{"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":"md12932","title":"Reserve Bank of India (Non-Operative Financial Holding Companies) Directions, 2025 (Updated as on December 05, 2025)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12932","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":"Non-Operative Financial Holding Companies (NOFHCs)","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12932","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":"December 05, 2025","stated":true,"why":"The day this rule starts to apply, as RBI's own text states it."},"transition":{"label":"Time to get ready","value":"7 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/md12932.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=12932","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:46 UTC","text_sha256":"cfda567da0bcb1c3e074d0402b41bcad12bb981e5389cd34dd9216ee53258d05","word_count":4956,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":45,"points_naming_an_rbi_paragraph":45,"points_stored":45,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md12932-67442947","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Rules apply immediately","plain_english":"These rules took effect the day RBI issued them.","rbi_paragraph":"Para 2","rbi_char_offset":3351,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p1","layer":"bankpulse"},{"n":2,"claim":"md12932-2bc4bf90","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Applies to every NOFHC","plain_english":"These rules apply to every Non-Operative Financial Holding Company.","rbi_paragraph":"Para 3","rbi_char_offset":3434,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p2","layer":"bankpulse"},{"n":3,"claim":"md12932-6d82b733","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"What an NOFHC is","plain_english":"An NOFHC is a non-deposit taking NBFC that holds the bank and the group's other financial companies.","rbi_paragraph":"Para 4","rbi_char_offset":3929,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p3","layer":"bankpulse"},{"n":1,"claim":"md12932-c474bd7e","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHO IT APPLIES TO","heading":"Registers with RBI as NBFC","plain_english":"An NOFHC must register with RBI as a non-banking financial company.","rbi_paragraph":"Para 5","rbi_char_offset":7299,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p4","layer":"bankpulse"},{"n":2,"claim":"md12932-17176361","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHO IT APPLIES TO","heading":"Bank approval needed first","plain_english":"A company needs RBI's in-principle bank approval before it can register as an NOFHC.","rbi_paragraph":"Para 6","rbi_char_offset":7384,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p5","layer":"bankpulse"},{"n":3,"claim":"md12932-8f36ded2","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Promoters hold 51 per cent","plain_english":"Promoters must own at least 51 per cent of the NOFHC's paid-up equity capital.","rbi_paragraph":"Para 8","rbi_char_offset":8075,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p6","layer":"bankpulse"},{"n":4,"claim":"md12932-6f2ff5ca","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Only certain owners allowed","plain_english":"Only individuals, non-financial companies and Core Investment Companies in the group may hold NOFHC shares.","rbi_paragraph":"Para 12","rbi_char_offset":9381,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p7","layer":"bankpulse"},{"n":5,"claim":"md12932-d7c51f7d","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Voting shares: 51 per cent","plain_english":"Promoters and group companies must hold at least 51 per cent of the NOFHC's voting equity shares.","rbi_paragraph":"Para 12","rbi_char_offset":9711,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p8","layer":"bankpulse"},{"n":6,"claim":"md12932-cdcd19b9","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Promoter cap 15 per cent","plain_english":"A single promoter individual's own stake cannot exceed 15 per cent of the NOFHC's paid-up capital.","rbi_paragraph":"Para 12","rbi_char_offset":10385,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p9","layer":"bankpulse"},{"n":7,"claim":"md12932-4a965af3","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Non-promoter cap: 49 per cent","plain_english":"Non-promoters together may hold no more than 49 per cent of the NOFHC's voting shares.","rbi_paragraph":"Para 12","rbi_char_offset":10484,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p10","layer":"bankpulse"},{"n":8,"claim":"md12932-f51adb85","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Outsider cap 10 per cent","plain_english":"A single non-promoter shareholder's own stake cannot exceed 10 per cent of the NOFHC.","rbi_paragraph":"Para 12","rbi_char_offset":10885,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p11","layer":"bankpulse"},{"n":9,"claim":"md12932-34c75d1f","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"No outside shareholder gets control","plain_english":"No shareholder other than the promoter group may have significant influence or control in the NOFHC.","rbi_paragraph":"Para 12","rbi_char_offset":10964,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p12","layer":"bankpulse"},{"n":10,"claim":"md12932-42ebb995","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"LLPs and trusts hold indirectly","plain_english":"An LLP or trust cannot hold NOFHC shares directly, only through a group company.","rbi_paragraph":"Para 12","rbi_char_offset":11207,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p13","layer":"bankpulse"},{"n":11,"claim":"md12932-b914f31d","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHAT CHANGES","heading":"Invest through the NOFHC only","plain_english":"Promoters may hold equity in the bank and group financial firms only through the NOFHC.","rbi_paragraph":"Para 