{"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":"md12935","title":"Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025 (Updated as on March 10, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12935","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":"Mortgage guarantee companies","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12935","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/md12935.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12935","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:54 UTC","text_sha256":"a0ef618dc7d75c9a76a3c0c1de1549007cddcb61dc54f5b43a214cdb58791e79","word_count":9239,"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":1},"points":[{"n":1,"claim":"md12935-2fee62e6","page_group":"Chapter I. Preliminary","stored_section":"WHO IT COVERS","heading":"Who these rules cover","plain_english":"These rules cover every Mortgage Guarantee Company registered with RBI.","rbi_paragraph":"Para 3","rbi_char_offset":3259,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p1","layer":"bankpulse"},{"n":2,"claim":"md12935-b3948f11","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Registered MGCs only","plain_english":"These rules apply once RBI has granted you a certificate of registration.","rbi_paragraph":"Para 3","rbi_char_offset":3405,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p2","layer":"bankpulse"},{"n":1,"claim":"md12935-9a625d04","page_group":"Chapter II. Role of Board, Registration and Permissible Activities","stored_section":"GOVERNANCE","heading":"Board approves key policies","plain_english":"Your Board must approve the policies on capital, investment, guarantees and pay.","rbi_paragraph":"Para 10","rbi_char_offset":17289,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p3","layer":"bankpulse"},{"n":2,"claim":"md12935-b5673854","page_group":"Chapter II. 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Prudential Regulations","stored_section":"CAPITAL","heading":"Tier 2 under Tier 1","plain_english":"Your Tier 2 capital may never be more than your Tier 1 capital.","rbi_paragraph":"Para 26","rbi_char_offset":25998,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p14","layer":"bankpulse"},{"n":4,"claim":"md12935-77ceb072","page_group":"Chapter III. Prudential Regulations","stored_section":"CAPITAL","heading":"One guarantee, ten per cent","plain_english":"A single guarantee may not exceed 10 per cent of your Tier 1 and Tier 2 capital.","rbi_paragraph":"Para 29","rbi_char_offset":29581,"weight":"MUST KNOW","role":"Risk","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p15","layer":"bankpulse"},{"n":5,"claim":"md12935-80f63dcd","page_group":"Chapter III. Prudential Regulations","stored_section":"INCOME AND ASSETS","heading":"Mutual fund income, cash basis","plain_english":"You must book income from mutual fund units only on a cash basis.","rbi_paragraph":"Para 34","rbi_char_offset":30807,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p16","layer":"bankpulse"},{"n":6,"claim":"md12935-077edde4","page_group":"Chapter III. Prudential Regulations","stored_section":"INCOME AND ASSETS","heading":"NPA income, cash basis only","plain_english":"You must recognise income on a non-performing asset only when you actually receive it.","rbi_paragraph":"Para 35","rbi_char_offset":30877,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p17","layer":"bankpulse"},{"n":7,"claim":"md12935-53a48caf","page_group":"Chapter III. 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Prudential Regulations","stored_section":"RESERVES","heading":"Five per cent of commitments","plain_english":"Your Contingency Reserve must reach at least five per cent of outstanding guarantee commitments.","rbi_paragraph":"Para 47","rbi_char_offset":34530,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p21","layer":"bankpulse"},{"n":11,"claim":"md12935-9758f124","page_group":"Chapter III. Prudential Regulations","stored_section":"RESERVES","heading":"Locked in for seven years","plain_english":"You must keep each year's reserve amount locked in for several years before you may reverse it.","rbi_paragraph":"Para 48","rbi_char_offset":34677,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p22","layer":"bankpulse"},{"n":12,"claim":"md12935-cadef5f3","page_group":"Chapter III. Prudential Regulations","stored_section":"PROVISIONING","heading":"Loss assets, write off fully","plain_english":"You must write off the entire loss asset, or provide 100 per cent for it.","rbi_paragraph":"Para 54(1)","rbi_char_offset":38875,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p23","layer":"bankpulse"},{"n":13,"claim":"md12935-2cfdcf3e","page_group":"Chapter III. Prudential Regulations","stored_section":"PROVISIONING","heading":"Sub-standard, ten per cent provision","plain_english":"You must set aside a general provision of 10 per cent on every sub-standard asset.","rbi_paragraph":"Para 54(1)","rbi_char_offset":39679,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p24","layer":"bankpulse"},{"n":14,"claim":"md12935-620f5836","page_group":"Chapter III. 