{"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":"md12931","title":"Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025 (Updated as on February 26, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12931","status":"In force","importance":{"code":"MR","label":"MUST READ","weight":"Must read","why":"Binding RBI Directions naming this institution class in the title","layer":"bankpulse_inference"},"applies_to":{"shown":"Finance companies","class_code":"NBFC","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12931","mode":"four_dates_v1","published":{"label":"Published","value":"Nov 28, 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/md12931.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12931","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:45 UTC","text_sha256":"2d7f3423dda64a1edfa3c94039c05a105637a18b8cc5697b05096c8380bc1647","word_count":5271,"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":1},"points":[{"n":1,"claim":"md12931-06b718a8","page_group":"Opening paragraphs","stored_section":"THE CORE IDEA","heading":"One combined rulebook","plain_english":"This book holds RBI's mixed rules for non-banking financial companies in one place.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":3357,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p1","layer":"bankpulse"},{"n":1,"claim":"md12931-0e23a743","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These rules took effect the day RBI placed them on its website.","rbi_paragraph":"Para 2","rbi_char_offset":3596,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p2","layer":"bankpulse"},{"n":2,"claim":"md12931-95c14630","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These rules apply to non-banking financial companies, and which rule binds which company depends on its layer.","rbi_paragraph":"Para 3","rbi_char_offset":3719,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p3","layer":"bankpulse"},{"n":1,"claim":"md12931-bef8b523","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Twenty thousand a head","plain_english":"Each investor must put in at least ₹20,000.","rbi_paragraph":"Para 11","rbi_char_offset":9471,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"The minimum subscription per investor is ₹20,000. So an investor who wants to put in ₹15,000 cannot subscribe. One putting in ₹25,000 is inside the rule.","anchor":"https://bankpulse.ai/rule/md12931#p4","layer":"bankpulse"},{"n":2,"claim":"md12931-43fcac2d","page_group":"Chapter II. 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Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHO SHOULD ACT","heading":"Use the common standards","plain_english":"A firm that gives or uses such data should follow the ReBIT standards.","rbi_paragraph":"Para 15","rbi_char_offset":13975,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p8","layer":"bankpulse"},{"n":6,"claim":"md12931-188a3f50","page_group":"Chapter II. 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Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHO SHOULD ACT","heading":"Due diligence continues","plain_english":"Firms must still run their know your customer checks.","rbi_paragraph":"Para 26","rbi_char_offset":18002,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p11","layer":"bankpulse"},{"n":9,"claim":"md12931-0a3498d9","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHO SHOULD ACT","heading":"Handle guarantees with care","plain_english":"Firms must note those cases and take care with such papers.","rbi_paragraph":"Para 31","rbi_char_offset":20358,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p12","layer":"bankpulse"},{"n":10,"claim":"md12931-f48d7b06","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Follow the auditor rules","plain_english":"Naming a statutory auditor follows RBI's circular of 27 April 2021.","rbi_paragraph":"Para 8","rbi_char_offset":8528,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p13","layer":"bankpulse"},{"n":11,"claim":"md12931-d77eabd2","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Tax exempt bonds excluded","plain_english":"Tax free bonds these firms offer are outside this rule.","rbi_paragraph":"Para 12","rbi_char_offset":10738,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p14","layer":"bankpulse"},{"n":12,"claim":"md12931-6eeb7d1c","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"THE CORE IDEA","heading":"What an aggregator does","plain_english":"An account aggregator brings a customer's records from many firms into one view.","rbi_paragraph":"Para 14","rbi_char_offset":13281,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p15","layer":"bankpulse"},{"n":13,"claim":"md12931-8871d34a","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Limited liability counts too","plain_english":"A partnership firm here includes an LLP.","rbi_paragraph":"Para 17","rbi_char_offset":14315,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p16","layer":"bankpulse"},{"n":14,"claim":"md12931-14b1746d","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Associations