{"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":"md12939","title":"Reserve Bank of India (Housing Finance Companies) Directions, 2025 (Updated as on April 15, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12939","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":"Finance companies","class_code":"ALL","from":"Para 3","layer":"bankpulse"},"dates":{"prid":"md12939","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/md12939.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12939","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:01 UTC","text_sha256":"02da26190e5bfc0bafbd4ba9922b3ea09ba9f70f3c17ff1a6e5f6780c0a01eee","word_count":25723,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":82,"points_naming_an_rbi_paragraph":82,"points_stored":82,"actions":0,"amendments":3},"points":[{"n":1,"claim":"md12939-0e23a743","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Rules start on posting","plain_english":"The rules take effect the day RBI posts them on its website.","rbi_paragraph":"Para 2","rbi_char_offset":3638,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p1","layer":"bankpulse"},{"n":2,"claim":"md12939-a3a601b7","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who must follow this","plain_english":"This rule book applies to every housing finance company registered under Section 29A of the NHB Act.","rbi_paragraph":"Para 3","rbi_char_offset":3822,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p2","layer":"bankpulse"},{"n":3,"claim":"md12939-6c54c61c","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Other RBI rules still apply","plain_english":"Directions issued by any other RBI department that bind the HFC must still be followed.","rbi_paragraph":"Para 8","rbi_char_offset":9021,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p3","layer":"bankpulse"},{"n":4,"claim":"md12939-54c47f86","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Half must reach individuals","plain_english":"At least 50% of that housing finance must go to individual borrowers.","rbi_paragraph":"Para 10","rbi_char_offset":14792,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p4","layer":"bankpulse"},{"n":5,"claim":"md12939-3e8e8c18","page_group":"Chapter I. Preliminary","stored_section":"WHO SHOULD ACT","heading":"Plot loans need a promise","plain_english":"A plot loan needs the borrower's promise to build within three years.","rbi_paragraph":"Para 10(8)","rbi_char_offset":12607,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p5","layer":"bankpulse"},{"n":6,"claim":"md12939-de2e6b74","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Name of the rules","plain_english":"The rules are called the Reserve Bank of India Housing Finance Companies Directions, 2025.","rbi_paragraph":"Para 1","rbi_char_offset":3530,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p6","layer":"bankpulse"},{"n":7,"claim":"md12939-f44fed6a","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Chapter IX binds auditors","plain_english":"Chapter IX applies to the HFC's auditors, not to the HFC itself.","rbi_paragraph":"Para 4","rbi_char_offset":4003,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p7","layer":"bankpulse"},{"n":8,"claim":"md12939-d6779bcd","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"NHB is the supervisor","plain_english":"Supervisory reporting for the HFC goes to the National Housing Bank, its supervisor.","rbi_paragraph":"Para 5(27)","rbi_char_offset":8002,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p8","layer":"bankpulse"},{"n":9,"claim":"md12939-cbbd4ba6","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"What counts as housing finance","plain_english":"Housing finance means financing to construct, purchase, renovate or repair a home.","rbi_paragraph":"Para 10(8)","rbi_char_offset":12014,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p9","layer":"bankpulse"},{"n":10,"claim":"md12939-2025e686","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Sixty per cent housing test","plain_english":"An HFC is an NBFC whose housing-finance assets make up at least 60% of its total assets.","rbi_paragraph":"Para 10(9)","rbi_char_offset":14505,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p10","layer":"bankpulse"},{"n":11,"claim":"md12939-f6e54120","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Net owned fund defined","plain_english":"Net owned fund is the HFC's net owned fund as defined under Section 29A of the NHB Act.","rbi_paragraph":"Para 