{"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":"md12682","title":"Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024 (Updated as on February 21, 2025)","document_kind":"Master Direction","page":"https://bankpulse.ai/rule/md12682","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":"All regulated entities","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12682","mode":"four_dates_v1","published":{"label":"Published","value":"May 08, 2024","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"November 08, 2024","stated":true,"why":"The day this rule starts to apply, as RBI's own text states it."},"transition":{"label":"Time to get ready","value":"184 days","stated":true,"why":"The room between the day it was published and the day it starts to apply."},"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/md12682.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=12682","document_date":"May 08, 2024","read_by_bankpulse":"2026-08-21 16:22:01 UTC","text_sha256":"5d5051e51b3dd5ab957ba59c144f803b941f36dcd2ffd234671e024ebcca9d64","word_count":5800,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":30,"points_naming_an_rbi_paragraph":30,"points_stored":30,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12682-3bb895b9","page_group":"Must know","stored_section":"KEY DATES","heading":"Starts from 8 November 2024","plain_english":"These rules apply to trades made from 8 November 2024 onward.","rbi_paragraph":"Para 1(2)","rbi_char_offset":4849,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p1","layer":"bankpulse"},{"n":2,"claim":"md12682-20c9226b","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Old trades are not caught","plain_english":"A trade made before this rule started is not pulled in just for a small later tweak.","rbi_paragraph":"Para 2(2)","rbi_char_offset":6453,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p2","layer":"bankpulse"},{"n":3,"claim":"md12682-c4180e99","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Covers non-cleared derivative trades","plain_english":"This rule covers derivative trades that are not settled through a central counterparty, called NCCDs.","rbi_paragraph":"Para 3(1)","rbi_char_offset":9058,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p3","layer":"bankpulse"},{"n":4,"claim":"md12682-3722bf67","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"₹25,000 crore threshold for banks","plain_english":"A regulated firm, such as a bank, crosses this rule once its derivative book reaches ₹25,000 crore.","rbi_paragraph":"Para 4(1)","rbi_char_offset":10688,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p4","layer":"bankpulse"},{"n":5,"claim":"md12682-c67301b0","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"₹60,000 crore for other firms","plain_english":"A bigger threshold, ₹60,000 crore, applies to other resident entities.","rbi_paragraph":"Para 4(1)","rbi_char_offset":10936,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p5","layer":"bankpulse"},{"n":6,"claim":"md12682-d56650bc","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"USD 3 billion threshold abroad","plain_english":"Foreign financial firms cross this rule at USD 3 billion.","rbi_paragraph":"Para 4(2)","rbi_char_offset":11243,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p6","layer":"bankpulse"},{"n":7,"claim":"md12682-59c216f2","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"USD 8 billion, other firms","plain_english":"Other foreign entities cross this rule at a higher mark, USD 8 billion.","rbi_paragraph":"Para 4(2)","rbi_char_offset":11377,"weight":"MUST 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desk","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p13","layer":"bankpulse"},{"n":14,"claim":"md12682-e63afc99","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Not treated as a deposit","plain_english":"Cash collateral held as variation margin is not treated like a bank deposit.","rbi_paragraph":"Para 7(1)","rbi_char_offset":19786,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p14","layer":"bankpulse"},{"n":15,"claim":"md12682-0945190a","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Variation margin can be reused","plain_english":"Unlike initial margin, variation margin collateral may be re-used by whoever holds it.","rbi_paragraph":"Para 7(4)","rbi_char_offset":20369,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p15","layer":"bankpulse"},{"n":16,"claim":"md12682-8d6c4afc","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Margin must be ready fast","plain_english":"Initial margin must be ready for the collecting side to use quickly if the other side defaults.","rbi_paragraph":"Para 8(1)","rbi_char_offset":20547,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p16","layer":"bankpulse"},{"n":17,"claim":"md12682-a76f8660","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Margin still belongs to poster","plain_english":"The initial margin still belongs to the side that posted it, not the side holding it.","rbi_paragraph":"Para 8(2)","rbi_char_offset":20987,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p17","layer":"bankpulse"},{"n":18,"claim":"md12682-63b2cb41","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Kept apart from other money","plain_english":"Initial margin must be kept apart from the money of the firm collecting it.","rbi_paragraph":"Para 8(3)","rbi_char_offset":21104,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p18","layer":"bankpulse"},{"n":19,"claim":"md12682-d33374f4","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Initial margin cannot be reused","plain_english":"The firm keeping your initial margin cannot lend it out or reuse it for anything else.","rbi_paragraph":"Para 8(4)","rbi_char_offset":21584,"weight":"MUST 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KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p21","layer":"bankpulse"},{"n":22,"claim":"md12682-6d2c22e7","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Foreign providers must be authorised","plain_english":"A firm using a foreign safe-keeper must make sure that firm is properly authorised there.","rbi_paragraph":"Para 9(4)","rbi_char_offset":23522,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p22","layer":"bankpulse"},{"n":23,"claim":"md12682-a3e6f9f8","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Wrong-currency collateral costs more","plain_english":"Collateral posted in the wrong currency gets an extra eight per cent haircut, a bigger discount on its value.","rbi_paragraph":"Para 10(6)","rbi_char_offset":27276,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p23","layer":"bankpulse"},{"n":24,"claim":"md12682-9ca71df2","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"No collateral from either side","plain_english":"You cannot use securities issued by the other side, or its related parties, as collateral.","rbi_paragraph":"Para 10(8)","rbi_char_offset":27935,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p24","layer":"bankpulse"},{"n":25,"claim":"md12682-dbb734aa","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Controls needed for collateral risk","plain_english":"Firms must have controls for the risks that come with the collateral they receive.","rbi_paragraph":"Para 10(9)","rbi_char_offset":28076,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p25","layer":"bankpulse"},{"n":26,"claim":"md12682-f1e24077","page_group":"Must know","stored_section":"KEEPING MARGIN SAFE","heading":"Collateral can be swapped later","plain_english":"Posted collateral can later be swapped for different eligible collateral.","rbi_paragraph":"Para 10(10)","rbi_char_offset":28274,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p26","layer":"bankpulse"},{"n":27,"claim":"md12682-076ce854","page_group":"Must know","stored_section":"DISPUTES AND RBI'S OVERSIGHT","heading":"Can refuse a bad jurisdiction","plain_english":"A firm can refuse to exchange margin if it seriously doubts the arrangement is enforceable in that country.","rbi_paragraph":"Para 11(7)","rbi_char_offset":31403,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p27","layer":"bankpulse"},{"n":28,"claim":"md12682-724e74c4","page_group":"Must know","stored_section":"DISPUTES AND RBI'S OVERSIGHT","heading":"Dispute policy must exist first","plain_english":"Firms must have a policy for handling disputes before they even start trading.","rbi_paragraph":"Para 12(1)","rbi_char_offset":32066,"weight":"MUST KNOW","role":"Trade desk","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12682#p28","layer":"bankpulse"},{"n":29,"claim":"md12682-1bced1f9","page_group":"Must know","stored_section":"DISPUTES AND RBI'S OVERSIGHT","heading":"Pay the undisputed part first","plain_english":"If there is a dispute, both sides must first exchange the amount that is not in question.","rbi_paragraph":"Para 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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."}