of persons too","plain_english":"The same ban covers an association of persons, which is much the same thing.","rbi_paragraph":"Para 18","rbi_char_offset":14395,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p17","layer":"bankpulse"},{"n":15,"claim":"md12931-f4e4e500","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Do not quote that circular","plain_english":"The Supreme Court set aside RBI's circular of 6 April 2018. Do not warn customers by citing it.","rbi_paragraph":"Para 25","rbi_char_offset":17292,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p18","layer":"bankpulse"},{"n":16,"claim":"md12931-8a84895e","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"WHAT CHANGES","heading":"Lockers are a fee service","plain_english":"A safe deposit locker is a fee service. It is not financial business.","rbi_paragraph":"Para 28","rbi_char_offset":19081,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p19","layer":"bankpulse"},{"n":17,"claim":"md12931-66f60960","page_group":"Chapter II. Miscellaneous instructions applicable to NBFCs in Base Layer","stored_section":"IMPACT","heading":"Beware fake guarantees","plain_english":"RBI has seen fake bank guarantees sent in for a check. The named branch had issued none of them.","rbi_paragraph":"Para 29","rbi_char_offset":19454,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":["trade-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p20","layer":"bankpulse"},{"n":1,"claim":"md12931-8c82c369","page_group":"Chapter III. Miscellaneous Instructions applicable to NBFCs in Middle Layer","stored_section":"WHAT CHANGES","heading":"Forex counter licence","plain_english":"A firm that takes no deposits may seek a licence to sell forex.","rbi_paragraph":"Para 32","rbi_char_offset":20587,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["deposit-account"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p21","layer":"bankpulse"},{"n":2,"claim":"md12931-f5b11feb","page_group":"Chapter III. Miscellaneous Instructions applicable to NBFCs in Middle Layer","stored_section":"WHO SHOULD ACT","heading":"Watch it every month","plain_english":"Watch those forex services at least once a month.","rbi_paragraph":"Para 33","rbi_char_offset":21233,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p22","layer":"bankpulse"},{"n":3,"claim":"md12931-5bcf0df0","page_group":"Chapter III. Miscellaneous Instructions applicable to NBFCs in Middle Layer","stored_section":"WHO SHOULD ACT","heading":"Where to apply","plain_english":"Send that licence request to RBI's Foreign Exchange Department in Mumbai.","rbi_paragraph":"Para 34","rbi_char_offset":21333,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p23","layer":"bankpulse"},{"n":1,"claim":"md12931-7f6ec248","page_group":"Chapter IV. Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"KEY DATES","heading":"Start within six months","plain_english":"Start the factoring work within six months of getting the licence.","rbi_paragraph":"Para 41","rbi_char_offset":23809,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p24","layer":"bankpulse"},{"n":2,"claim":"md12931-de71b3ee","page_group":"Chapter IV. Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"WHO SHOULD ACT","heading":"Register to factor","plain_english":"A firm that wants to do factoring must apply to RBI for a licence.","rbi_paragraph":"Para 36","rbi_char_offset":21892,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p25","layer":"bankpulse"},{"n":3,"claim":"md12931-463a41c2","page_group":"Chapter IV. Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"WHO SHOULD ACT","heading":"Appraise the debtor","plain_english":"A factor must study the debtor's credit before it signs a deal.","rbi_paragraph":"Para 49","rbi_char_offset":26540,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p26","layer":"bankpulse"},{"n":4,"claim":"md12931-25acf156","page_group":"Chapter IV. Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"WHO SHOULD ACT","heading":"Board limit for without-recourse","plain_english":"Without recourse the firm takes the debtor's risk, so the board must set a limit.","rbi_paragraph":"Para 51","rbi_char_offset":26838,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p27","layer":"bankpulse"},{"n":5,"claim":"md12931-f3ac57ef","page_group":"Chapter IV. Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"WHO SHOULD ACT","heading":"Share borrower information","plain_english":"Factors and NBFCs must share news of a shared borrower. The seller counts as the borrower.","rbi_paragraph":"Para 52","rbi_char_offset":27048,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p28","layer":"bankpulse"},{"n":6,"claim":"md12931-4f5a1882","page_group":"Chapter IV. Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"WHAT CHANGES","heading":"The exposure sits with","plain_english":"With recourse the risk counts on the seller. Without recourse it counts on the debtor.","rbi_paragraph":"Para 47","rbi_char_offset":25883,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p29","layer":"bankpulse"},{"n":7,"claim":"md12931-1979b68b","page_group":"Chapter IV. 