14","rbi_char_offset":11918,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p14","layer":"bankpulse"},{"n":12,"claim":"md12932-fbf42c60","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"WHO SHOULD ACT","heading":"Report large share moves","plain_english":"Any NOFHC shareholding change of 5 per cent or more must be reported to RBI.","rbi_paragraph":"Para 13","rbi_char_offset":11753,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p15","layer":"bankpulse"},{"n":13,"claim":"md12932-b878bbd1","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"THE CORE IDEA","heading":"Always in the Base Layer","plain_english":"An NOFHC always sits in the Base Layer of RBI's regulatory structure.","rbi_paragraph":"Para 7","rbi_char_offset":7839,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p16","layer":"bankpulse"},{"n":14,"claim":"md12932-d4cc1ce9","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"THE CORE IDEA","heading":"Why an NOFHC exists","plain_english":"RBI wants the NOFHC to ring-fence the bank and the group's other regulated firms from each other.","rbi_paragraph":"Para 9","rbi_char_offset":8353,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p17","layer":"bankpulse"},{"n":15,"claim":"md12932-225b4a0f","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"THE CORE IDEA","heading":"Only RBI-favoured entities held","plain_english":"Only financial firms the promoter genuinely controls may sit under the NOFHC.","rbi_paragraph":"Para 10","rbi_char_offset":8716,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p18","layer":"bankpulse"},{"n":16,"claim":"md12932-696ceded","page_group":"Chapter II. Registration, Regulatory Structure and Shareholding","stored_section":"THE CORE IDEA","heading":"Group firms can't own NOFHC","plain_english":"The financial companies the NOFHC holds cannot themselves be shareholders in the NOFHC.","rbi_paragraph":"Para 11","rbi_char_offset":9004,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p19","layer":"bankpulse"},{"n":1,"claim":"md12932-4e137a48","page_group":"Chapter III. Corporate Governance of NOFHC","stored_section":"GOVERNANCE","heading":"One director, no other NOFHC","plain_english":"No NOFHC director may also sit on the board of another NOFHC or bank.","rbi_paragraph":"Para 17","rbi_char_offset":12944,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p20","layer":"bankpulse"},{"n":2,"claim":"md12932-143e9eb2","page_group":"Chapter III. Corporate Governance of NOFHC","stored_section":"GOVERNANCE","heading":"Half the board stays independent","plain_english":"At least half the NOFHC's directors must be independent of the promoter group.","rbi_paragraph":"Para 17","rbi_char_offset":13618,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p21","layer":"bankpulse"},{"n":3,"claim":"md12932-101512a5","page_group":"Chapter III. Corporate Governance of NOFHC","stored_section":"GOVERNANCE","heading":"Directors get a fitness check","plain_english":"The NOFHC must run due diligence on a director's suitability before appointing them.","rbi_paragraph":"Para 17","rbi_char_offset":15097,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p22","layer":"bankpulse"},{"n":4,"claim":"md12932-1662d9ac","page_group":"Chapter III. Corporate Governance of NOFHC","stored_section":"GOVERNANCE","heading":"A Nomination Committee is required","plain_english":"The NOFHC must have a Nomination Committee to vet its own directors.","rbi_paragraph":"Para 17","rbi_char_offset":15709,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p23","layer":"bankpulse"},{"n":5,"claim":"md12932-e196c69f","page_group":"Chapter III. Corporate Governance of NOFHC","stored_section":"GOVERNANCE","heading":"A Remuneration Committee sets pay","plain_english":"A Remuneration Committee decides what the NOFHC pays its key executives.","rbi_paragraph":"Para 17","rbi_char_offset":16185,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p24","layer":"bankpulse"},{"n":1,"claim":"md12932-afcbd445","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Profit share goes to reserves","plain_english":"The NOFHC must send at least 25 per cent of its annual profit to a reserve fund.","rbi_paragraph":"Para 22","rbi_char_offset":17551,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p25","layer":"bankpulse"},{"n":2,"claim":"md12932-bafedfcc","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Dividend needs a clean audit","plain_english":"A dividend can be paid only if the auditors raise no serious qualification hurting profit.","rbi_paragraph":"Para 23","rbi_char_offset":18221,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p26","layer":"bankpulse"},{"n":3,"claim":"md12932-22bc6028","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Leverage capped at 1.25 times","plain_english":"The NOFHC's leverage may not exceed 1.25 times its paid-up capital and free reserves.","rbi_paragraph":"Para 25","rbi_char_offset":18880,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p27","layer":"bankpulse"},{"n":4,"claim":"md12932-a57c7b4d","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"No exposure to own group","plain_english":"The NOFHC may take no credit or investment exposure to its own promoter group.","rbi_paragraph":"Para 30","rbi_char_offset":20273,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p28","layer":"bankpulse"},{"n":5,"claim":"md12932-3bc369c9","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"No exposure outside the group","plain_english":"The NOFHC cannot take equity, debt or credit exposure to any entity outside its own group.","rbi_paragraph":"Para 31","rbi_char_offset":20634,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p29","layer":"bankpulse"},{"n":6,"claim":"md12932-4f748630","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Cap on money outside group","plain_english":"The consolidated NOFHC's investment outside its own group cannot exceed 10 per cent of its capital