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Prudential Regulations","stored_section":"INVESTMENTS","heading":"No investing in subsidiaries","plain_english":"You may not invest in your own subsidiaries or joint ventures.","rbi_paragraph":"Para 60","rbi_char_offset":41997,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p26","layer":"bankpulse"},{"n":16,"claim":"md12935-f62c5e4d","page_group":"Chapter III. Prudential Regulations","stored_section":"INVESTMENTS","heading":"Twenty-five per cent, government paper","plain_english":"You must hold at least 25 per cent of your investments in government securities.","rbi_paragraph":"Para 62","rbi_char_offset":42624,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p27","layer":"bankpulse"},{"n":17,"claim":"md12935-0a906f8b","page_group":"Chapter III. Prudential Regulations","stored_section":"INVESTMENTS","heading":"One category, 25 per cent","plain_english":"You may not put more than 25 per cent of the rest in any one investment category.","rbi_paragraph":"Para 63","rbi_char_offset":42749,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p28","layer":"bankpulse"},{"n":18,"claim":"md12935-e81edda5","page_group":"Chapter III. Prudential Regulations","stored_section":"INCOME AND ASSETS","heading":"Book dividend income once declared","plain_english":"You may book dividend income only after the company declares it at its AGM.","rbi_paragraph":"Para 32","rbi_char_offset":30304,"weight":"BACKGROUND","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p29","layer":"bankpulse"},{"n":1,"claim":"md12935-808884ab","page_group":"Chapter IV. 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Miscellaneous instructions","stored_section":"TO THE LENDER","heading":"LTV now eighty per cent","plain_english":"The maximum loan-to-value ratio for cover on big loans has been cut from 90 to 80 per cent.","rbi_paragraph":"Para 89","rbi_char_offset":50186,"weight":"MUST KNOW","role":"Risk","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p32","layer":"bankpulse"},{"n":3,"claim":"md12935-2b6488db","page_group":"Chapter V. 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Miscellaneous instructions","stored_section":"DUE DILIGENCE","heading":"Loan under ninety per cent","plain_english":"The loan you guarantee may not exceed 90 per cent of the property's value.","rbi_paragraph":"Para 90","rbi_char_offset":51218,"weight":"MUST KNOW","role":"Credit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p35","layer":"bankpulse"},{"n":6,"claim":"md12935-4a34c7e5","page_group":"Chapter V. Miscellaneous instructions","stored_section":"NOT ALLOWED","heading":"No commissions for referrals","plain_english":"You may not pay commissions or rebates for referring guarantee business to you.","rbi_paragraph":"Para 93","rbi_char_offset":51892,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p36","layer":"bankpulse"},{"n":7,"claim":"md12935-73aa96e3","page_group":"Chapter V. Miscellaneous instructions","stored_section":"NOT ALLOWED","heading":"No guaranteeing related parties","plain_english":"You may not guarantee mortgages of your own promoters or related parties.","rbi_paragraph":"Para 94","rbi_char_offset":52086,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p37","layer":"bankpulse"},{"n":8,"claim":"md12935-4b312aa1","page_group":"Chapter V. Miscellaneous instructions","stored_section":"NOT ALLOWED","heading":"No lending against own shares","plain_english":"You may not lend money against your own company's shares.","rbi_paragraph":"Para 96(1)","rbi_char_offset":52892,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p38","layer":"bankpulse"},{"n":9,"claim":"md12935-fb133c76","page_group":"Chapter V. Miscellaneous instructions","stored_section":"WHO SHOULD ACT","heading":"Board frames guarantee policy","plain_english":"Your Board must frame the policy for how you provide mortgage guarantees.","rbi_paragraph":"Para 97","rbi_char_offset":53133,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p39","layer":"bankpulse"},{"n":10,"claim":"md12935-1dacacce","page_group":"Chapter V. Miscellaneous instructions","stored_section":"POLICY","heading":"Board sets the guarantee fee","plain_english":"Your Board must set the fee you charge for each guarantee.","rbi_paragraph":"Para 97(1)","rbi_char_offset":53321,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12935#p40","layer":"bankpulse"},{"n":11,"claim":"md12935-05e572ec","page_group":"Chapter V. 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