, issuing credit cards, and marketing products as of June 3
NBFC Public Deposit Directions 1998 as amended upto June 30, 2011
RBI issued a consolidated version of the NBFC Public Deposit Directions 1998, updated to June 30, 2011. This circular re
RBI Consolidates NBFC-ND-SI Instructions: July 2011
RBI consolidated all instructions for systemically important non-deposit taking NBFCs (NBFC-ND-SI) into a single master
RBI Master Circular: NBFC Compliance & ALM Guidelines (2011) - Limited to Specific NBFC Types
RBI consolidated all NBFC instructions into a master circular as of June 30, 2011. Key updates: mandatory ALM system for
RBI Master Circular on NBFC Corporate Governance (2011)
RBI consolidated corporate governance rules for NBFCs as of June 30, 2011. Key updates: desirable audit partner rotation
RBI Master Circular on Fair Practices Code for NBFCs (2011)
RBI consolidated all fair practices instructions for NBFCs/RNBCs into a single Master Circular as of June 30, 2011. It m
RBI Adds Brickwork Ratings as Approved Agency for NBFC Fixed Deposits
RBI now allows NBFCs to use Brickwork Ratings India Pvt. Ltd. for rating their fixed deposit portfolios, with a minimum
NBFC Auditor Report Directions 2008 Updated
RBI consolidated NBFC Auditor Report Directions 2008 as of June 30, 2012. Auditors must submit an additional report to t
RBI Master Circular on NBFC Corporate Governance
RBI consolidated all corporate governance instructions for NBFCs as of June 30, 2012. Key mandates: Audit Committee for
Master Circular: NBFC Entry into Insurance, Credit Cards & Mutual Fund Distribution
RBI consolidated all instructions on NBFCs entering insurance, issuing credit cards, and distributing mutual funds as of
RBI Master Circular on NBFC Miscellaneous Instructions (2012)
RBI consolidated all miscellaneous instructions for NBFCs issued up to June 30, 2012 into a single master circular. It c
RBI Master Circular on Fair Practices Code for NBFCs (2012)
RBI consolidated all Fair Practices Code instructions for NBFCs/RNBCs into a single Master Circular as of July 2, 2012,
RBI Consolidates NBFC-ND-SI Instructions (2012)
RBI consolidated all 2011-12 instructions for systemically important non-deposit-taking NBFCs (NBFC-ND-SI) into a single
NBFC Prudential Norms Consolidated as of June 2012
RBI consolidated all prudential norms for deposit-taking NBFCs and RNBCs into a single updated notification as of June 3
NBFC Prudential Norms Update: July 2012
RBI consolidated the 2007 prudential norms for non-deposit taking NBFCs as of June 30, 2012. The circular updates asset
NBFC Public Deposit Directions Updated as of June 30, 2012
RBI consolidated all current instructions on NBFC public deposit acceptance into a single updated notification as of Jun
RBI Master Circular on KYC/AML for NBFCs (2012)
RBI consolidated all KYC/AML/CFT guidelines for NBFCs into a single Master Circular as of July 2, 2012, covering custome
RBI Master Circular on NBFC Corporate Governance (2013)
RBI consolidated corporate governance guidelines for NBFCs as of July 1, 2013. Key mandates: Audit Committees for NBFCs
NBFC Entry into Insurance, Credit Cards & Mutual Fund Distribution
RBI consolidated guidelines as of June 30, 2013, for NBFCs entering insurance, issuing credit cards, and distributing mu
Updated Prudential Norms for Non-Deposit Taking NBFCs (2013)
RBI consolidated and updated prudential norms for non-deposit taking NBFCs as of June 30, 2013, superseding the 1998 dir
NBFC Auditor Report Directions 2008 Updated
RBI updated the NBFC Auditor's Report Directions 2008 as of June 30, 2013. Auditors must now submit a separate report to
NBFC Prudential Norms Directions 2007 Updated as on June 30, 2013
RBI issued an updated consolidated version of the NBFC Prudential Norms Directions, 2007, incorporating all amendments u
NBFC Public Deposit Rules: Consolidated Directions 2013
RBI consolidated the 1998 NBFC Public Deposit Directions as of June 30, 2013, into a single updated notification. This r
RBI Master Circular on KYC/AML for NBFCs (2013)
RBI consolidated all KYC/AML/CFT guidelines for NBFCs into a single Master Circular as of July 1, 2013, consolidating in
RBI Master Circular on Fraud Monitoring for NBFCs (Updated as of June 30, 2013)
RBI issued a consolidated Master Circular on fraud monitoring for deposit-taking NBFCs and large non-deposit-taking NBFC
RBI Consolidates NBFC-ND-SI Instructions: July 2013
RBI consolidated all instructions for systemically important non-deposit taking NBFCs (NBFC-ND-SI) as of June 30, 2013.
RBI Master Circular: Miscellaneous Instructions for NBFCs (2013)
RBI consolidated all miscellaneous instructions for NBFCs issued up to June 30, 2013, into a single master circular. Thi
Master Circular on Fair Practices Code for NBFCs
RBI consolidated all Fair Practices Code instructions for NBFCs/RNBCs as of June 30, 2013. Key updates include mandatory
CRGFTLIH Guaranteed Loans: Risk Weight & Provisioning Norms for NBFC-MFIs
RBI allows NBFC-MFIs to assign zero risk weight and skip provisioning on the guaranteed portion of low-income housing lo
RBI Curbs NBFC Investments from FATF Non-Compliant Jurisdictions
RBI has barred new investors from FATF non-compliant jurisdictions from acquiring 20% or more voting power in NBFCs. Exi
Scale-Based Regulation for NBFCs: New 4-Layer Framework
RBI introduces a scale-based regulatory framework for NBFCs, classifying them into Base, Middle, Upper, and Top layers b
NBFCs with 10+ branches must adopt Core Financial Services Solution by Sept 2025
RBI mandates NBFC-ML and NBFC-UL with 10 or more fixed-point service delivery units to implement a Core Financial Servic
NBFC Concentration Norms: Credit Risk Transfer Rules Updated
RBI has updated credit/investment concentration norms for NBFCs, allowing NBFC-ML to offset exposures using specific cre
RBI Tightens P2P Lending Rules: No Credit Risk, No Guarantees
RBI has clarified that NBFC-P2P platforms must not assume any credit risk, directly or indirectly. Lenders bear all loss
NBFC-MFI Qualifying Assets Threshold Revised to 60%
RBI has revised the qualifying assets criterion for NBFC-MFIs: they must now hold at least 60% of net total assets (excl