{"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":"md12945","title":"Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12945","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":"md12945","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/md12945.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12945","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:21:13 UTC","text_sha256":"6c50ab135d8e0f6fc8f42c1057b8027ddf6523f07629e51cc5b6097b9227541f","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":36,"points_naming_an_rbi_paragraph":36,"points_stored":36,"actions":0,"amendments":2},"points":[{"n":1,"claim":"md12945-759dfcd5","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Accounts rules for NBFCs","plain_english":"This paper sets how non-banking financial companies must show their accounts.","rbi_paragraph":"Para 1","rbi_char_offset":3289,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p1","layer":"bankpulse"},{"n":2,"claim":"md12945-1840df20","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These Directions came into effect on the day RBI issued them.","rbi_paragraph":"Para 2","rbi_char_offset":3467,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p2","layer":"bankpulse"},{"n":3,"claim":"md12945-6a5d9429","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":3532,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p3","layer":"bankpulse"},{"n":4,"claim":"md12945-289dbd60","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Primary Dealers included","plain_english":"Standalone Primary Dealers follow this rule too, except 3 named paragraphs.","rbi_paragraph":"Para 4","rbi_char_offset":4624,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p4","layer":"bankpulse"},{"n":1,"claim":"md12945-ceb4f507","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Send a draft anyway","plain_english":"Even where more time is given, a draft balance sheet and the returns must reach RBI.","rbi_paragraph":"Para 9","rbi_char_offset":6763,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p5","layer":"bankpulse"},{"n":2,"claim":"md12945-c393b0de","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"Balance sheet deadline","plain_english":"NBFCs must finish their balance sheet within 3 months of the year it covers.","rbi_paragraph":"Para 9","rbi_char_offset":6902,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"An NBFC's year runs to 31 March. The balance sheet for that year must be finalised within 3 months. That means by the end of June.","anchor":"https://bankpulse.ai/rule/md12945#p6","layer":"bankpulse"},{"n":3,"claim":"md12945-a0129ecf","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"THE CORE IDEA","heading":"No smoothing of profit","plain_english":"The loss model may not be changed to smooth profit.","rbi_paragraph":"Para 12","rbi_char_offset":9872,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p7","layer":"bankpulse"},{"n":4,"claim":"md12945-4551a6cc","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Ninety days needs a reason","plain_english":"Where an account past ninety days is not called bad, the reason goes to the Audit Committee.","rbi_paragraph":"Para 12","rbi_char_offset":11108,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p8","layer":"bankpulse"},{"n":5,"claim":"md12945-c399db5d","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"90-day default test","plain_english":"A loan is presumed not in default until it is 90 days past due.","rbi_paragraph":"Para 12","rbi_char_offset":11695,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p9","layer":"bankpulse"},{"n":6,"claim":"md12945-d1951e15","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"30-day risk trigger","plain_english":"Credit risk is presumed to rise sharply once payments are 30 days overdue.","rbi_paragraph":"Para 12","rbi_char_offset":12345,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p10","layer":"bankpulse"},{"n":7,"claim":"md12945-2825b5fd","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"60-day outer limit","plain_english":"NBFCs cannot delay flagging rising credit risk beyond 60 days overdue.","rbi_paragraph":"Para 12","rbi_char_offset":13061,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p11","layer":"bankpulse"},{"n":8,"claim":"md12945-a709fef0","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"KEY DATES","heading":"Balance sheet on 31 March","plain_english":"The balance sheet and profit account must be made up as on 31 March each year.","rbi_paragraph":"Para 9","rbi_char_offset":6337,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p12","layer":"bankpulse"},{"n":9,"claim":"md12945-dc712923","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO IT APPLIES TO","heading":"Ind AS where it applies","plain_english":"A firm covered by the Ind AS rules must use them, with RBI's guidance on top.","rbi_paragraph":"Para 10","rbi_char_offset":7144,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p13","layer":"bankpulse"},{"n":10,"claim":"md12945-6e814dca","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Say why each book","plain_english":"The aim behind holding each set of assets must be set out.","rbi_paragraph":"Para 12","rbi_char_offset":9209,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p14","layer":"bankpulse"},{"n":11,"claim":"md12945-43152ef7","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"A written policy on sales","plain_english":"A policy on sales out of the amortised cost book must be framed and shown in the notes.","rbi_paragraph":"Para 12","rbi_char_offset":9304,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p15","layer":"bankpulse"},{"n":12,"claim":"md12945-4e5c5f33","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Board-approved ECL method","plain_english":"The Board must approve the method used to calculate expected credit losses.","rbi_paragraph":"Para 12","rbi_char_offset":9439,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p16","layer":"bankpulse"},{"n":13,"claim":"md12945-198ec7a0","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Board signs a model change","plain_english":"Any change to the loss model must be written down and passed by the Board.","rbi_paragraph":"Para 12","rbi_char_offset":10037,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p17","layer":"bankpulse"},{"n":14,"claim":"md12945-6c0df7bf","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"Show those accounts","plain_english":"The number of such accounts and the sums due must be shown in the notes.","rbi_paragraph":"Para 12","rbi_char_offset":11226,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p18","layer":"bankpulse"},{"n":15,"claim":"md12945-8bd8fad8","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Cases go to the committee","plain_english":"Every such case must be put before the Audit Committee.","rbi_paragraph":"Para 12","rbi_char_offset":13010,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p19","layer":"bankpulse"},{"n":16,"claim":"md12945-13be01f3","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Hold