10(13)","rbi_char_offset":16182,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p11","layer":"bankpulse"},{"n":1,"claim":"md12939-4b66185f","page_group":"Chapter II. Role of Board and Registration","stored_section":"KEY DATES","heading":"Minimum net owned funds","plain_english":"An HFC needs at least ₹20 crore of net owned funds to carry on housing finance.","rbi_paragraph":"Para 16","rbi_char_offset":23527,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p12","layer":"bankpulse"},{"n":2,"claim":"md12939-8b4b55fe","page_group":"Chapter II. Role of Board and Registration","stored_section":"IMPACT","heading":"Registration can be cancelled","plain_english":"An HFC that misses the net owned fund deadline can lose its Certificate of Registration.","rbi_paragraph":"Para 16","rbi_char_offset":24290,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p13","layer":"bankpulse"},{"n":3,"claim":"md12939-b38977ed","page_group":"Chapter II. Role of Board and Registration","stored_section":"IMPACT","heading":"Reclassified as NBFC-ICC","plain_english":"An HFC that cannot meet the housing-finance test becomes an NBFC-ICC instead.","rbi_paragraph":"Para 17","rbi_char_offset":24508,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p14","layer":"bankpulse"},{"n":4,"claim":"md12939-1ce98dd7","page_group":"Chapter II. Role of Board and Registration","stored_section":"WHO SHOULD ACT","heading":"Board approves the policies","plain_english":"The board approves the HFC's policies and reviews mechanisms regularly.","rbi_paragraph":"Para 14","rbi_char_offset":20762,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p15","layer":"bankpulse"},{"n":5,"claim":"md12939-2c47a231","page_group":"Chapter II. Role of Board and Registration","stored_section":"KEY DATES","heading":"One month to certify","plain_english":"The HFC must give the auditor's certificate on that to RBI within one month.","rbi_paragraph":"Para 16","rbi_char_offset":24107,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p16","layer":"bankpulse"},{"n":6,"claim":"md12939-76955bcc","page_group":"Chapter II. Role of Board and Registration","stored_section":"KEY DATES","heading":"NOF deadline was 2023","plain_english":"An HFC below ₹20 crore in net owned funds had to reach ₹20 crore by March 31, 2023.","rbi_paragraph":"Para 16","rbi_char_offset":23923,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p17","layer":"bankpulse"},{"n":1,"claim":"md12939-1491e9e2","page_group":"Chapter III. Prudential Regulation – Capital","stored_section":"THE CORE IDEA","heading":"Capital ratio at least 15%","plain_english":"An HFC's Tier 1 and Tier 2 capital must total at least 15 per cent of risk weighted assets.","rbi_paragraph":"Para 20","rbi_char_offset":25631,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p18","layer":"bankpulse"},{"n":2,"claim":"md12939-35d13a61","page_group":"Chapter III. Prudential Regulation – Capital","stored_section":"THE CORE IDEA","heading":"Tier 1 at least ten","plain_english":"Tier 1 capital alone must be at least 10 per cent at all times.","rbi_paragraph":"Para 20","rbi_char_offset":25891,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p19","layer":"bankpulse"},{"n":3,"claim":"md12939-aa4c30c7","page_group":"Chapter III. Prudential Regulation – Capital","stored_section":"THE CORE IDEA","heading":"Capped at Tier 1 level","plain_english":"Tier 2 capital may never exceed 100 per cent of Tier 1 capital.","rbi_paragraph":"Para 20","rbi_char_offset":25969,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p20","layer":"bankpulse"},{"n":1,"claim":"md12939-56522f5b","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"THE CORE IDEA","heading":"Four asset classes","plain_english":"The HFC sorts every loan into standard, sub-standard, doubtful or loss.","rbi_paragraph":"Para 29","rbi_char_offset":35671,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p21","layer":"bankpulse"},{"n":2,"claim":"md12939-919dd819","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"THE CORE IDEA","heading":"No upgrade by reschedule alone","plain_english":"Rescheduling a loan alone does not upgrade its asset class.","rbi_paragraph":"Para 30","rbi_char_offset":35887,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p22","layer":"bankpulse"},{"n":3,"claim":"md12939-d9cb489b","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"WHO SHOULD ACT","heading":"One rupee when unknown","plain_english":"If a company's balance sheet is missing for two years, its shares are valued at one rupee.","rbi_paragraph":"Para 