{"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":"md12580","title":"Reserve Bank of India (Government Securities Lending) Directions, 2023","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12580","status":"In force","importance":{"code":"MR","label":"MUST READ","weight":"Must read","why":"Binding instrument, class not named: applies broadly","layer":"bankpulse_inference"},"applies_to":{"shown":"Banks and other entities RBI allows to lend or borrow government bonds (securities lending)","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12580","mode":"four_dates_v1","published":{"label":"Published","value":"Dec 27, 2023","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"December 27, 2023","stated":true,"why":"The day this rule starts to apply, as RBI's own text states it."},"transition":{"label":"Time to get ready","value":"None","stated":true,"why":"It starts to apply on the day it was published."},"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/md12580.json","effective":"data/date_kinds.json kind=effective_date","transition":"worked out from published and starts-to-apply","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12580","document_date":"Dec 27, 2023","read_by_bankpulse":"2026-08-21 16:28:27 UTC","text_sha256":"227da0106786b763781a2c8ec41a46db2669900f3ca3e376cc6804e91a83385f","word_count":2349,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":40,"points_naming_an_rbi_paragraph":40,"points_stored":40,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12580-bcbab280","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Covers OTC bond-lending deals","plain_english":"It covers government bond lending deals done over the counter.","rbi_paragraph":"Para 1(2)","rbi_char_offset":3758,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p1","layer":"bankpulse"},{"n":2,"claim":"md12580-370a1d05","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Government bonds eligible to lend","plain_english":"You can lend central government bonds, but not Treasury Bills.","rbi_paragraph":"Para 3(1)","rbi_char_offset":5898,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p2","layer":"bankpulse"},{"n":3,"claim":"md12580-f573c4ea","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Repo bonds also eligible","plain_english":"Bonds you got through a repo or an earlier GSL deal can be lent again.","rbi_paragraph":"Para 3(1)","rbi_char_offset":6043,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p3","layer":"bankpulse"},{"n":4,"claim":"md12580-f7d04d9f","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Bonds eligible as collateral","plain_english":"Central, State and Treasury Bill bonds can all be used as collateral.","rbi_paragraph":"Para 3(2)","rbi_char_offset":6258,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p4","layer":"bankpulse"},{"n":5,"claim":"md12580-8223de42","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Repo-eligible entities can lend","plain_english":"Any entity allowed to do repo deals can lend bonds under this rule.","rbi_paragraph":"Para 4(1)","rbi_char_offset":6788,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p5","layer":"bankpulse"},{"n":6,"claim":"md12580-95b07475","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Short-sellers can borrow bonds","plain_english":"Only entities allowed to short-sell may borrow bonds this way.","rbi_paragraph":"Para 4(2)","rbi_char_offset":7062,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p6","layer":"bankpulse"},{"n":7,"claim":"md12580-0bb3e385","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Minimum tenor is one day","plain_english":"A GSL deal must run for at least one day.","rbi_paragraph":"Para 5","rbi_char_offset":7306,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p7","layer":"bankpulse"},{"n":8,"claim":"md12580-be0eb552","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Maximum tenor matches short-sale cap","plain_english":"The longest a GSL deal can run matches the cap for short-sale deals.","rbi_paragraph":"Para 5","rbi_char_offset":7366,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p8","layer":"bankpulse"},{"n":9,"claim":"md12580-c839dbb5","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Settlement is bond for bond","plain_english":"Every GSL deal settles bond-for-bond, both sides at once.","rbi_paragraph":"Para 7(1)","rbi_char_offset":7862,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p9","layer":"bankpulse"},{"n":10,"claim":"md12580-7e52ad93","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Settles next day at latest","plain_english":"The first leg settles the same day or the next day.","rbi_paragraph":"Para 7(2)","rbi_char_offset":7937,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p10","layer":"bankpulse"},{"n":11,"claim":"md12580-294b08a5","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Settles through CCIL","plain_english":"GSL deals settle through CCIL or another body RBI approves.","rbi_paragraph":"Para 