{"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":"md12950","title":"Reserve Bank of India (Non-Banking Financial Companies – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on July 01, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12950","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":"md12950","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/md12950.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12950","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:21 UTC","text_sha256":"4f633b75e7282ab5366fba0fdd2021cfe867721c3b5dc0aee9ffd4710defbcaf","word_count":3057,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":29,"points_naming_an_rbi_paragraph":29,"points_stored":29,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12950-5665c3d6","page_group":"Chapter I. 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Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Net fall must be provided","plain_english":"Where a group's market value is below its cost, the net fall is charged to profit.","rbi_paragraph":"Para 15","rbi_char_offset":10668,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p13","layer":"bankpulse"},{"n":9,"claim":"md12950-9f1281e2","page_group":"Chapter II. Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Transfer at the lower value","plain_english":"A move between classes is made scrip by scrip at book or market value, whichever is lower.","rbi_paragraph":"Para 10(3)","rbi_char_offset":8427,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p14","layer":"bankpulse"},{"n":10,"claim":"md12950-7f7e5f9c","page_group":"Chapter II. Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Six groups for valuing","plain_english":"Quoted current investments are grouped into six kinds before they are valued.","rbi_paragraph":"Para 14","rbi_char_offset":10022,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p15","layer":"bankpulse"},{"n":11,"claim":"md12950-54ee5db6","page_group":"Chapter II. Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Lower of cost or market","plain_english":"Each group of quoted current investments is valued at cost or market, whichever is lower.","rbi_paragraph":"Para 15","rbi_char_offset":10331,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p16","layer":"bankpulse"},{"n":12,"claim":"md12950-ed254ca0","page_group":"Chapter II. 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Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Mutual fund at NAV","plain_english":"An unquoted mutual fund unit is valued at the scheme's declared net asset value.","rbi_paragraph":"Para 19","rbi_char_offset":11683,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p21","layer":"bankpulse"},{"n":17,"claim":"md12950-db2d933b","page_group":"Chapter II. Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Long-term follows the standard","plain_english":"A long-term holding is valued as the accounting standards require.","rbi_paragraph":"Para 21","rbi_char_offset":11847,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p22","layer":"bankpulse"},{"n":18,"claim":"md12950-a3462068","page_group":"Chapter II. Regulations applicable for NBFC-BL","stored_section":"THE CORE IDEA","heading":"Unquoted debenture is a loan","plain_english":"An unquoted debenture is treated as a term loan or other credit for grading.","rbi_paragraph":"Para 21","rbi_char_offset":11946,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p23","layer":"bankpulse"},{"n":19,"claim":"md12950-9a572ce1","page_group":"Chapter II. Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Dividend on cash basis","plain_english":"Dividend income on shares and mutual fund units is taken on a cash basis.","rbi_paragraph":"Para 22","rbi_char_offset":12172,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p24","layer":"bankpulse"},{"n":20,"claim":"md12950-3f6eba3c","page_group":"Chapter II. 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Regulations applicable for NBFC-BL","stored_section":"WHAT CHANGES","heading":"Bond interest on accrual","plain_english":"Interest on corporate bonds and government paper is taken on an accrual basis.","rbi_paragraph":"Para 23","rbi_char_offset":12555,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12950#p26","layer":"bankpulse"},{"n":22,"claim":"md12950-c7f24753","page_group":"Chapter II. 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