{"what_this_is":"The machine-readable twin of the BankPulse page for one RBI rulebook. Same points, same dates, same paragraph references as the page a person reads. RBI's own wording is not reproduced here: each point names the RBI paragraph, the character offset into the text BankPulse read and the sha256 of that text, so the claim can be checked against RBI's own document.","schema_version":1,"release_id":"d653cdb0a5","generated_at":"2026-09-15T00:33:59.117975+00:00","id":"md10191","title":"Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin (Updated as on February 16, 2026)","document_kind":"Master Direction","page":"https://bankpulse.ai/rule/md10191","status":"In force","importance":{"code":"FYI","label":"FOR INFORMATION","weight":"For information","why":"General RBI update: no desk rule matched — read the source if it touches your work","layer":"bankpulse_inference"},"applies_to":{"shown":"All regulated entities","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md10191","mode":"four_dates_v1","published":{"label":"Published","value":"Jan 04, 2016","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"","stated":false,"why":"Not stated separately in this document. Read the rule itself before you assume a start date."},"transition":{"label":"Time to get ready","value":"","stated":false,"why":"Cannot be worked out until the day it starts to apply is known."},"deadline":{"label":"Last date to act","value":"","stated":false,"why":"No date to act by was found in this document. Other dates may sit inside single paragraphs."},"sources":{"published":"doc_date in data/highlights/md10191.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10191","document_date":"Jan 04, 2016","read_by_bankpulse":"2026-08-21 16:27:57 UTC","text_sha256":"41aa49b3d5b011aecf083354f02969f23d7d5c6bb41201f5d27077ba331a93a4","word_count":3230,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":37,"points_naming_an_rbi_paragraph":37,"points_stored":37,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md10191-09bcaefd","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Loan against shares or property","plain_english":"A bank may lend an NRI rupees against shares or property, but not farmland.","rbi_paragraph":"Para 3.1","rbi_char_offset":8872,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":["advance-against-securities","foreign-exchange"],"products_excluded":["agriculture-loan"],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p1","layer":"bankpulse"},{"n":2,"claim":"md10191-8057f1d8","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"No investing where barred","plain_english":"The loan cannot fund any activity closed to foreign investment.","rbi_paragraph":"Para 3.1","rbi_char_offset":9234,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p2","layer":"bankpulse"},{"n":3,"claim":"md10191-18fa0aad","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Loan money stays in India","plain_english":"The loan amount cannot leave India or land in the borrower's foreign-currency account.","rbi_paragraph":"Para 3.1","rbi_char_offset":9415,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p3","layer":"bankpulse"},{"n":4,"claim":"md10191-c98f0ef2","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Repayment sources for the loan","plain_english":"The NRI repays from abroad, from a non-resident account, or by selling the pledged shares.","rbi_paragraph":"Para 3.1","rbi_char_offset":9661,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p4","layer":"bankpulse"},{"n":5,"claim":"md10191-ab620b06","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"General loans need board policy","plain_english":"A bank may lend an NRI rupees for other purposes too, under its own board-approved policy.","rbi_paragraph":"Para 3.1","rbi_char_offset":10171,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p5","layer":"bankpulse"},{"n":6,"claim":"md10191-8aeca1ee","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Not for capital market bets","plain_english":"This kind of loan cannot fund capital-market investing, margin trading or derivatives.","rbi_paragraph":"Para 3.1","rbi_char_offset":10320,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p6","layer":"bankpulse"},{"n":7,"claim":"md10191-52ebdc5c","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"90% or 20-lakh limit","plain_english":"The ESOP loan cannot exceed 90 per cent of the share price or 20 lakhs, whichever is lower.","rbi_paragraph":"Para 3.2","rbi_char_offset":11013,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"An NRI employee's shares cost 30 lakh rupees. 90 per cent of that is 27 lakh rupees. That is more than 20 lakh, so the bank lends only 20 lakh, the lower figure.","anchor":"https://bankpulse.ai/rule/md10191#p7","layer":"bankpulse"},{"n":8,"claim":"md10191-a2627089","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Money paid to company","plain_english":"The loan money goes straight to the company, never into the employee's own account.","rbi_paragraph":"Para 3.2","rbi_char_offset":11283,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p8","layer":"bankpulse"},{"n":9,"claim":"md10191-8737ede2","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Housing loan matches resident terms","plain_english":"An NRI's housing loan gets the same amount, margin and repayment period as a resident's.","rbi_paragraph":"Para 4","rbi_char_offset":11897,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p9","layer":"bankpulse"},{"n":10,"claim":"md10191-16dae78a","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Stays