7(3)","rbi_char_offset":8022,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p11","layer":"bankpulse"},{"n":12,"claim":"md12580-f00b64d9","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Collateral priced at market rate","plain_english":"Collateral is priced openly at the market rate when the deal starts.","rbi_paragraph":"Para 8(1)","rbi_char_offset":8273,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p12","layer":"bankpulse"},{"n":13,"claim":"md12580-494ea584","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Haircut set by clearing house","plain_english":"The haircut is fixed by the central counterparty handling the deal.","rbi_paragraph":"Para 8(2)","rbi_char_offset":8418,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p13","layer":"bankpulse"},{"n":14,"claim":"md12580-9288e3fb","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Borrowed bonds can be resold","plain_english":"A borrowed bond can be resold outright or put into another deal.","rbi_paragraph":"Para 9(1)","rbi_char_offset":8651,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p14","layer":"bankpulse"},{"n":15,"claim":"md12580-fe176c13","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Or used in RBI's facility","plain_english":"A borrowed bond can also be used in RBI's own liquidity facility.","rbi_paragraph":"Para 9(1)","rbi_char_offset":8767,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p15","layer":"bankpulse"},{"n":16,"claim":"md12580-9e0447b9","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Or relent or re-pledged","plain_english":"A borrowed bond can be lent again or pledged as collateral elsewhere.","rbi_paragraph":"Para 9(1)","rbi_char_offset":8834,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p16","layer":"bankpulse"},{"n":17,"claim":"md12580-c4f65772","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Collateral can be swapped","plain_english":"Collateral can be swapped for another bond under the clearing rules.","rbi_paragraph":"Para 9(2)","rbi_char_offset":8929,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p17","layer":"bankpulse"},{"n":18,"claim":"md12580-71d932e1","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Report trades within 15 minutes","plain_english":"Every GSL trade must be reported within 15 minutes.","rbi_paragraph":"Para 10(1)","rbi_char_offset":9106,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p18","layer":"bankpulse"},{"n":19,"claim":"md12580-f47090b0","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Flag any misreporting at once","plain_english":"Wrong or double reporting must be flagged to CCIL at once.","rbi_paragraph":"Para 10(2)","rbi_char_offset":9356,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p19","layer":"bankpulse"},{"n":20,"claim":"md12580-01532440","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Must answer RBI's questions","plain_english":"RBI can ask for any information and must get an answer in time.","rbi_paragraph":"Para 11","rbi_char_offset":9874,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p20","layer":"bankpulse"},{"n":21,"claim":"md12580-6e8037c1","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Regulated entities follow Annex rules","plain_english":"An RBI-regulated entity must book a GSL deal the way the Annex says.","rbi_paragraph":"Para 13(1)","rbi_char_offset":10196,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p21","layer":"bankpulse"},{"n":22,"claim":"md12580-55c6c61d","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Borrowed bond counts for SLR","plain_english":"A borrowed bond counts toward the borrower's SLR requirement.","rbi_paragraph":"Para 14(1)","rbi_char_offset":10481,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p22","layer":"bankpulse"},{"n":23,"claim":"md12580-26d07f57","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Lent bond stops counting","plain_english":"A lent bond stops counting toward the lender's SLR requirement.","rbi_paragraph":"Para 14(1)","rbi_char_offset":10596,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p23","layer":"bankpulse"},{"n":24,"claim":"md12580-c5afde0f","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Collateral received counts for SLR","plain_english":"Collateral received counts toward the lender's SLR requirement.","rbi_paragraph":"Para 14(2)","rbi_char_offset":10718,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p24","layer":"bankpulse"},{"n":25,"claim":"md12580-144ea56c","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Collateral placed stops counting","plain_english":"Collateral placed stops counting toward the borrower's SLR requirement.","rbi_paragraph":"Para 14(2)","rbi_char_offset":10845,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p25","layer":"bankpulse"},{"n":26,"claim":"md12580-3779d8f4","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Sign the standard master agreement","plain_english":"Both sides sign the market body's standard master