{"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":"md12943","title":"Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12943","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":"md12943","mode":"four_dates_v1","published":{"label":"Published","value":"November 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/md12943.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12943","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:21:08 UTC","text_sha256":"8aea766f540c1273cddb3e521c1e20e8cf717f16f55b5a9ae8659a52ec85a95b","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":65,"points_naming_an_rbi_paragraph":65,"points_stored":65,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md12943-c9e31fd3","page_group":"Opening paragraphs","stored_section":"THE CORE IDEA","heading":"The law behind it","plain_english":"The rules rest on the Prevention of Money-Laundering Act, 2002 and its 2005 Rules.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":3563,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p1","layer":"bankpulse"},{"n":1,"claim":"md12943-a2b2a013","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Ten per cent, a company","plain_english":"For a company, holding more than ten per cent is one test of beneficial ownership.","rbi_paragraph":"Para 5(1)","rbi_char_offset":7612,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p2","layer":"bankpulse"},{"n":2,"claim":"md12943-527ac909","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Fifteen per cent, a body","plain_english":"In an unincorporated body the same test is more than fifteen per cent.","rbi_paragraph":"Para 5(1)","rbi_char_offset":8625,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p3","layer":"bankpulse"},{"n":3,"claim":"md12943-13f78b4c","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Fifty thousand triggers checks","plain_english":"A one-off transaction of ₹50,000 or more brings the full identification duty.","rbi_paragraph":"Para 5(2)","rbi_char_offset":18755,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p4","layer":"bankpulse"},{"n":4,"claim":"md12943-4a6dc30b","page_group":"Chapter I. Preliminary","stored_section":"WHO SHOULD ACT","heading":"Designated Director named","plain_english":"The Board must name a Designated Director who answers for compliance under the Act.","rbi_paragraph":"Para 5(1)","rbi_char_offset":10538,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p5","layer":"bankpulse"},{"n":5,"claim":"md12943-63285b7c","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"KYC rules for NBFCs","plain_english":"This document sets the customer identification rules for non-banking financial companies.","rbi_paragraph":"Para 1","rbi_char_offset":4768,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p6","layer":"bankpulse"},{"n":6,"claim":"md12943-2f5005dd","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every non-banking financial company.","rbi_paragraph":"Para 3","rbi_char_offset":5020,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p7","layer":"bankpulse"},{"n":7,"claim":"md12943-30c0b157","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Control counts as well","plain_english":"A person who controls the entity by other means is a beneficial owner too.","rbi_paragraph":"Para 5(1)","rbi_char_offset":7455,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p8","layer":"bankpulse"},{"n":8,"claim":"md12943-722848fa","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Then the senior official","plain_english":"Where no natural person can be found, the senior managing official is named.","rbi_paragraph":"Para 5(1)","rbi_char_offset":8947,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p9","layer":"bankpulse"},{"n":9,"claim":"md12943-9b09c12c","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Split payments still count","plain_english":"Several linked payments are read together, so splitting a sum does not avoid it.","rbi_paragraph":"Para 5(2)","rbi_char_offset":18866,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p10","layer":"bankpulse"},{"n":10,"claim":"md12943-979bc210","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"What a remote customer is","plain_english":"A remote customer is one who opens an account without meeting the NBFC at all.","rbi_paragraph":"Para 5(2)","rbi_char_offset":20269,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p11","layer":"bankpulse"},{"n":11,"claim":"md12943-d07cb8e0","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"What a shell bank is","plain_english":"A shell bank has no physical presence where it is licensed and no real group behind it.","rbi_paragraph":"Para 5(2)","rbi_char_offset":21740,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p12","layer":"bankpulse"},{"n":12,"claim":"md12943-948e49de","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Video equals a meeting","plain_english":"A video call that follows the rules counts the same as meeting in