funds.","rbi_paragraph":"Para 34","rbi_char_offset":21616,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p30","layer":"bankpulse"},{"n":7,"claim":"md12932-593c01dc","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Bank barred from NOFHC firms","plain_english":"The bank may not invest in the capital instruments of financial firms the NOFHC holds.","rbi_paragraph":"Para 36","rbi_char_offset":22439,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p31","layer":"bankpulse"},{"n":8,"claim":"md12932-069301df","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Bank barred from other NOFHCs","plain_english":"The bank cannot invest in the equity of any other NOFHC.","rbi_paragraph":"Para 38","rbi_char_offset":22851,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p32","layer":"bankpulse"},{"n":9,"claim":"md12932-0cfa8f22","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Cap on bank's outside equity","plain_english":"The bank's outside equity investments together cannot exceed 20 per cent of its own capital and reserves.","rbi_paragraph":"Para 41","rbi_char_offset":23681,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p33","layer":"bankpulse"},{"n":10,"claim":"md12932-5b284810","page_group":"Chapter IV. Prudential Norms for the NOFHC","stored_section":"WHAT CHANGES","heading":"Group firms can't fund others","plain_english":"Financial firms under the NOFHC cannot invest in each other's equity or debt instruments.","rbi_paragraph":"Para 42","rbi_char_offset":24358,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p34","layer":"bankpulse"},{"n":1,"claim":"md12932-7e998873","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"Three-year ban on new business","plain_english":"The NOFHC cannot start any new financial services business for three years after it begins.","rbi_paragraph":"Para 43","rbi_char_offset":24653,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p35","layer":"bankpulse"},{"n":2,"claim":"md12932-2eb16b4c","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"Core banking stays in bank","plain_english":"Every activity a bank may do under law should run from the bank itself.","rbi_paragraph":"Para 44","rbi_char_offset":25058,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p36","layer":"bankpulse"},{"n":3,"claim":"md12932-25177a4d","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"Some businesses need a subsidiary","plain_english":"Mutual fund, insurance, pension and broking businesses can run only through a separate subsidiary or joint venture.","rbi_paragraph":"Para 45","rbi_char_offset":25206,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p37","layer":"bankpulse"},{"n":4,"claim":"md12932-54732975","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"Other new business needs approval","plain_english":"Any other new business by a group entity needs RBI's prior approval first.","rbi_paragraph":"Para 47","rbi_char_offset":25846,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p38","layer":"bankpulse"},{"n":5,"claim":"md12932-3de07d83","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"Can't own group's physical assets","plain_english":"The NOFHC cannot hold the group's physical assets and charge the group for using them.","rbi_paragraph":"Para 48","rbi_char_offset":26238,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p39","layer":"bankpulse"},{"n":6,"claim":"md12932-3f9c2d52","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"No advisory services allowed","plain_english":"The NOFHC cannot offer advisory services to any entity inside or outside the group.","rbi_paragraph":"Para 49","rbi_char_offset":26725,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p40","layer":"bankpulse"},{"n":7,"claim":"md12932-bcbaba42","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHAT CHANGES","heading":"Unregulated group firms stay out","plain_english":"A group financial firm with no regulator of its own cannot be placed under the NOFHC.","rbi_paragraph":"Para 50","rbi_char_offset":26831,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p41","layer":"bankpulse"},{"n":8,"claim":"md12932-2ed10aeb","page_group":"Chapter V. Non-Permitted Activities of an NOFHC","stored_section":"WHO SHOULD ACT","heading":"Tell RBI within 15 days","plain_english":"The NOFHC must tell RBI within 15 days of its Board deciding to start such a business.","rbi_paragraph":"Para 46","rbi_char_offset":25671,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p42","layer":"bankpulse"},{"n":1,"claim":"md12932-4bbf0738","page_group":"Chapter VI. Consolidated Supervision","stored_section":"IMPACT","heading":"RBI supervises the whole group","plain_english":"RBI supervises the bank, the NOFHC and its group entities together, on a consolidated basis.","rbi_paragraph":"Para 51","rbi_char_offset":27195,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p43","layer":"bankpulse"},{"n":1,"claim":"md12932-1f001e30","page_group":"Chapter VII. Repeal and Other Provisions","stored_section":"IMPACT","heading":"RBI's word is final","plain_english":"RBI's own reading of these rules is treated as final and binding.","rbi_paragraph":"Para 55","rbi_char_offset":29546,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p44","layer":"bankpulse"},{"n":2,"claim":"md12932-23306eeb","page_group":"Chapter VII. Repeal and Other Provisions","stored_section":"IMPACT","heading":"RBI may grant exemptions","plain_english":"RBI may excuse an NOFHC from any of these rules for good reason.","rbi_paragraph":"Para 56","rbi_char_offset":29665,"weight":"BACKGROUND","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12932#p45","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13382","title":"Reserve Bank of India (Non-Operative Financial Holding Companies)- Amendment Directions, 2026","date":"Apr 27, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13382&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."}