both sets","plain_english":"Impairment must be held under Ind AS and the old asset rules worked out in parallel.","rbi_paragraph":"Para 12","rbi_char_offset":13327,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p20","layer":"bankpulse"},{"n":17,"claim":"md12945-f4f08382","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"Provisions shown apart","plain_english":"Provisions made under RBI's rules must be shown apart, not set off against income or assets.","rbi_paragraph":"Para 13","rbi_char_offset":14604,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p21","layer":"bankpulse"},{"n":18,"claim":"md12945-6e787f7b","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Ask RBI before delay","plain_english":"RBI's leave is needed before asking the Registrar to put off the balance sheet date.","rbi_paragraph":"Para 9","rbi_char_offset":6549,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p22","layer":"bankpulse"},{"n":19,"claim":"md12945-8f962664","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO IT APPLIES TO","heading":"Others use the old standards","plain_english":"Every other firm follows the notified accounting rules, so far as RBI allows.","rbi_paragraph":"Para 10","rbi_char_offset":7372,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p23","layer":"bankpulse"},{"n":20,"claim":"md12945-c65e68b1","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHO SHOULD ACT","heading":"Audit Committee signs overlays","plain_english":"Any hand adjustment to the model output needs the Audit Committee's approval.","rbi_paragraph":"Para 12","rbi_char_offset":10195,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p24","layer":"bankpulse"},{"n":21,"claim":"md12945-41619117","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"THE CORE IDEA","heading":"Impairment Reserve","plain_english":"If old provisioning rules need more than Ind AS, the extra money is set aside in an Impairment Reserve.","rbi_paragraph":"Para 12(15)","rbi_char_offset":14010,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p25","layer":"bankpulse"},{"n":22,"claim":"md12945-4adc30dc","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"THE CORE IDEA","heading":"Reserve is not capital","plain_english":"The impairment reserve does not count towards regulatory capital.","rbi_paragraph":"Para 12(15)","rbi_char_offset":14297,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p26","layer":"bankpulse"},{"n":23,"claim":"md12945-5f74c3db","page_group":"Chapter II. Balance sheet and Profit and Loss Account","stored_section":"WHAT CHANGES","heading":"No withdrawal without leave","plain_english":"Nothing may be drawn from that reserve without RBI's prior permission.","rbi_paragraph":"Para 12(15)","rbi_char_offset":14352,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p27","layer":"bankpulse"},{"n":1,"claim":"md12945-65856958","page_group":"Chapter III. Disclosure in Financial Statements – Notes to Accounts","stored_section":"WHAT CHANGES","heading":"Ninety-day average","plain_english":"Liquidity cover data is a plain average of daily figures over ninety days.","rbi_paragraph":"Para 22","rbi_char_offset":64237,"weight":"MUST KNOW","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p28","layer":"bankpulse"},{"n":2,"claim":"md12945-310f1c99","page_group":"Chapter III. Disclosure in Financial Statements – Notes to Accounts","stored_section":"WHAT CHANGES","heading":"Show the previous period","plain_english":"Last year's figure must be shown beside every figure for this year.","rbi_paragraph":"Para 19","rbi_char_offset":16571,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p29","layer":"bankpulse"},{"n":3,"claim":"md12945-7f0e2388","page_group":"Chapter III. Disclosure in Financial Statements – Notes to Accounts","stored_section":"WHAT CHANGES","heading":"Narrative comparatives too","plain_english":"Last year's words must be given too, where they help make this year clear.","rbi_paragraph":"Para 19","rbi_char_offset":16747,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p30","layer":"bankpulse"},{"n":4,"claim":"md12945-a79cc299","page_group":"Chapter III. Disclosure in Financial Statements – Notes to Accounts","stored_section":"WHO SHOULD ACT","heading":"Report the resolution plans","plain_english":"A lender under the stressed assets rules must show its resolution plans.","rbi_paragraph":"Para 21(7)","rbi_char_offset":32819,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p31","layer":"bankpulse"},{"n":5,"claim":"md12945-6ebcb869","page_group":"Chapter III. Disclosure in Financial Statements – Notes to Accounts","stored_section":"THE CORE IDEA","heading":"One common format","plain_english":"This rule gives every NBFC one common format for financial statement disclosures.","rbi_paragraph":"Para 17","rbi_char_offset":15573,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p32","layer":"bankpulse"},{"n":6,"claim":"md12945-70f249fe","page_group":"Chapter III. Disclosure in Financial Statements – Notes to Accounts","stored_section":"WHAT CHANGES","heading":"Conversion outside the ceilings","plain_english":"Shares taken on turning debt to equity in a rework fall outside the market limits.","rbi_paragraph":"Para 21(7)","rbi_char_offset":33231,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p33","layer":"bankpulse"},{"n":1,"claim":"md12945-3eb2b1b3","page_group":"Chapter IV. Consolidated Financial Statements","stored_section":"WHO SHOULD ACT","heading":"Auditor disclosure duty","plain_english":"Auditors must note in their report if a subsidiary was wrongly left out.","rbi_paragraph":"Para 24","rbi_char_offset":67976,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p34","layer":"bankpulse"},{"n":1,"claim":"md12945-a5eaf309","page_group":"Chapter V. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Older rules cancelled","plain_english":"This document cancels the older financial-statement rules for Commercial Banks.","rbi_paragraph":"Para 25","rbi_char_offset":68267,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p35","layer":"bankpulse"},{"n":2,"claim":"md12945-30fee77a","page_group":"Chapter V. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old cases continue","plain_english":"Penalties and legal cases already started under the old rules still continue.","rbi_paragraph":"Para 26","rbi_char_offset":68703,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12945#p36","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13263","title":"Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, Amendment Directions, 2026","date":"Jan 05, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13263&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13542","title":"Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Second Amendment Directions, 2026","date":"Jun 24, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13542&Mode=0","order":2,"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."}