person.","rbi_paragraph":"Para 5(2)","rbi_char_offset":22770,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p13","layer":"bankpulse"},{"n":1,"claim":"md12943-d1955d80","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Never tip off a customer","plain_english":"Group information sharing must be built so that nobody is tipped off.","rbi_paragraph":"Para 8","rbi_char_offset":29191,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p14","layer":"bankpulse"},{"n":2,"claim":"md12943-942a1d2e","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"The decision stays inside","plain_english":"Whether KYC has been met is a decision the NBFC cannot outsource to anyone.","rbi_paragraph":"Para 13","rbi_char_offset":32298,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p15","layer":"bankpulse"},{"n":3,"claim":"md12943-67db45b0","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Director reported to FIU-IND","plain_english":"The name and contact details of that Director must go to FIU-IND and RBI.","rbi_paragraph":"Para 14(2)","rbi_char_offset":32703,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p16","layer":"bankpulse"},{"n":4,"claim":"md12943-8d8687ea","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Four parts to the policy","plain_english":"The policy must cover acceptance, risk management, identification and monitoring.","rbi_paragraph":"Para 6(2)","rbi_char_offset":27663,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p17","layer":"bankpulse"},{"n":5,"claim":"md12943-c054b8e5","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Quarterly note to the committee","plain_english":"An audit note and compliance go to the Audit Committee every quarter.","rbi_paragraph":"Para 12(5)","rbi_char_offset":32189,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p18","layer":"bankpulse"},{"n":6,"claim":"md12943-cbb329b7","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Principal Officer duties","plain_english":"The Principal Officer watches transactions and reports what the law requires.","rbi_paragraph":"Para 15(1)","rbi_char_offset":32952,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p19","layer":"bankpulse"},{"n":1,"claim":"md12943-e2b6b6ed","page_group":"Chapter III. Customer Acceptance Policy","stored_section":"WHAT CHANGES","heading":"No anonymous accounts","plain_english":"No account may be opened in an anonymous, fictitious or benami name.","rbi_paragraph":"Para 17(1)","rbi_char_offset":33392,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p20","layer":"bankpulse"},{"n":2,"claim":"md12943-9fc407d4","page_group":"Chapter III. Customer Acceptance Policy","stored_section":"WHAT CHANGES","heading":"No account without checks","plain_english":"Where customer due diligence cannot be done, the account is not opened at all.","rbi_paragraph":"Para 17(2)","rbi_char_offset":33462,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p21","layer":"bankpulse"},{"n":1,"claim":"md12943-236e20b7","page_group":"Chapter V. Customer Identification Procedure (CIP)","stored_section":"WHAT CHANGES","heading":"Walk-in customers too","plain_english":"A walk-in customer paying ₹50,000 or more must be identified in the same way.","rbi_paragraph":"Para 21(5)","rbi_char_offset":38329,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p22","layer":"bankpulse"},{"n":1,"claim":"md12943-cac29777","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"OTP account balance limit","plain_english":"In an Aadhaar one-time password account the total balance cannot cross one lakh rupees.","rbi_paragraph":"Para 25(3)","rbi_char_offset":51215,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p23","layer":"bankpulse"},{"n":2,"claim":"md12943-12f53c81","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Two lakh a year","plain_english":"Credits into those accounts in a financial year cannot cross two lakh rupees.","rbi_paragraph":"Para 25(4)","rbi_char_offset":51462,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p24","layer":"bankpulse"},{"n":3,"claim":"md12943-c35a4319","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"OTP account, one year","plain_english":"An account opened by Aadhaar one-time password cannot run past one year without full checks.","rbi_paragraph":"Para 25(6)","rbi_char_offset":51809,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p25","layer":"bankpulse"},{"n":4,"claim":"md12943-62feab47","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Questions must change","plain_english":"The officer must change the questions so the video cannot be a recording.","rbi_paragraph":"Para 27(2)","rbi_char_offset":58128,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p26","layer":"bankpulse"},{"n":5,"claim":"md12943-4d2b249f","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Printed e-PAN not valid","plain_english":"A printed copy of an electronic document, such as an e-PAN, cannot be used.","rbi_paragraph":"Para 