{"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":"md12920","title":"Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025","document_kind":"Master Direction","page":"https://bankpulse.ai/rule/md12920","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 trade in repo (repurchase transactions)","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12920","mode":"four_dates_v1","published":{"label":"Published","value":"Nov 11, 2025","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/md12920.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12920","document_date":"Nov 11, 2025","read_by_bankpulse":"2026-08-21 16:21:59 UTC","text_sha256":"aacee9caa9db18194937bcab09553e95b332c0952fac58e778e8ee0e3384f4f8","word_count":2539,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":47,"points_naming_an_rbi_paragraph":47,"points_stored":47,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12920-a22a776c","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Where a repo can trade","plain_english":"This rule covers repo deals made on stock exchanges, electronic platforms and over the counter.","rbi_paragraph":"Para 1","rbi_char_offset":4419,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p1","layer":"bankpulse"},{"n":2,"claim":"md12920-b8b21bc9","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Government bonds are eligible","plain_english":"Central and state government securities can be used in a repo deal.","rbi_paragraph":"Para 3","rbi_char_offset":9762,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p2","layer":"bankpulse"},{"n":3,"claim":"md12920-8db215c1","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Not your own bonds","plain_english":"Listed corporate bonds work as collateral, but never a firm's own bonds or a related company's bonds.","rbi_paragraph":"Para 3","rbi_char_offset":9844,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p3","layer":"bankpulse"},{"n":4,"claim":"md12920-98e0cd69","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Money-market papers eligible","plain_english":"Commercial papers and certificates of deposit can also be used.","rbi_paragraph":"Para 3","rbi_char_offset":10033,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p4","layer":"bankpulse"},{"n":5,"claim":"md12920-0e52ced5","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Debt ETF units eligible","plain_english":"Units of debt ETFs can be used too.","rbi_paragraph":"Para 3","rbi_char_offset":10096,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p5","layer":"bankpulse"},{"n":6,"claim":"md12920-2a1c26af","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Municipal bonds are eligible","plain_english":"Municipal debt securities count as eligible collateral as well.","rbi_paragraph":"Para 3","rbi_char_offset":10120,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p6","layer":"bankpulse"},{"n":7,"claim":"md12920-ffe95894","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Regulated entities can repo","plain_english":"Any RBI-regulated entity can take part in a repo deal.","rbi_paragraph":"Para 4","rbi_char_offset":10372,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p7","layer":"bankpulse"},{"n":8,"claim":"md12920-0f9527bf","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Listed companies can repo","plain_english":"Any listed company can take part too.","rbi_paragraph":"Para 4","rbi_char_offset":10398,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p8","layer":"bankpulse"},{"n":9,"claim":"md12920-117acafc","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Only their own special bonds","plain_english":"An unlisted company holding special government securities may repo only those securities.","rbi_paragraph":"Para 4","rbi_char_offset":10424,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p9","layer":"bankpulse"},{"n":10,"claim":"md12920-c53aa540","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"All-India institutions included","plain_english":"Exim Bank, NABARD, NHB, SIDBI and the infrastructure finance bank can all take part.","rbi_paragraph":"Para 4","rbi_char_offset":10569,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p10","layer":"bankpulse"},{"n":11,"claim":"md12920-b3d56c52","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"RBI can add participants","plain_english":"RBI can allow any other entity to join later.","rbi_paragraph":"Para 4","rbi_char_offset":10799,"weight":"MUST KNOW","role":"RBI","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p11","layer":"bankpulse"},{"n":12,"claim":"md12920-1d450941","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"One day to one year","plain_english":"A repo deal must run for at least one day and at most one year.","rbi_paragraph":"Para 5","rbi_char_offset":10890,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p12","layer":"bankpulse"},{"n":13,"claim":"md12920-74504162","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Three venues for trading","plain_english":"A repo can be traded on a stock exchange, an approved electronic platform, or over the counter.","rbi_paragraph":"Para 7","rbi_char_offset":11189,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p13","layer":"bankpulse"},{"n":14,"claim":"md12920-1c27ed5b","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"RBI must approve platforms","plain_english":"RBI must approve any platform before repo trades happen on it.","rbi_paragraph":"Para 7","rbi_char_offset":11382,"weight":"MUST KNOW","role":"RBI","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p14","layer":"bankpulse"},{"n":15,"claim":"md12920-aadcb7d2","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Report within 15 minutes","plain_english":"Most repo trades must be reported to RBI's own systems within 15 