{"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":"md12934","title":"Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12934","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":"md12934","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/md12934.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12934","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:53 UTC","text_sha256":"31ebf2974b7a53ea65028e668b3ac26bd8121461692e9a1d23d1ee241c9f4203","word_count":6236,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":44,"points_naming_an_rbi_paragraph":44,"points_stored":44,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12934-024af8a7","page_group":"Chapter I. 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Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"The directions apply to every company running a peer to peer lending platform.","rbi_paragraph":"Para 3","rbi_char_offset":3354,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p12","layer":"bankpulse"},{"n":13,"claim":"md12934-495aac58","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Agents for banks excluded","plain_english":"A platform that only finds borrowers for banks and finance companies is not covered.","rbi_paragraph":"Para 7(6)","rbi_char_offset":7351,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p13","layer":"bankpulse"},{"n":14,"claim":"md12934-55cf221e","page_group":"Chapter I. Preliminary","stored_section":"WHO SHOULD ACT","heading":"Applications through PRAVAAH","plain_english":"Registration applications go through the Reserve Bank's PRAVAAH portal.","rbi_paragraph":"Para 14","rbi_char_offset":10171,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p14","layer":"bankpulse"},{"n":15,"claim":"md12934-f8043dcf","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Only a matchmaker","plain_english":"The platform is only a marketplace bringing lenders and borrowers together.","rbi_paragraph":"Para 22(1)","rbi_char_offset":13509,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p15","layer":"bankpulse"},{"n":16,"claim":"md12934-de59e4ce","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Lenders carry every loss","plain_english":"Every loss of principal or interest falls on the lenders alone.","rbi_paragraph":"Para 22(4)","rbi_char_offset":14005,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p16","layer":"bankpulse"},{"n":17,"claim":"md12934-d6d57967","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Almost nothing else sold","plain_english":"It may sell nothing else, except insurance tied to the loan itself.","rbi_paragraph":"Para 22(7)","rbi_char_offset":14630,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p17","layer":"bankpulse"},{"n":1,"claim":"md12934-2531912a","page_group":"Chapter III. 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Prudential Norms","stored_section":"WHAT CHANGES","heading":"Certificate above ten lakh","plain_english":"Lending above ₹10,00,000 needs a chartered accountant certificate of ₹50,00,000 net worth.","rbi_paragraph":"Para 26","rbi_char_offset":17047,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p20","layer":"bankpulse"},{"n":4,"claim":"md12934-4823da41","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Ten lakh per borrower","plain_english":"A borrower may owe at most ₹10,00,000 across every platform.","rbi_paragraph":"Para 27","rbi_char_offset":17243,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p21","layer":"bankpulse"},{"n":5,"claim":"md12934-f337a9f4","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Fifty thousand per pair","plain_english":"One lender may lend one borrower at most ₹50,000 in total.","rbi_paragraph":"Para 28","rbi_char_offset":17374,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p22","layer":"bankpulse"},{"n":6,"claim":"md12934-e7f04b06","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Three years at most","plain_english":"No loan may run longer than 36 months.","rbi_paragraph":"Para 29","rbi_char_offset":17482,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p23","layer":"bankpulse"},{"n":7,"claim":"md12934-809878bb","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Fees never ride repayment","plain_english":"The platform's fee can never depend on whether the borrower repays.","rbi_paragraph":"Para 35","rbi_char_offset":19096,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p24","layer":"bankpulse"},{"n":8,"claim":"md12934-01b65398","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"One day in escrow","plain_english":"Money may sit in an escrow account only one bank working day after it arrives.","rbi_paragraph":"Para 38","rbi_char_offset":21396,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p25","layer":"bankpulse"},{"n":9,"claim":"md12934-8be0bdfc","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"No assured returns","plain_english":"The platform may never sell itself as an investment with assured returns or easy exits.","rbi_paragraph":"Para 46","rbi_char_offset":25398,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p26","layer":"bankpulse"},{"n":10,"claim":"md12934-b3f092de","page_group":"Chapter III. Prudential Norms","stored_section":"WHO SHOULD ACT","heading":"One month for complaints","plain_english":"Complaints must be settled within one month of receipt.","rbi_paragraph":"Para 51","rbi_char_offset":27080,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p27","layer":"bankpulse"},{"n":11,"claim":"md12934-bbee0ee5","page_group":"Chapter III. Prudential Norms","stored_section":"WHO SHOULD ACT","heading":"Audit every two years","plain_english":"Outside computer auditors must check the systems at least once every two years.","rbi_paragraph":"Para 