27(2)","rbi_char_offset":60725,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p27","layer":"bankpulse"},{"n":6,"claim":"md12943-397e44d0","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Risk reviewed twice a year","plain_english":"Customer risk categories must be reviewed at least once in every six months.","rbi_paragraph":"Para 41(1)","rbi_char_offset":72025,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p28","layer":"bankpulse"},{"n":7,"claim":"md12943-45e27600","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"High risk, two years","plain_english":"Papers of a high-risk customer must be refreshed at least once in two years.","rbi_paragraph":"Para 42(1)","rbi_char_offset":72692,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"Suppose a high-risk customer's papers were refreshed today. They must be refreshed again within two years. For a medium-risk customer the same papers would last eight years. For low risk they would last 10 years.","anchor":"https://bankpulse.ai/rule/md12943#p29","layer":"bankpulse"},{"n":8,"claim":"md12943-81b4dcd9","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Medium risk, eight years","plain_english":"For a medium-risk customer the gap may be eight years.","rbi_paragraph":"Para 42(1)","rbi_char_offset":72750,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p30","layer":"bankpulse"},{"n":9,"claim":"md12943-6bc4cfc6","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Low risk, ten years","plain_english":"For a low-risk customer the gap may be ten years.","rbi_paragraph":"Para 42(1)","rbi_char_offset":72806,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p31","layer":"bankpulse"},{"n":10,"claim":"md12943-e2c5461a","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Thirty days to update","plain_english":"A change in a customer's papers must reach the bank's records within 30 days.","rbi_paragraph":"Para 42(6)","rbi_char_offset":79395,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p32","layer":"bankpulse"},{"n":11,"claim":"md12943-b0b06f0e","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"No second mobile number","plain_english":"A second mobile number cannot be linked to such an account for one-time passwords.","rbi_paragraph":"Para 44(2)","rbi_char_offset":83543,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p33","layer":"bankpulse"},{"n":12,"claim":"md12943-eb38d765","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Live location in video","plain_english":"The video must carry the customer's live location, with the date and time.","rbi_paragraph":"Para 27(1)","rbi_char_offset":55237,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p34","layer":"bankpulse"},{"n":13,"claim":"md12943-0345facb","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Three warnings before","plain_english":"At least three advance intimations must go out before KYC falls due, one by letter.","rbi_paragraph":"Para 42(7)","rbi_char_offset":79697,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p35","layer":"bankpulse"},{"n":14,"claim":"md12943-50325819","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Three reminders after","plain_english":"At least three reminders must follow, again including one by letter.","rbi_paragraph":"Para 42(7)","rbi_char_offset":79994,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p36","layer":"bankpulse"},{"n":15,"claim":"md12943-786ca524","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Notice before stopping account","plain_english":"Before it temporarily stops an account for a missing PAN, the NBFC must give notice.","rbi_paragraph":"Para 43","rbi_char_offset":81041,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p37","layer":"bankpulse"},{"n":16,"claim":"md12943-2d3c09b7","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"First credit from own bank","plain_english":"The first money into such an account must come from the customer's checked account.","rbi_paragraph":"Para 44(5)","rbi_char_offset":84358,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p38","layer":"bankpulse"},{"n":17,"claim":"md12943-47f47691","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Find the source of funds","plain_english":"For a politically exposed person the source of funds and wealth must be established.","rbi_paragraph":"Para 45(1)","rbi_char_offset":85036,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p39","layer":"bankpulse"},{"n":18,"claim":"md12943-a3ef2787","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Senior approval for PEPs","plain_english":"If a customer becomes a politically exposed person, senior management must approve keeping the account.","rbi_paragraph":"Para 45(1)","rbi_char_offset":85471,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p40","layer":"bankpulse"},{"n":19,"claim":"md12943-9a4e7527","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Only term loans there","plain_english":"In such an account only a term loan may be sanctioned, within a set