45","rbi_char_offset":42693,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p23","layer":"bankpulse"},{"n":4,"claim":"md12939-0941865a","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"WHO SHOULD ACT","heading":"Loss assets fully written off","plain_english":"A loss asset is written off in full, or fully provided for if kept on the books.","rbi_paragraph":"Para 48","rbi_char_offset":43515,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p24","layer":"bankpulse"},{"n":5,"claim":"md12939-b8daca04","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"WHO SHOULD ACT","heading":"Doubtful provision, 25 to 100","plain_english":"The secured portion of a doubtful asset can need anywhere from 25% to 100% provisioning.","rbi_paragraph":"Para 48","rbi_char_offset":44012,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p25","layer":"bankpulse"},{"n":6,"claim":"md12939-d792b3cf","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"WHO SHOULD ACT","heading":"Sub-standard provision fifteen","plain_english":"A sub-standard asset carries a general provision of 15 per cent of the outstanding amount.","rbi_paragraph":"Para 48","rbi_char_offset":44336,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p26","layer":"bankpulse"},{"n":7,"claim":"md12939-fe1036b4","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"WHO SHOULD ACT","heading":"Teaser loans need 2%","plain_english":"Standard housing loans at teaser rates carry a 2% provision on the outstanding amount.","rbi_paragraph":"Para 48","rbi_char_offset":44498,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p27","layer":"bankpulse"},{"n":8,"claim":"md12939-b5db51f8","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"WHO SHOULD ACT","heading":"General standard provision 0.4%","plain_english":"Ordinary standard housing loans need a general provision of 0.4% of the outstanding.","rbi_paragraph":"Para 48","rbi_char_offset":45362,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p28","layer":"bankpulse"},{"n":9,"claim":"md12939-cccc04fb","page_group":"Chapter IV. Prudential Regulation - Asset Classification and Provisioning","stored_section":"THE CORE IDEA","heading":"Stress flagged on default","plain_english":"The HFC flags a loan as a special mention account immediately on default.","rbi_paragraph":"Para 37","rbi_char_offset":39816,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p29","layer":"bankpulse"},{"n":1,"claim":"md12939-bf33c935","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"LTV limit ninety per cent","plain_english":"For a loan up to ₹30 lakh, the loan-to-value ratio may not exceed 90 per cent.","rbi_paragraph":"Para 58","rbi_char_offset":49537,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p30","layer":"bankpulse"},{"n":2,"claim":"md12939-47e8b6ba","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"LTV limit eighty per cent","plain_english":"Between ₹30 lakh and ₹75 lakh, the ratio may not exceed 80 per cent.","rbi_paragraph":"Para 58(2)","rbi_char_offset":49666,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p31","layer":"bankpulse"},{"n":3,"claim":"md12939-f1853e1a","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"LTV limit seventy-five","plain_english":"Above ₹75 lakh, the ratio may not exceed 75 per cent.","rbi_paragraph":"Para 58(3)","rbi_char_offset":49746,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p32","layer":"bankpulse"},{"n":4,"claim":"md12939-75f56b5e","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Fifteen per cent per HFC","plain_english":"Investment in the shares of one other HFC may not exceed 15 per cent of its equity capital.","rbi_paragraph":"Para 59","rbi_char_offset":51238,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p33","layer":"bankpulse"},{"n":5,"claim":"md12939-afec3ba3","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Group exposure caps","plain_english":"Exposure to one group real-estate company may not exceed 15 per cent of Tier 1 capital.","rbi_paragraph":"Para 60","rbi_char_offset":53631,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p34","layer":"bankpulse"},{"n":6,"claim":"md12939-33b32c56","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Twenty per cent land cap","plain_english":"The HFC's own investment in land or buildings may not exceed 20 per cent of its capital fund.","rbi_paragraph":"Para 65","rbi_char_offset":54354,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p35","layer":"bankpulse"},{"n":7,"claim":"md12939-6fa5174f","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Three