{"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":"md12933","title":"Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12933","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":"md12933","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/md12933.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12933","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:48 UTC","text_sha256":"aca5eef21a49623407696133a8cb4674bb54d3990389e28e7460bf3a35199d6f","word_count":3953,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":29,"points_naming_an_rbi_paragraph":29,"points_stored":29,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12933-e8265b1c","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"What such a lender is","plain_english":"A microfinance lender takes no deposits and keeps at least 60 percent of net assets in microfinance loans.","rbi_paragraph":"Para 8(3)","rbi_char_offset":8335,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p1","layer":"bankpulse"},{"n":2,"claim":"md12933-a9d36dd4","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"Every registered microfinance lending company must follow these directions.","rbi_paragraph":"Para 3","rbi_char_offset":3494,"weight":"DO IT","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p2","layer":"bankpulse"},{"n":3,"claim":"md12933-b8a36e01","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"In force on posting","plain_english":"These directions took effect the day they were placed on RBI's website.","rbi_paragraph":"Para 2","rbi_char_offset":3377,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p3","layer":"bankpulse"},{"n":4,"claim":"md12933-64982c5d","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Other rulebooks apply too","plain_english":"Other company rulebooks also apply, depending on the lender's size layer.","rbi_paragraph":"Para 4","rbi_char_offset":3937,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p4","layer":"bankpulse"},{"n":5,"claim":"md12933-c52fab50","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Adding, never replacing","plain_english":"These rules add to the other rulebooks; they never replace them.","rbi_paragraph":"Para 5","rbi_char_offset":7190,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p5","layer":"bankpulse"},{"n":1,"claim":"md12933-a6cc1743","page_group":"Chapter II. Role of Board of Directors and Registration Requirements","stored_section":"WHO SHOULD ACT","heading":"Spread the lending map","plain_english":"The board sets internal limits so lending never piles up in one geography.","rbi_paragraph":"Para 10(1)","rbi_char_offset":10039,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p6","layer":"bankpulse"},{"n":1,"claim":"md12933-3961dbcd","page_group":"Chapter III. 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Qualifying Assets and Permissible Activities","stored_section":"WHO IT APPLIES TO","heading":"Charities above 100 crore","plain_english":"A not for profit lender with assets of ₹100 crore or more loses its exemption.","rbi_paragraph":"Para 14","rbi_char_offset":12728,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p8","layer":"bankpulse"},{"n":3,"claim":"md12933-e891ce45","page_group":"Chapter III. Qualifying Assets and Permissible Activities","stored_section":"WHO IT APPLIES TO","heading":"They must register","plain_english":"Such companies must register as microfinance lenders and follow all their rules.","rbi_paragraph":"Para 14","rbi_char_offset":12856,"weight":"DO IT","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p9","layer":"bankpulse"},{"n":4,"claim":"md12933-b9cae8e8","page_group":"Chapter III. Qualifying Assets and Permissible Activities","stored_section":"WHAT CHANGES","heading":"Four quarters, then explain","plain_english":"Falling short for four straight quarters means going to the Reserve Bank with a repair plan.","rbi_paragraph":"Para 12(2)","rbi_char_offset":10814,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p10","layer":"bankpulse"},{"n":5,"claim":"md12933-01f304af","page_group":"Chapter III. Qualifying Assets and Permissible Activities","stored_section":"WHAT CHANGES","heading":"Scheme loans sit apart","plain_english":"Loans handled for government schemes sit in a separate segment, outside the qualifying test.","rbi_paragraph":"Para 13(1)","rbi_char_offset":11344,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p11","layer":"bankpulse"},{"n":6,"claim":"md12933-1ba04f28","page_group":"Chapter III. Qualifying Assets and Permissible Activities","stored_section":"WHAT CHANGES","heading":"Scheme loans reported too","plain_english":"Even scheme loans go to credit information companies, so total borrower debt stays visible.","rbi_paragraph":"Para 13(2)","rbi_char_offset":12356,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p12","layer":"bankpulse"},{"n":7,"claim":"md12933-61e841d6","page_group":"Chapter III. Qualifying Assets and Permissible Activities","stored_section":"WHO SHOULD ACT","heading":"A roadmap with the form","plain_english":"Companies not yet compliant attach a board approved roadmap to their registration form.","rbi_paragraph":"Para 14","rbi_char_offset":13149,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p13","layer":"bankpulse"},{"n":1,"claim":"md12933-d90e3341","page_group":"Chapter IV. Prudential Regulations","stored_section":"WHAT CHANGES","heading":"Fifteen percent capital floor","plain_english":"Capital must stay at least 15 per cent of risk weighted assets, on and off the books.","rbi_paragraph":"Para 