ceiling.","rbi_paragraph":"Para 25(5)","rbi_char_offset":51629,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p41","layer":"bankpulse"},{"n":20,"claim":"md12943-66787047","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Audit before account opens","plain_english":"An account opened by video call starts working only after an audit clears it.","rbi_paragraph":"Para 27(2)","rbi_char_offset":61123,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p42","layer":"bankpulse"},{"n":21,"claim":"md12943-e429cb3a","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Only credits on loans","plain_english":"When a loan account is stopped, only credits into it are allowed.","rbi_paragraph":"Para 43","rbi_char_offset":82296,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p43","layer":"bankpulse"},{"n":22,"claim":"md12943-e65c28cf","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Watched until met in person","plain_english":"Such an account stays under closer watch until the customer is seen or verified by video.","rbi_paragraph":"Para 44(6)","rbi_char_offset":84540,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p44","layer":"bankpulse"},{"n":23,"claim":"md12943-1b6f1160","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Politically exposed persons","plain_english":"A relationship with a politically exposed person is allowed only on set terms.","rbi_paragraph":"Para 45","rbi_char_offset":84652,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p45","layer":"bankpulse"},{"n":24,"claim":"md12943-e21b1fe5","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Senior approval for a PEP","plain_english":"Opening an account for such a person needs senior management approval.","rbi_paragraph":"Para 45(1)","rbi_char_offset":85129,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p46","layer":"bankpulse"},{"n":25,"claim":"md12943-157a8dbb","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Their families are covered","plain_english":"The same duties apply to the family members and close associates of such a person.","rbi_paragraph":"Para 45(2)","rbi_char_offset":85517,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p47","layer":"bankpulse"},{"n":1,"claim":"md12943-075f7aa7","page_group":"Chapter VII. Record Management","stored_section":"KEY DATES","heading":"Records kept five years","plain_english":"Transaction records must be kept for at least five years from the date of the transaction.","rbi_paragraph":"Para 47(1)","rbi_char_offset":87519,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p48","layer":"bankpulse"},{"n":2,"claim":"md12943-17ef5f73","page_group":"Chapter VII. Record Management","stored_section":"KEY DATES","heading":"Identity papers after closure","plain_english":"Customer identity records must be kept for five years after the relationship ends.","rbi_paragraph":"Para 47(2)","rbi_char_offset":87695,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p49","layer":"bankpulse"},{"n":3,"claim":"md12943-3e96abec","page_group":"Chapter VII. Record Management","stored_section":"WHO SHOULD ACT","heading":"Charities on DARPAN","plain_english":"A non-profit customer must be registered on the DARPAN portal of NITI Aayog.","rbi_paragraph":"Para 48","rbi_char_offset":89296,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p50","layer":"bankpulse"},{"n":1,"claim":"md12943-566b61fb","page_group":"Chapter VIII. Reporting Requirements to Financial Intelligence Unit – India","stored_section":"WHAT CHANGES","heading":"Alerts for odd transactions","plain_english":"Software must raise an alert when a transaction does not match the customer's profile.","rbi_paragraph":"Para 53","rbi_char_offset":92253,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p51","layer":"bankpulse"},{"n":2,"claim":"md12943-8c850a68","page_group":"Chapter VIII. Reporting Requirements to Financial Intelligence Unit – India","stored_section":"WHAT CHANGES","heading":"Report does not freeze","plain_english":"Filing a suspicious transaction report is not by itself a reason to stop an account.","rbi_paragraph":"Para 51","rbi_char_offset":91592,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p52","layer":"bankpulse"},{"n":1,"claim":"md12943-44bdc7c3","page_group":"Chapter IX. Requirements / obligations under International Agreements - Communications from International Agencies","stored_section":"WHO SHOULD ACT","heading":"Sanctions list checked daily","plain_english":"The UNSCR 1718 sanctions list must be checked every single day.","rbi_paragraph":"Para 56","rbi_char_offset":97391,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p53","layer":"bankpulse"},{"n":2,"claim":"md12943-ca02b880","page_group":"Chapter IX. Requirements / obligations under International Agreements - Communications from International Agencies","stored_section":"WHO SHOULD ACT","heading":"Duty under the UAPA","plain_english":"The NBFC carries duties under section 51A of the Unlawful Activities Prevention