out of NR account","plain_english":"This housing loan cannot be credited to the borrower's foreign-currency account.","rbi_paragraph":"Para 4","rbi_char_offset":12057,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p10","layer":"bankpulse"},{"n":11,"claim":"md10191-b50c0e7c","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Must be mortgage-secured","plain_english":"The lender must secure the loan with a mortgage on the property, and other assets if needed.","rbi_paragraph":"Para 4","rbi_char_offset":12140,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p11","layer":"bankpulse"},{"n":12,"claim":"md10191-546aa6ac","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Only for personal purposes","plain_english":"A company may lend its NRI staff rupees only for personal needs, including buying a home.","rbi_paragraph":"Para 5","rbi_char_offset":12995,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p12","layer":"bankpulse"},{"n":13,"claim":"md10191-6205ebfa","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Credited to the NRO account","plain_english":"The company must pay the loan into the employee's NRO account.","rbi_paragraph":"Para 5","rbi_char_offset":13379,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p13","layer":"bankpulse"},{"n":14,"claim":"md10191-ad0033c5","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Only two repayment routes","plain_english":"The employee may repay only from abroad or from their own NRE, NRO or FCNR(B) account.","rbi_paragraph":"Para 5","rbi_char_offset":13538,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p14","layer":"bankpulse"},{"n":15,"claim":"md10191-1e10b6c0","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Interest free one year minimum","plain_english":"A resident may lend an NRI relative rupees only interest-free, for at least one year.","rbi_paragraph":"Para 6","rbi_char_offset":13940,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p15","layer":"bankpulse"},{"n":16,"claim":"md10191-703f1770","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Capped by yearly LRS limit","plain_english":"The lender's yearly LRS remittance limit also caps how much they can lend this way.","rbi_paragraph":"Para 6","rbi_char_offset":14019,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p16","layer":"bankpulse"},{"n":17,"claim":"md10191-8e7aadda","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Credited to NRO only","plain_english":"The loan must be paid into the NRI's NRO account, not sent abroad.","rbi_paragraph":"Para 6","rbi_char_offset":14301,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p17","layer":"bankpulse"},{"n":18,"claim":"md10191-0a6a24e8","page_group":"Must know","stored_section":"WHO SHOULD ACT","heading":"Sends dues to lender's NRO","plain_english":"If the lender moves abroad instead, the resident borrower must pay into the lender's NRO account.","rbi_paragraph":"Para 7.2","rbi_char_offset":15596,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p18","layer":"bankpulse"},{"n":19,"claim":"md10191-dd8e6857","page_group":"Must know","stored_section":"WHO SHOULD ACT","heading":"Overdraft to its own offices","plain_english":"A bank may give its own foreign branch a temporary rupee overdraft of up to five hundred lakhs.","rbi_paragraph":"Para 8","rbi_char_offset":15810,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":["foreign-exchange","working-capital"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p19","layer":"bankpulse"},{"n":20,"claim":"md10191-a056642e","page_group":"Must know","stored_section":"WHO SHOULD ACT","heading":"Five hundred lakh counted together","plain_english":"This ceiling of five hundred lakhs adds up overdrafts across every branch, correspondent and head office abroad.","rbi_paragraph":"Para 8","rbi_char_offset":16100,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":["foreign-exchange","working-capital"],"products_excluded":[],"bankpulse_example":"A bank gives overdrafts to its own branch, its correspondent and its Head Office abroad. Together these add up to six hundred lakh. RBI's ceiling here is five hundred lakh, counted across all three together. So the bank is over the ceiling, even though no single office alone holds five hundred lakh.","anchor":"https://bankpulse.ai/rule/md10191#p20","layer":"bankpulse"},{"n":1,"claim":"md10191-4da04b07","page_group":"Background","stored_section":"WHO IT APPLIES TO","heading":"Sent to every bank","plain_english":"RBI addresses this whole rulebook to every Authorised Dealer Category-I bank.","rbi_paragraph":"Preamble","rbi_char_offset":2137,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p21","layer":"bankpulse"},{"n":2,"claim":"md10191-fca130a3","page_group":"Background","stored_section":"THE CORE IDEA","heading":"Follows a 2000 FEMA rule","plain_english":"This rulebook comes from a 1999 law and a year-2000 regulation on rupee borrowing.","rbi_paragraph":"Preamble","rbi_char_offset":2520,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p22","layer":"bankpulse"},{"n":3,"claim":"md10191-398c4bd2","page_group":"Background","stored_section":"THE CORE IDEA","heading":"Compiles years of RBI orders","plain_english":"RBI has gathered years of separate orders into this one rulebook.","rbi_paragraph":"Preamble","rbi_char_offset":3321,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p23","layer":"bankpulse"},{"n":4,"claim":"md10191-2887b4db","page_group":"Background","stored_section":"WHO IT