years to dispose","plain_english":"Land taken over on default is sold within three years, unless NHB extends that.","rbi_paragraph":"Para 65","rbi_char_offset":54645,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p36","layer":"bankpulse"},{"n":8,"claim":"md12939-bc61e615","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Capital market cap forty","plain_english":"The HFC's total exposure to the capital market may not exceed 40 per cent of its net worth.","rbi_paragraph":"Para 66","rbi_char_offset":55111,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p37","layer":"bankpulse"},{"n":9,"claim":"md12939-a31b6ecd","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Direct shares capped twenty","plain_english":"Within that, direct shares and equity mutual funds may not exceed 20 per cent of net worth.","rbi_paragraph":"Para 67","rbi_char_offset":55384,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p38","layer":"bankpulse"},{"n":10,"claim":"md12939-ae9d31b3","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Broker only introduces the deal","plain_english":"A broker's role stops at bringing the two sides together.","rbi_paragraph":"Para 74(2)","rbi_char_offset":63114,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p39","layer":"bankpulse"},{"n":11,"claim":"md12939-2218a41f","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Broker limit five per cent","plain_english":"No single broker may carry more than five per cent of a year's brokered deals.","rbi_paragraph":"Para 74(6)","rbi_char_offset":64321,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":"An HFC put 200 crore of deals through brokers last year. Five per cent of 200 crore is 10 crore, so that is what any one broker may carry. Deals done straight with a Primary Dealer are left out of that limit.","anchor":"https://bankpulse.ai/rule/md12939#p40","layer":"bankpulse"},{"n":12,"claim":"md12939-be29e408","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Small HFCs are exempt","plain_english":"That five per cent broker limit does not apply if total yearly transactions are under ₹20 crore.","rbi_paragraph":"Para 74(6)","rbi_char_offset":65126,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p41","layer":"bankpulse"},{"n":13,"claim":"md12939-2a91d846","page_group":"Chapter V. Prudential Regulation- Regulatory Restrictions and Limits","stored_section":"WHO SHOULD ACT","heading":"Board panel of brokers","plain_english":"The HFC's top management approves a broker panel, reviewed at least once a year.","rbi_paragraph":"Para 74(5)","rbi_char_offset":63760,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p42","layer":"bankpulse"},{"n":1,"claim":"md12939-1ccf1e2b","page_group":"Chapter VI. Prudential Regulation- Acceptance of Public Deposits","stored_section":"KEY DATES","heading":"Liquid assets rose in 2025","plain_english":"The deposit-taking HFC's liquid-asset requirement rose from eight per cent to ten per cent on July 01, 2025.","rbi_paragraph":"Para 76(1)","rbi_char_offset":66675,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p43","layer":"bankpulse"},{"n":2,"claim":"md12939-ae871d7f","page_group":"Chapter VI. Prudential Regulation- Acceptance of Public Deposits","stored_section":"KEY DATES","heading":"Second buffer also rose","plain_english":"A second deposit buffer rose from fourteen percent to fifteen percent on July 01, 2025.","rbi_paragraph":"Para 76","rbi_char_offset":67246,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p44","layer":"bankpulse"},{"n":3,"claim":"md12939-c94ec828","page_group":"Chapter VI. Prudential Regulation- Acceptance of Public Deposits","stored_section":"KEY DATES","heading":"Deposits capped at 12x NOF","plain_english":"Total deposits and NHB borrowings may not exceed twelve times the HFC's net owned funds.","rbi_paragraph":"Para 79","rbi_char_offset":69596,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p45","layer":"bankpulse"},{"n":4,"claim":"md12939-d825a3b1","page_group":"Chapter VI. Prudential Regulation- Acceptance of Public Deposits","stored_section":"IMPACT","heading":"Freeze on fresh deposits","plain_english":"An HFC over its deposit limit stops taking fresh deposits and renewals.","rbi_paragraph":"Para 80","rbi_char_offset":70139,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p46","layer":"bankpulse"},{"n":5,"claim":"md12939-08952b0c","page_group":"Chapter VI. Prudential Regulation- Acceptance of Public Deposits","stored_section":"WHO SHOULD ACT","heading":"Early exit rate capped","plain_english":"Early