Act.","rbi_paragraph":"Para 54","rbi_char_offset":92462,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p54","layer":"bankpulse"},{"n":3,"claim":"md12943-5fe050e5","page_group":"Chapter IX. Requirements / obligations under International Agreements - Communications from International Agencies","stored_section":"WHO SHOULD ACT","heading":"Duty under the WMD Act","plain_english":"Separate duties arise under the Weapons of Mass Destruction Act of 2005.","rbi_paragraph":"Para 55","rbi_char_offset":94784,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p55","layer":"bankpulse"},{"n":1,"claim":"md12943-06be154f","page_group":"Chapter X. Other Instructions","stored_section":"KEY DATES","heading":"Ten days to the registry","plain_english":"A new customer's KYC record goes to the central registry within ten days.","rbi_paragraph":"Para 63(1)","rbi_char_offset":101699,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p56","layer":"bankpulse"},{"n":2,"claim":"md12943-ab98d176","page_group":"Chapter X. Other Instructions","stored_section":"KEY DATES","heading":"Seven days for an update","plain_english":"Updated customer information must reach the central registry within seven days.","rbi_paragraph":"Para 63(10)","rbi_char_offset":103458,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p57","layer":"bankpulse"},{"n":3,"claim":"md12943-adaaa51b","page_group":"Chapter X. Other Instructions","stored_section":"WHAT CHANGES","heading":"Money mule accounts","plain_english":"The NBFC must find accounts used as money mules and report them to FIU-IND.","rbi_paragraph":"Para 65","rbi_char_offset":108305,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p58","layer":"bankpulse"},{"n":4,"claim":"md12943-53d471b4","page_group":"Chapter X. Other Instructions","stored_section":"KEY DATES","heading":"Three days for details","plain_english":"Details of a wire transfer must be supplied within three working days of a request.","rbi_paragraph":"Para 69(1)","rbi_char_offset":112020,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p59","layer":"bankpulse"},{"n":5,"claim":"md12943-d39b9ea1","page_group":"Chapter X. Other Instructions","stored_section":"WHAT CHANGES","heading":"Transfer stopped if unclear","plain_english":"The NBFC must not send the transfer if it cannot meet these rules.","rbi_paragraph":"Para 69(1)","rbi_char_offset":114520,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p60","layer":"bankpulse"},{"n":6,"claim":"md12943-35285c4c","page_group":"Chapter X. Other Instructions","stored_section":"WHO SHOULD ACT","heading":"Foreign tax reporting too","plain_english":"The rules on foreign account tax reporting must be followed alongside these.","rbi_paragraph":"Para 64","rbi_char_offset":106025,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p61","layer":"bankpulse"},{"n":7,"claim":"md12943-b8cedcd9","page_group":"Chapter X. Other Instructions","stored_section":"WHO SHOULD ACT","heading":"Training differs by role","plain_english":"Training must differ for counter staff, compliance staff and staff opening new accounts.","rbi_paragraph":"Para 72(3)","rbi_char_offset":121610,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p62","layer":"bankpulse"},{"n":8,"claim":"md12943-13a4f9c3","page_group":"Chapter X. Other Instructions","stored_section":"WHAT CHANGES","heading":"Records sent to CKYCR","plain_english":"Records of company accounts opened on or after 1 April 2021 go to CKYCR.","rbi_paragraph":"Para 63(5)","rbi_char_offset":102538,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p63","layer":"bankpulse"},{"n":1,"claim":"md12943-d78658c7","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Approvals carried over","plain_english":"Approvals given under the cancelled rules are now treated as given under these rules.","rbi_paragraph":"Para 74","rbi_char_offset":122726,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p64","layer":"bankpulse"},{"n":2,"claim":"md12943-ad3e029d","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"IMPACT","heading":"Other laws still apply","plain_english":"These Directions add to other laws. They do not replace any of them.","rbi_paragraph":"Para 75","rbi_char_offset":123598,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12943#p65","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13236","title":"Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Amendment Directions, 2025","date":"Dec 29, 2025","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13236&Mode=0","order":1,"layer":"rbi_source"}],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own inference, not stated by RBI."},"rbi_wording_not_included":"By design. BankPulse never republishes RBI's exact sentences. Use rbi_paragraph with rbi_source.url to read RBI's own words.","terms":"BankPulse's plain-English summaries are BankPulse's own work. The underlying regulation is the Reserve Bank of India's. Always check the RBI document named in rbi_source before acting."}