minutes.","rbi_paragraph":"Para 9","rbi_char_offset":11951,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p15","layer":"bankpulse"},{"n":16,"claim":"md12920-f6b03389","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Platforms must share data","plain_english":"Every trading and reporting platform must give RBI any data it asks for.","rbi_paragraph":"Para 9","rbi_char_offset":12173,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p16","layer":"bankpulse"},{"n":17,"claim":"md12920-10621fb3","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Participants must answer RBI","plain_english":"A participant must give RBI any information it asks for, by the deadline RBI sets.","rbi_paragraph":"Para 9","rbi_char_offset":12395,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p17","layer":"bankpulse"},{"n":18,"claim":"md12920-e5630813","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Settles next day at latest","plain_english":"The first leg of a repo settles the same day or the next day.","rbi_paragraph":"Para 10","rbi_char_offset":12726,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p18","layer":"bankpulse"},{"n":19,"claim":"md12920-ed6aa2da","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Settlement is versus payment","plain_english":"Every repo settles on a delivery-versus-payment basis, securities and cash together.","rbi_paragraph":"Para 10","rbi_char_offset":12812,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p19","layer":"bankpulse"},{"n":20,"claim":"md12920-05e583fb","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Government bonds clear centrally","plain_english":"A government-securities repo clears through a central clearing agency or another one RBI approves.","rbi_paragraph":"Para 10","rbi_char_offset":12890,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p20","layer":"bankpulse"},{"n":21,"claim":"md12920-95608c1a","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Other securities clear via exchange","plain_english":"A repo in any other eligible security clears through an exchange's clearing house or an RBI-approved entity.","rbi_paragraph":"Para 10","rbi_char_offset":13014,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p21","layer":"bankpulse"},{"n":22,"claim":"md12920-b550d5e0","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Repoed securities can be resold","plain_english":"A security taken under repo can be sold outright or passed into another repo.","rbi_paragraph":"Para 11","rbi_char_offset":13264,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p22","layer":"bankpulse"},{"n":23,"claim":"md12920-98f7cf15","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Only short-sellers may resell","plain_english":"Only entities allowed to short-sell may resell a repoed security outright.","rbi_paragraph":"Para 11","rbi_char_offset":13346,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p23","layer":"bankpulse"},{"n":24,"claim":"md12920-ca2a564f","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Or swapped for another security","plain_english":"A repoed security can instead be swapped for another one under the clearing agency's rules.","rbi_paragraph":"Para 11","rbi_char_offset":13611,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p24","layer":"bankpulse"},{"n":25,"claim":"md12920-20792e89","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Collateral priced at market value","plain_english":"Collateral is priced openly at the going market price when the repo starts.","rbi_paragraph":"Para 12","rbi_char_offset":13808,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p25","layer":"bankpulse"},{"n":26,"claim":"md12920-3df5ce29","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Second leg price plus interest","plain_english":"The buy-back price is simply the first price plus interest.","rbi_paragraph":"Para 12","rbi_char_offset":13911,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p26","layer":"bankpulse"},{"n":27,"claim":"md12920-7c19c450","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Haircut set by agreement","plain_english":"The haircut is fixed either by the clearing house or by agreement between the two sides.","rbi_paragraph":"Para 12","rbi_char_offset":13995,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p27","layer":"bankpulse"},{"n":28,"claim":"md12920-9d203241","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Corporate bonds need 2% haircut","plain_english":"Corporate bonds and debentures need at least a 2% haircut.","rbi_paragraph":"Para 12","rbi_char_offset":14190,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A bond worth Rs 100 crore needs a minimum 2% haircut, so the loan against it comes to Rs 98 crore.","anchor":"https://bankpulse.ai/rule/md12920#p28","layer":"bankpulse"},{"n":29,"claim":"md12920-0a75a6cc","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"RBI-regulated entities use Annex II","plain_english":"An RBI-regulated entity must book a repo the way Annex II says.","rbi_paragraph":"Para 13","rbi_char_offset":14663,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p29","layer":"bankpulse"},{"n":30,"claim":"md12920-7af31b69","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Others use normal accounting","plain_english":"Any other participant can book a repo under the usual accounting standards.","rbi_paragraph":"Para 13","rbi_char_offset":14776,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p30","layer":"bankpulse"},{"n":31,"claim":"md12920-2aa5cbf5","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Government repo skips CRR/SLR","plain_english":"Money borrowed through a government-securities repo does not count for CRR or SLR.","rbi_paragraph":"Para 