{"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":"md12948","title":"Reserve Bank of India (Non-Banking Financial Companies – Income Recognition, Asset Classification and Provisioning) Directions, 2025 (updated as on July 01, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12948","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":"md12948","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/md12948.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12948","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:18 UTC","text_sha256":"762f0f5d0251464c6ed32f6dd5c84e3c3d8b8e1f34b798ece1a6fa32ea314097","word_count":6192,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":27,"points_naming_an_rbi_paragraph":27,"points_stored":27,"actions":0,"amendments":2},"points":[{"n":1,"claim":"md12948-7a3a263b","page_group":"Chapter I. 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Preliminary","stored_section":"THE CORE IDEA","heading":"Wilful defaulter defined elsewhere","plain_english":"A wilful defaulter has the meaning given in the wilful defaulters rules.","rbi_paragraph":"Para 11(4)","rbi_char_offset":9294,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p13","layer":"bankpulse"},{"n":14,"claim":"md12948-3732d59e","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Enterprise sizes defined elsewhere","plain_english":"Micro, small and medium enterprise are defined by the MSME credit circular.","rbi_paragraph":"Para 12","rbi_char_offset":9491,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["msme-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p14","layer":"bankpulse"},{"n":15,"claim":"md12948-8867de1c","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Property terms defined elsewhere","plain_english":"Commercial real estate and project finance take their meaning from the lending rules.","rbi_paragraph":"Para 13","rbi_char_offset":9882,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["commercial-real-estate","infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p15","layer":"bankpulse"},{"n":1,"claim":"md12948-29e0e7ac","page_group":"Chapter II. Prudential Norms applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"Thirty days makes SMA-1","plain_english":"An account overdue for thirty days is tagged SMA-1 at that day's run.","rbi_paragraph":"Para 19","rbi_char_offset":13016,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"An instalment falls due on 1 September and is not paid. The account is tagged SMA-1 when 30 days of continuous overdue are complete. That is at the day-end run on 1 October.","anchor":"https://bankpulse.ai/rule/md12948#p16","layer":"bankpulse"},{"n":2,"claim":"md12948-849dccd7","page_group":"Chapter II. Prudential Norms applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"Sixty days makes SMA-2","plain_english":"An account overdue past SMA-1 is tagged SMA-2 at the next month's day-end run.","rbi_paragraph":"Para 19","rbi_char_offset":13220,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p17","layer":"bankpulse"},{"n":3,"claim":"md12948-17e63c7e","page_group":"Chapter II. 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Prudential Norms applicable to all NBFCs","stored_section":"THE CORE IDEA","heading":"The calendar date rules","plain_english":"The SMA or bad loan date is the calendar date of the day-end run.","rbi_paragraph":"Para 19","rbi_char_offset":12466,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p21","layer":"bankpulse"},{"n":7,"claim":"md12948-aea8e87d","page_group":"Chapter II. Prudential Norms applicable to all NBFCs","stored_section":"WHO SHOULD ACT","heading":"Weakness and collateral both","plain_english":"Assets are graded on credit weakness and on how far recovery leans on collateral.","rbi_paragraph":"Para 21","rbi_char_offset":13596,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p22","layer":"bankpulse"},{"n":8,"claim":"md12948-b3d4a55e","page_group":"Chapter II. Prudential Norms applicable to all NBFCs","stored_section":"THE CORE IDEA","heading":"Rescheduling is no cure","plain_english":"An asset does not improve its grade merely because it has been rescheduled.","rbi_paragraph":"Para 22","rbi_char_offset":14210,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p23","layer":"bankpulse"},{"n":9,"claim":"md12948-7a60676f","page_group":"Chapter II. Prudential Norms applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"Borrower-level classification","plain_english":"If one loan turns bad, all the borrower's facilities are classified as NPA.","rbi_paragraph":"Para 23","rbi_char_offset":14468,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p24","layer":"bankpulse"},{"n":10,"claim":"md12948-251e23c4","page_group":"Chapter II. Prudential Norms applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"Plan sets the later grade","plain_english":"After a resolution plan is put in place, later grading follows these Directions.","rbi_paragraph":"Para 27","rbi_char_offset":16352,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p25","layer":"bankpulse"},{"n":1,"claim":"md12948-ecaebd7f","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Older rules cancelled","plain_english":"This document cancels the older income recognition and provisioning rules for Commercial Banks.","rbi_paragraph":"Para 61","rbi_char_offset":37507,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12948#p26","layer":"bankpulse"},{"n":2,"claim":"md12948-30fee77a","page_group":"Chapter VI. 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