withdrawal after three months but up to six months pays at most four per cent a year, for individuals.","rbi_paragraph":"Para 93","rbi_char_offset":75538,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p47","layer":"bankpulse"},{"n":6,"claim":"md12939-cd2ce849","page_group":"Chapter VI. Prudential Regulation- Acceptance of Public Deposits","stored_section":"WHO SHOULD ACT","heading":"One per cent below normal","plain_english":"After six months, early exit pays one per cent below the normal deposit rate.","rbi_paragraph":"Para 93","rbi_char_offset":75723,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p48","layer":"bankpulse"},{"n":1,"claim":"md12939-882768ce","page_group":"Chapter VIII. Corporate Governance","stored_section":"WHO SHOULD ACT","heading":"Auditors rotate every three years","plain_english":"A non-deposit HFC under ₹1,000 crore rotates its audit partner every three years.","rbi_paragraph":"Para 121(2)","rbi_char_offset":83615,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p49","layer":"bankpulse"},{"n":1,"claim":"md12939-74c08d42","page_group":"Chapter IX. Auditor’s Report","stored_section":"WHO SHOULD ACT","heading":"Auditor reports non-compliance","plain_english":"The auditor must report certain non-compliance directly to NHB and RBI.","rbi_paragraph":"Para 127(3)","rbi_char_offset":91416,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p50","layer":"bankpulse"},{"n":1,"claim":"md12939-4cb16ced","page_group":"Chapter X. Fair Practices Code","stored_section":"KEY DATES","heading":"Sixty days to switch","plain_english":"A borrower may close or switch a loan within 60 days of a disadvantageous change, free of charge.","rbi_paragraph":"Para 137","rbi_char_offset":94681,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p51","layer":"bankpulse"},{"n":2,"claim":"md12939-94bf5dc9","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"No cash payment to agents","plain_english":"The HFC pays DSAs and DMAs only by direct credit to their bank account, never in cash.","rbi_paragraph":"Para 156(19)","rbi_char_offset":115016,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p52","layer":"bankpulse"},{"n":3,"claim":"md12939-1414ae63","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Guarantor default is wilful","plain_english":"A guarantor who can pay but refuses is treated as a wilful defaulter too.","rbi_paragraph":"Para 158(7)","rbi_char_offset":117342,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p53","layer":"bankpulse"},{"n":4,"claim":"md12939-5847914c","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Customer data stays private","plain_english":"The HFC may not reveal customer account data to anyone, including group companies.","rbi_paragraph":"Para 160(1)","rbi_char_offset":117912,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p54","layer":"bankpulse"},{"n":5,"claim":"md12939-1d55c8fa","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"No pre-payment levy, floating loans","plain_english":"The HFC may not charge a pre-payment levy on a floating-rate housing loan closed early.","rbi_paragraph":"Para 163","rbi_char_offset":119772,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p55","layer":"bankpulse"},{"n":6,"claim":"md12939-3b1343ff","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"No discrimination in lending","plain_english":"The HFC may not discriminate on sex, caste or religion when lending.","rbi_paragraph":"Para 168","rbi_char_offset":122417,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p56","layer":"bankpulse"},{"n":7,"claim":"md12939-d8fdc537","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"No disability discrimination","plain_english":"The HFC may not discriminate against visually impaired or disabled applicants.","rbi_paragraph":"Para 168","rbi_char_offset":122521,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p57","layer":"bankpulse"},{"n":8,"claim":"md12939-8fa18902","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Calls only between set hours","plain_english":"Recovery calls to a customer happen only between 8 a.m. and 7 p.m.","rbi_paragraph":"Para 170(6)","rbi_char_offset":127717,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p58","layer":"bankpulse"},{"n":9,"claim":"md12939-a5056d9d","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"No third party during visits","plain_english":"Only Recovery Agency employees may visit a borrower's premises, and no one else joins them.","rbi_paragraph":"Para 