APPLIES TO","heading":"Uses FEMA's own definitions","plain_english":"This rule uses FEMA's own definitions of resident and non-resident.","rbi_paragraph":"Para 1.4","rbi_char_offset":6778,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p24","layer":"bankpulse"},{"n":5,"claim":"md10191-be267bbf","page_group":"Background","stored_section":"KEY DATES","heading":"NRNR/NRSR deposits stopped 2002","plain_english":"Since 2002, no bank may accept new deposits under the old NRNR or NRSR schemes.","rbi_paragraph":"Para 1","rbi_char_offset":8497,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p25","layer":"bankpulse"},{"n":6,"claim":"md10191-e3843f5b","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Applies even when shared","plain_english":"This rule still applies even if the NRI uses the loan together with someone else.","rbi_paragraph":"Para 3.1","rbi_char_offset":9327,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p26","layer":"bankpulse"},{"n":7,"claim":"md10191-4015fd28","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Follows RBI's other lending rules","plain_english":"The bank must also follow RBI's separate rules on loans against shares or property.","rbi_paragraph":"Para 3.1","rbi_char_offset":9524,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p27","layer":"bankpulse"},{"n":8,"claim":"md10191-f2513236","page_group":"Background","stored_section":"WHAT CHANGES","heading":"A relative may repay instead","plain_english":"A relative in India may also repay this loan, by transfer between accounts.","rbi_paragraph":"Para 3.1","rbi_char_offset":9893,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p28","layer":"bankpulse"},{"n":9,"claim":"md10191-800850c9","page_group":"Background","stored_section":"WHAT CHANGES","heading":"ESOP lending needs board policy","plain_english":"A loan to buy ESOP shares must follow the bank's board policy and RBI's capital-market norms.","rbi_paragraph":"Para 3.2","rbi_char_offset":10820,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":["advance-against-securities","foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p29","layer":"bankpulse"},{"n":10,"claim":"md10191-e15c92b9","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Interest set by bank","plain_english":"Banks set the interest rate and margin themselves, within RBI's own directives.","rbi_paragraph":"Para 3.2","rbi_char_offset":11149,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p30","layer":"bankpulse"},{"n":11,"claim":"md10191-3cd9ebd5","page_group":"Background","stored_section":"WHAT CHANGES","heading":"ESOP loan repayment routes","plain_english":"The employee repays from abroad or from their own non-resident account.","rbi_paragraph":"Para 3.2","rbi_char_offset":11409,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p31","layer":"bankpulse"},{"n":12,"claim":"md10191-1f79c7db","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Interest follows RBI or NHB","plain_english":"The interest rate must follow whatever RBI or the National Housing Bank directs.","rbi_paragraph":"Para 4","rbi_char_offset":12681,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p32","layer":"bankpulse"},{"n":13,"claim":"md10191-cdeaadfb","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Follows the staff loan scheme","plain_english":"The loan must follow the company's own staff loan scheme, the same as for resident staff.","rbi_paragraph":"Para 5","rbi_char_offset":13097,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p33","layer":"bankpulse"},{"n":14,"claim":"md10191-1b0c41d0","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Written into the agreement","plain_english":"The loan agreement itself must spell out this repayment rule.","rbi_paragraph":"Para 5","rbi_char_offset":13691,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p34","layer":"bankpulse"},{"n":15,"claim":"md10191-5a8def89","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Two ways to repay","plain_english":"The NRI relative repays from abroad or from their own NRO, NRE or FCNR(B) account.","rbi_paragraph":"Para 6","rbi_char_offset":14411,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p35","layer":"bankpulse"},{"n":16,"claim":"md10191-935e47a2","page_group":"Background","stored_section":"WHO SHOULD ACT","heading":"Loan may reach maturity","plain_english":"If the borrower moves abroad, the bank may let the loan run to its original maturity.","rbi_paragraph":"Para 7.1","rbi_char_offset":15013,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":["foreign-exchange","working-capital"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p36","layer":"bankpulse"},{"n":17,"claim":"md10191-c1ba2870","page_group":"Background","stored_section":"WHO SHOULD ACT","heading":"Then repaid from abroad","plain_english":"After that move, repayment must come from abroad or the borrower's own non-resident account.","rbi_paragraph":"Para 7.1","rbi_char_offset":15227,"weight":"BACKGROUND","role":"Credit","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10191#p37","layer":"bankpulse"}],"actions":[],"amendments":[],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own inference, not stated by RBI."},"rbi_wording_not_included":"By design. BankPulse never republishes RBI's exact sentences. Use rbi_paragraph with rbi_source.url to read RBI's own words.","terms":"BankPulse's plain-English summaries are BankPulse's own work. The underlying regulation is the Reserve Bank of India's. Always check the RBI document named in rbi_source before acting."}