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Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011","stored_section":"WHAT CHANGES","heading":"Genuine trade only","plain_english":"Factoring may be done only on bills from real trade.","rbi_paragraph":"Para 50","rbi_char_offset":26730,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p31","layer":"bankpulse"},{"n":1,"claim":"md12931-902a4a94","page_group":"Chapter V. Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs)","stored_section":"WHAT CHANGES","heading":"A tenth in short paper","plain_english":"It may raise up to 10 percent of its borrowings through short bonds and commercial paper.","rbi_paragraph":"Para 59","rbi_char_offset":28696,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p32","layer":"bankpulse"},{"n":2,"claim":"md12931-74df2e97","page_group":"Chapter V. Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs)","stored_section":"WHAT CHANGES","heading":"Borrow abroad for five years","plain_english":"It may also raise money abroad through external commercial borrowings.","rbi_paragraph":"Para 60","rbi_char_offset":28949,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p33","layer":"bankpulse"},{"n":3,"claim":"md12931-4c66dff9","page_group":"Chapter V. Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs)","stored_section":"WHAT CHANGES","heading":"Trust or company","plain_english":"An infrastructure debt fund is set up as a trust or as a company.","rbi_paragraph":"Para 56","rbi_char_offset":28294,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p34","layer":"bankpulse"},{"n":4,"claim":"md12931-67b37320","page_group":"Chapter V. Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs)","stored_section":"WHAT CHANGES","heading":"Who regulates which","plain_english":"A trust fund is run under SEBI. A company fund is run under RBI.","rbi_paragraph":"Para 57","rbi_char_offset":28357,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p35","layer":"bankpulse"},{"n":5,"claim":"md12931-a6035dfe","page_group":"Chapter V. Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs)","stored_section":"WHAT CHANGES","heading":"Five-year bonds","plain_english":"Such a fund may raise money through rupee or dollar bonds of five-year maturity.","rbi_paragraph":"Para 58","rbi_char_offset":28557,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p36","layer":"bankpulse"},{"n":6,"claim":"md12931-4c1bb7c9","page_group":"Chapter V. Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs)","stored_section":"WHO SHOULD ACT","heading":"Ask before sponsoring","plain_english":"A firm may back such a mutual fund only with RBI's prior nod, on set terms.","rbi_paragraph":"Para 62","rbi_char_offset":29440,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12931#p37","layer":"bankpulse"},{"n":1,"claim":"md12931-2321a814","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old instructions repealed","plain_english":"The earlier directions and guidelines on these subjects stand repealed by the circular of 28 November 2025.","rbi_paragraph":"Para 64","rbi_char_offset":30582,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A compliance officer keeps an old circular on the same subject in the manual. It no longer applies. The existing directions, instructions and guidelines on these areas stand repealed. Only this rulebook governs them now.","anchor":"https://bankpulse.ai/rule/md12931#p38","layer":"bankpulse"},{"n":2,"claim":"md12931-34cd0eed","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Earlier action stands","plain_english":"Anything done or begun under the repealed instructions continues to be governed by them.","rbi_paragraph":"Para 65","rbi_char_offset":30996,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A show cause notice was issued under the old rules last year. The repeal does not move it. Any action taken or initiated under the repealed directions is still governed by them. The new rulebook applies to what comes after.","anchor":"https://bankpulse.ai/rule/md12931#p39","layer":"bankpulse"},{"n":3,"claim":"md12931-9d276afe","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT CHANGES","heading":"Adds to other law","plain_english":"These rules add to other laws, rules and directions in force; they do not take anything away from them.","rbi_paragraph":"Para 66","rbi_char_offset":32059,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A bank follows these Directions and thinks the matter is closed. It is not. Any other laws, rules, regulations or directions in force still apply on top. Where another one asks for more, the bank does the more.","anchor":"https://bankpulse.ai/rule/md12931#p40","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13309","title":"Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Amendment Directions, 2026","date":"Feb 26, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13309&Mode=0","order":1,"layer":"rbi_source"}],"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."}