170(6)","rbi_char_offset":128268,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p59","layer":"bankpulse"},{"n":10,"claim":"md12939-7a0d8cc4","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Complaint pauses recovery agency","plain_english":"The HFC does not send a case to a recovery agency while a complaint about it is unresolved.","rbi_paragraph":"Para 170(10)","rbi_char_offset":131933,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p60","layer":"bankpulse"},{"n":11,"claim":"md12939-e984c9d1","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"No extra burden, visually impaired","plain_english":"No extra interest or collateral burden may be placed on a visually impaired customer.","rbi_paragraph":"Para 172(5)","rbi_char_offset":136325,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p61","layer":"bankpulse"},{"n":12,"claim":"md12939-27ab8336","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Thumb impression, not illiteracy","plain_english":"The HFC does not treat a visually impaired customer as illiterate.","rbi_paragraph":"Para 172(7)","rbi_char_offset":136672,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p62","layer":"bankpulse"},{"n":13,"claim":"md12939-c258369f","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Reject reason given in writing","plain_english":"If the HFC will not lend, it tells the customer why, in writing.","rbi_paragraph":"Para 135","rbi_char_offset":94093,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p63","layer":"bankpulse"},{"n":14,"claim":"md12939-39fcd606","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"One week to acknowledge","plain_english":"The HFC tries to acknowledge a written complaint within a week.","rbi_paragraph":"Para 142","rbi_char_offset":95988,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p64","layer":"bankpulse"},{"n":15,"claim":"md12939-c34967dc","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Six weeks for final response","plain_english":"The HFC tries to send its final response within six weeks of a complaint.","rbi_paragraph":"Para 143","rbi_char_offset":96462,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p65","layer":"bankpulse"},{"n":16,"claim":"md12939-9f7dc33b","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Annual review of vendors","plain_english":"The HFC reviews each outsourced service provider's condition at least once a year.","rbi_paragraph":"Para 156(19)","rbi_char_offset":113008,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p66","layer":"bankpulse"},{"n":17,"claim":"md12939-3eac4ca8","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Written permission for references","plain_english":"The HFC gets the customer's written permission before giving a reference about them.","rbi_paragraph":"Para 160(1)","rbi_char_offset":118680,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p67","layer":"bankpulse"},{"n":18,"claim":"md12939-93a895b4","page_group":"Chapter X. Fair Practices Code","stored_section":"KEY DATES","heading":"Recovery agents trained yearly","plain_english":"All of the HFC's recovery agents complete IIBF training within one year.","rbi_paragraph":"Para 170(3)","rbi_char_offset":124784,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p68","layer":"bankpulse"},{"n":19,"claim":"md12939-517d9fe9","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"One month, then NHB","plain_english":"If the HFC gives no reply within a month, the complainant may go to NHB.","rbi_paragraph":"Para 144","rbi_char_offset":97146,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p69","layer":"bankpulse"},{"n":20,"claim":"md12939-b0b47787","page_group":"Chapter X. Fair Practices Code","stored_section":"WHO SHOULD ACT","heading":"Lok Adalat for small loans","plain_english":"The HFC is encouraged to use Lok Adalats for housing loans under ₹10 lakh.","rbi_paragraph":"Para 170(8)","rbi_char_offset":130964,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p70","layer":"bankpulse"},{"n":1,"claim":"md12939-7de8e4e3","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"No loans for unauthorised colonies","plain_english":"The HFC may not lend on property in an unauthorised, unregularised colony.","rbi_paragraph":"Para 181","rbi_char_offset":142236,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p71","layer":"bankpulse"},{"n":2,"claim":"md12939-db165be0","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"No disguised commercial-use loans","plain_english":"The HFC may not lend on a residential property the applicant plans to use commercially.","rbi_paragraph":"Para 