57","rbi_char_offset":28684,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p28","layer":"bankpulse"},{"n":12,"claim":"md12934-4105b371","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Fees fixed up front","plain_english":"Fees must be a fixed sum or a fixed share of the loan amount.","rbi_paragraph":"Para 35","rbi_char_offset":18980,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p29","layer":"bankpulse"},{"n":13,"claim":"md12934-4cc952b2","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Losses shown every month","plain_english":"The website must show portfolio performance and bad loan share every month, including lender losses.","rbi_paragraph":"Para 40(3)","rbi_char_offset":23039,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p30","layer":"bankpulse"},{"n":14,"claim":"md12934-3477bbf2","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Interest as yearly rate","plain_english":"Interest must be shown as a yearly percentage rate.","rbi_paragraph":"Para 43","rbi_char_offset":24276,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p31","layer":"bankpulse"},{"n":15,"claim":"md12934-bb4e18c1","page_group":"Chapter III. Prudential Norms","stored_section":"WHO SHOULD ACT","heading":"Recovery without harassment","plain_english":"Recovery staff must be trained; bothering borrowers at odd hours or coercion is banned.","rbi_paragraph":"Para 47","rbi_char_offset":25697,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p32","layer":"bankpulse"},{"n":16,"claim":"md12934-339b8149","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"RBI's own warning","plain_english":"Every page must carry the warning that RBI takes no responsibility for the platform or repayments.","rbi_paragraph":"Para 50","rbi_char_offset":26551,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p33","layer":"bankpulse"},{"n":17,"claim":"md12934-29764d02","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"A backup caretaker","plain_english":"If the platform shuts, a third party must keep running the loans to term.","rbi_paragraph":"Para 58","rbi_char_offset":29136,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p34","layer":"bankpulse"},{"n":18,"claim":"md12934-fed676c3","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Approval before money moves","plain_english":"No money moves until lenders and borrowers are matched under the board approved policy.","rbi_paragraph":"Para 34","rbi_char_offset":18503,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p35","layer":"bankpulse"},{"n":19,"claim":"md12934-0b71f7a8","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"No closed circles","plain_english":"Matching lenders and borrowers inside a closed private circle is banned.","rbi_paragraph":"Para 36","rbi_char_offset":19219,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p36","layer":"bankpulse"},{"n":20,"claim":"md12934-a32825bb","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"Two escrow accounts","plain_english":"Money moves through two escrow accounts run by an NBFC promoted trustee: one for lenders, one for repayments.","rbi_paragraph":"Para 37","rbi_char_offset":19651,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p37","layer":"bankpulse"},{"n":21,"claim":"md12934-1756665e","page_group":"Chapter III. Prudential Norms","stored_section":"WHAT CHANGES","heading":"No cash ever","plain_english":"Every transfer runs bank account to bank account; cash is strictly banned.","rbi_paragraph":"Para 37","rbi_char_offset":20590,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p38","layer":"bankpulse"},{"n":22,"claim":"md12934-7344f919","page_group":"Chapter III. Prudential Norms","stored_section":"WHO SHOULD ACT","heading":"Risk warning signed","plain_english":"Every lender signs a declaration accepting the risk, including losing the whole principal.","rbi_paragraph":"Para 46","rbi_char_offset":24924,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p39","layer":"bankpulse"},{"n":1,"claim":"md12934-1542b299","page_group":"Chapter IV. Corporate Governance","stored_section":"WHO SHOULD ACT","heading":"26 per cent needs RBI","plain_english":"Crossing 26 per cent ownership needs RBI's written permission first.","rbi_paragraph":"Para 67(1)","rbi_char_offset":31914,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p40","layer":"bankpulse"},{"n":1,"claim":"md12934-39e2c444","page_group":"Chapter V. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Fees not outsourced","plain_english":"Setting prices and fees can never be handed to an outside agency.","rbi_paragraph":"Para 72","rbi_char_offset":34657,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p41","layer":"bankpulse"},{"n":2,"claim":"md12934-d56a8276","page_group":"Chapter V. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Quarterly reports, 15 days","plain_english":"Quarterly statements on loans, escrow money, complaints and borrowings reach RBI within 15 days.","rbi_paragraph":"Para 75","rbi_char_offset":35152,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p42","layer":"bankpulse"},{"n":1,"claim":"md12934-3928a125","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old guidance repealed","plain_english":"All earlier peer to peer platform rules stand repealed from the day these directions arrived.","rbi_paragraph":"Para 79","rbi_char_offset":36957,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p43","layer":"bankpulse"},{"n":2,"claim":"md12934-1079c38d","page_group":"Chapter VI. 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 80","rbi_char_offset":37257,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12934#p44","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. 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