14","rbi_char_offset":14979,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p31","layer":"bankpulse"},{"n":32,"claim":"md12920-27a3b678","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Repoed bond counts for SLR","plain_english":"The bond bought under a government-securities repo can itself count toward SLR.","rbi_paragraph":"Para 14","rbi_char_offset":15102,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p32","layer":"bankpulse"},{"n":33,"claim":"md12920-c9fc5775","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Corporate-bond repo is a liability","plain_english":"When a bank repos in corporate bonds, that borrowing counts as a liability for CRR and SLR.","rbi_paragraph":"Para 14","rbi_char_offset":15295,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p33","layer":"bankpulse"},{"n":34,"claim":"md12920-d9a431fc","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Sign the standard repo agreement","plain_english":"Both sides sign the market body's standard master repo agreement.","rbi_paragraph":"Para 15","rbi_char_offset":15608,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p34","layer":"bankpulse"},{"n":35,"claim":"md12920-f6c2b031","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Platform trades follow platform rules","plain_english":"A repo traded on a platform follows that platform's own rulebook.","rbi_paragraph":"Para 15","rbi_char_offset":15730,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p35","layer":"bankpulse"},{"n":36,"claim":"md12920-fd7f4ef4","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Tri-party repo needs its agreement","plain_english":"A tri-party repo needs its own signed agreement with the Tri-Party Agent.","rbi_paragraph":"Para 15","rbi_char_offset":15877,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p36","layer":"bankpulse"},{"n":1,"claim":"md12920-0604d7ac","page_group":"Background","stored_section":"KEY DATES","heading":"Called the 2025 Directions","plain_english":"This rulebook is the 2025 Directions for repo transactions.","rbi_paragraph":"Para 1","rbi_char_offset":4125,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p37","layer":"bankpulse"},{"n":2,"claim":"md12920-8abd833e","page_group":"Background","stored_section":"KEY DATES","heading":"Replaces earlier repo rules","plain_english":"This rulebook replaces every earlier RBI direction on the same subject.","rbi_paragraph":"Para 1","rbi_char_offset":4260,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p38","layer":"bankpulse"},{"n":3,"claim":"md12920-a2a8948e","page_group":"Background","stored_section":"KEY DATES","heading":"Effective immediately","plain_english":"The rule started the day RBI issued it.","rbi_paragraph":"Para 1","rbi_char_offset":4353,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p39","layer":"bankpulse"},{"n":4,"claim":"md12920-01f99c56","page_group":"Background","stored_section":"BACKGROUND","heading":"RBI's own repo tools excluded","plain_english":"RBI's own Liquidity Adjustment Facility and Marginal Standing Facility repos follow separate rules, not this one.","rbi_paragraph":"Para 1","rbi_char_offset":4877,"weight":"BACKGROUND","role":"RBI","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p40","layer":"bankpulse"},{"n":5,"claim":"md12920-d9f25cab","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What DvP means","plain_english":"Under DvP, the buyer's money and the seller's securities move at the same time.","rbi_paragraph":"Para 2","rbi_char_offset":6387,"weight":"BACKGROUND","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p41","layer":"bankpulse"},{"n":6,"claim":"md12920-025c2273","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What a haircut is","plain_english":"A haircut is the gap between what the collateral is worth and how much is borrowed against it.","rbi_paragraph":"Para 2","rbi_char_offset":6725,"weight":"BACKGROUND","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p42","layer":"bankpulse"},{"n":7,"claim":"md12920-74d80a1d","page_group":"Background","stored_section":"THE CORE IDEA","heading":"Repo also means reverse repo","plain_english":"In this rulebook, the word repo also means reverse repo, read whichever way the deal runs.","rbi_paragraph":"Para 2","rbi_char_offset":8490,"weight":"BACKGROUND","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p43","layer":"bankpulse"},{"n":8,"claim":"md12920-20eaa14b","page_group":"Background","stored_section":"THE CORE IDEA","heading":"What a tri-party repo is","plain_english":"A tri-party repo uses a neutral Tri-Party Agent to sit between the borrower and the lender.","rbi_paragraph":"Para 2","rbi_char_offset":9058,"weight":"BACKGROUND","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p44","layer":"bankpulse"},{"n":9,"claim":"md12920-eb77a44e","page_group":"Background","stored_section":"BACKGROUND","heading":"Agent rules sit elsewhere","plain_english":"Separate rules for who can become a Tri-Party Agent are set out in Annex I.","rbi_paragraph":"Para 6","rbi_char_offset":11001,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p45","layer":"bankpulse"},{"n":10,"claim":"md12920-58134aa8","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Trading method is flexible","plain_english":"The two sides can agree on how the trade is arranged and matched.","rbi_paragraph":"Para 8","rbi_char_offset":11532,"weight":"BACKGROUND","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p46","layer":"bankpulse"},{"n":11,"claim":"md12920-ed2c5f2b","page_group":"Background","stored_section":"WHAT IT REPLACES","heading":"Old repo circulars withdrawn","plain_english":"Every earlier RBI circular on repo is listed as withdrawn in Annex III.","rbi_paragraph":"Para 16","rbi_char_offset":16051,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12920#p47","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."}