182","rbi_char_offset":142431,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p72","layer":"bankpulse"},{"n":3,"claim":"md12939-e70caba0","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Disbursal follows construction stage","plain_english":"Disbursal of a housing loan follows the stages of construction, not paid upfront.","rbi_paragraph":"Para 183","rbi_char_offset":142704,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p73","layer":"bankpulse"},{"n":4,"claim":"md12939-415d8e11","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"No servicing loans for builders","plain_english":"The HFC does not offer loan products where builders service the dues for borrowers.","rbi_paragraph":"Para 186","rbi_char_offset":143544,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p74","layer":"bankpulse"},{"n":5,"claim":"md12939-58be2a2c","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"DTA deducted from Tier 1","plain_english":"A deferred tax asset counts as intangible and is deducted from Tier 1 capital.","rbi_paragraph":"Para 210","rbi_char_offset":150367,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p75","layer":"bankpulse"},{"n":6,"claim":"md12939-c5babb99","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Only excess above 20% moves","plain_english":"The HFC may use only the amount above the statutory 20 per cent minimum in its reserve fund.","rbi_paragraph":"Para 231","rbi_char_offset":157054,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p76","layer":"bankpulse"},{"n":7,"claim":"md12939-bc44515a","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"IMPACT","heading":"Penalty under Section 52A","plain_english":"RBI or NHB can fine the HFC for any breach of the Act or these directions.","rbi_paragraph":"Para 235","rbi_char_offset":158216,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p77","layer":"bankpulse"},{"n":8,"claim":"md12939-de3823d5","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"WHO SHOULD ACT","heading":"Sanctioned plan required first","plain_english":"For a construction loan, the HFC first obtains a copy of the sanctioned building plan.","rbi_paragraph":"Para 179(1)","rbi_char_offset":140658,"weight":"DO IT","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p78","layer":"bankpulse"},{"n":9,"claim":"md12939-ad295681","page_group":"Chapter XI. Miscellaneous Instructions","stored_section":"KEY DATES","heading":"Seven days for counterfeit notes","plain_english":"A quarterly counterfeit-note report reaches NHB within seven days of quarter end.","rbi_paragraph":"Para 221","rbi_char_offset":153697,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p79","layer":"bankpulse"},{"n":1,"claim":"md12939-5f67956b","page_group":"Chapter XII. Reporting Requirements","stored_section":"KEY DATES","heading":"Fifteen days to NHB","plain_english":"Audited financial statements reach NHB within fifteen days of the annual general meeting.","rbi_paragraph":"Para 237","rbi_char_offset":158985,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p80","layer":"bankpulse"},{"n":1,"claim":"md12939-4324516e","page_group":"Chapter XV. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old rules stand repealed","plain_english":"These directions repeal all earlier RBI instructions to housing finance companies.","rbi_paragraph":"Para 240","rbi_char_offset":159888,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p81","layer":"bankpulse"},{"n":2,"claim":"md12939-1079c38d","page_group":"Chapter XV. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Past actions stay governed","plain_english":"Anything already done under the old rules stays governed by them.","rbi_paragraph":"Para 241","rbi_char_offset":160291,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12939#p82","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13313","title":"Reserve Bank of India (Housing Finance Companies) Amendment Directions, 2026","date":"Mar 10, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13313&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13494","title":"Reserve Bank of India (Housing Finance Companies) Second Amendment Directions, 2026","date":"Jun 15, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13494&Mode=0","order":2,"layer":"rbi_source"},{"id":"nt13673","title":"Reserve Bank of India (Housing Finance Companies) Third Amendment Directions, 2026","date":"Aug 06, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13673&Mode=0","order":3,"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."}