16","rbi_char_offset":13435,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p14","layer":"bankpulse"},{"n":2,"claim":"md12933-6d3d76cc","page_group":"Chapter IV. Prudential Regulations","stored_section":"WHAT CHANGES","heading":"Second grade capital capped","plain_english":"Second grade capital may never exceed the first grade amount.","rbi_paragraph":"Para 17","rbi_char_offset":13594,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p15","layer":"bankpulse"},{"n":3,"claim":"md12933-3ddb553b","page_group":"Chapter IV. Prudential Regulations","stored_section":"WHAT CHANGES","heading":"Ninety days means bad","plain_english":"A loan overdue beyond 90 days becomes a non performing asset.","rbi_paragraph":"Para 24","rbi_char_offset":15215,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p16","layer":"bankpulse"},{"n":4,"claim":"md12933-3fd9d007","page_group":"Chapter IV. Prudential Regulations","stored_section":"WHAT CHANGES","heading":"The provision floor","plain_english":"Total provisions never fall below 1 percent of the whole loan book.","rbi_paragraph":"Para 25(1)","rbi_char_offset":15492,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p17","layer":"bankpulse"},{"n":5,"claim":"md12933-df18ab12","page_group":"Chapter IV. Prudential Regulations","stored_section":"WHAT CHANGES","heading":"Late loans cost more","plain_english":"Or higher: half of instalments late 90 to 180 days, plus all instalments late 180 days or more.","rbi_paragraph":"Para 25(1)","rbi_char_offset":15579,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p18","layer":"bankpulse"},{"n":6,"claim":"md12933-2e42c013","page_group":"Chapter IV. Prudential Regulations","stored_section":"WHAT CHANGES","heading":"Guaranteed part needs nothing","plain_english":"No provision is needed for the portion covered by the low income housing guarantee fund.","rbi_paragraph":"Para 26","rbi_char_offset":15874,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p19","layer":"bankpulse"},{"n":1,"claim":"md12933-3b5f1261","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"A direct line to RBI","plain_english":"The body names a compliance officer who reports straight to the Reserve Bank.","rbi_paragraph":"Para 47(2)","rbi_char_offset":23683,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p20","layer":"bankpulse"},{"n":2,"claim":"md12933-bf0f3ead","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Telling on members","plain_english":"The body must report member rule breaking to the Reserve Bank.","rbi_paragraph":"Para 47(2)","rbi_char_offset":24026,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p21","layer":"bankpulse"},{"n":3,"claim":"md12933-ce868fe4","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHAT CHANGES","heading":"A cap for outsiders","plain_english":"Any other finance company may keep microfinance loans only up to 25 per cent of assets.","rbi_paragraph":"Para 49","rbi_char_offset":25384,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p22","layer":"bankpulse"},{"n":4,"claim":"md12933-a51112de","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"A third must be members","plain_english":"The body needs a third of all microfinance lenders as members when recognised.","rbi_paragraph":"Para 47(1)","rbi_char_offset":21943,"weight":"DO IT","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p23","layer":"bankpulse"},{"n":5,"claim":"md12933-6f061e79","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Independent minds on board","plain_english":"A third of the body's board must be independent of member firms.","rbi_paragraph":"Para 47(1)","rbi_char_offset":22559,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p24","layer":"bankpulse"},{"n":6,"claim":"md12933-eab08cc1","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Lending banks check too","plain_english":"Banks that fund microfinance lenders must check the borrower runs by the rulebook.","rbi_paragraph":"Para 48","rbi_char_offset":24758,"weight":"DO IT","role":"Branch","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p25","layer":"bankpulse"},{"n":7,"claim":"md12933-ce4a2145","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Join a watchdog body","plain_english":"Every microfinance lender joins at least one recognised self regulatory body and follows its code.","rbi_paragraph":"Para 46","rbi_char_offset":21435,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p26","layer":"bankpulse"},{"n":8,"claim":"md12933-c6221f68","page_group":"Chapter VII. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Compliance starts at home","plain_english":"The lender itself answers first for following every rule.","rbi_paragraph":"Para 48","rbi_char_offset":24590,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p27","layer":"bankpulse"},{"n":1,"claim":"md12933-a65ca4b3","page_group":"Chapter VIII. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old guidance repealed","plain_english":"All earlier microfinance company rules stand repealed from the day these directions arrived.","rbi_paragraph":"Para 50","rbi_char_offset":25675,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p28","layer":"bankpulse"},{"n":2,"claim":"md12933-1079c38d","page_group":"Chapter VIII. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions stay governed","plain_english":"Action already taken under the old rules stays governed by them.","rbi_paragraph":"Para 51","rbi_char_offset":25986,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12933#p29","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."}