agreement.","rbi_paragraph":"Para 15","rbi_char_offset":11000,"weight":"MUST KNOW","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p26","layer":"bankpulse"},{"n":27,"claim":"md12580-ac6b3380","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Suspension up to one month","plain_english":"Breaking this rule can mean a one-month ban from GSL deals.","rbi_paragraph":"Para 16","rbi_char_offset":11558,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p27","layer":"bankpulse"},{"n":1,"claim":"md12580-4892ae05","page_group":"Background","stored_section":"KEY DATES","heading":"Called the 2023 Directions","plain_english":"This rulebook is the 2023 Directions for lending and borrowing government bonds.","rbi_paragraph":"Para 1(1)","rbi_char_offset":3593,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p28","layer":"bankpulse"},{"n":2,"claim":"md12580-c5c36731","page_group":"Background","stored_section":"KEY DATES","heading":"Started 27 December 2023","plain_english":"The rule started on 27 December 2023.","rbi_paragraph":"Para 1(1)","rbi_char_offset":3708,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p29","layer":"bankpulse"},{"n":3,"claim":"md12580-21e43261","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What a Central Counterparty is","plain_english":"A Central Counterparty sits between both sides and becomes each one's buyer and seller.","rbi_paragraph":"Para 2(1)","rbi_char_offset":3988,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p30","layer":"bankpulse"},{"n":4,"claim":"md12580-730672cf","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What Delivery versus Delivery means","plain_english":"Under Delivery versus Delivery, both sides hand over their bonds at the same time.","rbi_paragraph":"Para 2(1)","rbi_char_offset":4284,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p31","layer":"bankpulse"},{"n":5,"claim":"md12580-ca606f51","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What a GSL deal is","plain_english":"In a GSL deal, you lend your bonds for a fee against other bonds as security.","rbi_paragraph":"Para 2(1)","rbi_char_offset":4927,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p32","layer":"bankpulse"},{"n":6,"claim":"md12580-56f3b057","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What the GSL fee is","plain_english":"The GSL fee is what the borrower pays the lender, as they agree.","rbi_paragraph":"Para 2(1)","rbi_char_offset":5417,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p33","layer":"bankpulse"},{"n":7,"claim":"md12580-fcd3f861","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What OTC markets means","plain_english":"OTC markets are any deals not done on a stock exchange, including on ETPs.","rbi_paragraph":"Para 2(1)","rbi_char_offset":5591,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p34","layer":"bankpulse"},{"n":8,"claim":"md12580-6c4a730b","page_group":"Background","stored_section":"WHO IT APPLIES TO","heading":"RBI can add lenders","plain_english":"RBI can name other entities as lenders later.","rbi_paragraph":"Para 4(1)","rbi_char_offset":6994,"weight":"BACKGROUND","role":"RBI","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p35","layer":"bankpulse"},{"n":9,"claim":"md12580-37561f52","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Trading process is flexible","plain_english":"Both sides can agree on how the deal is arranged and matched.","rbi_paragraph":"Para 6","rbi_char_offset":7628,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p36","layer":"bankpulse"},{"n":10,"claim":"md12580-68ed977f","page_group":"Background","stored_section":"WHAT CHANGES","heading":"RBI may publish anonymised data","plain_english":"RBI may publish anonymised data about GSL deals.","rbi_paragraph":"Para 12","rbi_char_offset":10032,"weight":"BACKGROUND","role":"RBI","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p37","layer":"bankpulse"},{"n":11,"claim":"md12580-e46f65e0","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Others use normal accounting","plain_english":"Any other participant follows the usual accounting standards instead.","rbi_paragraph":"Para 13(2)","rbi_char_offset":10325,"weight":"BACKGROUND","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p38","layer":"bankpulse"},{"n":12,"claim":"md12580-c4966eb7","page_group":"Background","stored_section":"WHAT CHANGES","heading":"ETP deals follow platform rules","plain_english":"A deal traded on an ETP follows that platform's own rules.","rbi_paragraph":"Para 15","rbi_char_offset":11305,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p39","layer":"bankpulse"},{"n":13,"claim":"md12580-33e27cd2","page_group":"Background","stored_section":"WHAT CHANGES","heading":"RBI can name and shame","plain_english":"RBI can also make the ban public.","rbi_paragraph":"Para 16","rbi_char_offset":11850,"weight":"BACKGROUND","role":"RBI","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12580#p40","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."}