{"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":"md12953","title":"Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Directions, 2025 (Updated as on July 01, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12953","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":"md12953","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/md12953.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12953","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:26 UTC","text_sha256":"1f8d71651c06640f2919403952323c7e1098f320431afd4e5ee565bea4743a67","word_count":5942,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":50,"points_naming_an_rbi_paragraph":50,"points_stored":50,"actions":0,"amendments":4},"points":[{"n":1,"claim":"md12953-9db77ee8","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Starts at once","plain_english":"The rules start the moment RBI issues them.","rbi_paragraph":"Para 2","rbi_char_offset":3605,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p1","layer":"bankpulse"},{"n":2,"claim":"md12953-e30d4b58","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who must follow this","plain_english":"These rules apply to most non-banking finance companies.","rbi_paragraph":"Para 3(1)","rbi_char_offset":3696,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p2","layer":"bankpulse"},{"n":3,"claim":"md12953-ba32c000","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Government owned now covered","plain_english":"A government owned company now follows the limits of its own layer.","rbi_paragraph":"Para 3(1)","rbi_char_offset":4538,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p3","layer":"bankpulse"},{"n":4,"claim":"md12953-ba13498e","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Three layers, three rule sets","plain_english":"The rules differ by layer: base, middle and upper.","rbi_paragraph":"Para 3(3)","rbi_char_offset":5674,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p4","layer":"bankpulse"},{"n":5,"claim":"md12953-76812fa8","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Lower layer rules climb up","plain_english":"A base layer rule also binds the middle and upper layers.","rbi_paragraph":"Para 3(3)","rbi_char_offset":5882,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p5","layer":"bankpulse"},{"n":6,"claim":"md12953-8403a154","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Capital means Tier 1","plain_english":"The capital base for these limits is Tier 1 capital.","rbi_paragraph":"Para 4(2)","rbi_char_offset":7418,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p6","layer":"bankpulse"},{"n":7,"claim":"md12953-840c5251","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Half the votes means control","plain_english":"Owning more than 50 per cent of the votes settles control at once.","rbi_paragraph":"Para 4(3)","rbi_char_offset":7857,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p7","layer":"bankpulse"},{"n":8,"claim":"md12953-6698d3c0","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Half the income from one","plain_english":"Two firms are linked if half of one firm's income comes from the other.","rbi_paragraph":"Para 4(3)","rbi_char_offset":8159,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p8","layer":"bankpulse"},{"n":9,"claim":"md12953-24d51b0a","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Five per cent starts checking","plain_english":"The hunt for linked firms starts only above five per cent of the capital base.","rbi_paragraph":"Para 4(3)","rbi_char_offset":9893,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p9","layer":"bankpulse"},{"n":10,"claim":"md12953-02acc448","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"What a large exposure is","plain_english":"For an upper layer company, 10 per cent or more of capital is a large exposure.","rbi_paragraph":"Para 4(5)","rbi_char_offset":12394,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p10","layer":"bankpulse"},{"n":11,"claim":"md12953-07b55920","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"An auditor must certify","plain_english":"An outside auditor must certify new capital before it is counted.","rbi_paragraph":"Para 4(8)","rbi_char_offset":13352,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p11","layer":"bankpulse"},{"n":12,"claim":"md12953-e549e05e","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Peer to peer left out","plain_english":"A peer to peer lending platform is outside these rules.","rbi_paragraph":"Para 3(4)","rbi_char_offset":6112,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p12","layer":"bankpulse"},{"n":1,"claim":"md12953-f3fb8496","page_group":"Chapter II. Guidelines Applicable to NBFC – Base Layer","stored_section":"WHAT CHANGES","heading":"Nothing to the promoter group","plain_english":"A company under a holding company may not lend to its promoter group.","rbi_paragraph":"Para 7(1)","rbi_char_offset":14429,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p13","layer":"bankpulse"},{"n":2,"claim":"md12953-0d55b238","page_group":"Chapter II. Guidelines Applicable to NBFC – Base Layer","stored_section":"WHAT CHANGES","heading":"Top up loans unsecured","plain_english":"A top up loan against a vehicle is treated as unsecured.","rbi_paragraph":"Para 10","rbi_char_offset":15826,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p14","layer":"bankpulse"},{"n":3,"claim":"md12953-af916d86","page_group":"Chapter II. Guidelines Applicable to NBFC – Base Layer","stored_section":"WHAT CHANGES","heading":"One crore for share issues","plain_english":"Lending for a public share issue is capped at ₹1 crore for each borrower.","rbi_paragraph":"Para 11","rbi_char_offset":16079,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p15","layer":"bankpulse"},{"n":4,"claim":"md12953-916d6170","page_group":"Chapter II. Guidelines Applicable to NBFC – Base Layer","stored_section":"WHO SHOULD ACT","heading":"Base layer board policy","plain_english":"A base layer company needs a board policy on this risk.","rbi_paragraph":"Para 6","rbi_char_offset":13939,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p16","layer":"bankpulse"},{"n":5,"claim":"md12953-37d3235d","page_group":"Chapter II. Guidelines Applicable to NBFC – Base Layer","stored_section":"WHO SHOULD ACT","heading":"Unsecured consumer credit limits","plain_english":"The board must set a limit for every unsecured consumer loan.","rbi_paragraph":"Para 9","rbi_char_offset":15618,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p17","layer":"bankpulse"},{"n":1,"claim":"md12953-7232e497","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Middle layer single party","plain_english":"A middle layer company may lend one party 25 per cent of Tier 1 capital.","rbi_paragraph":"Para 13(1)","rbi_char_offset":16953,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p18","layer":"bankpulse"},{"n":2,"claim":"md12953-6fc20d24","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Middle layer group limit","plain_english":"For one group of parties the limit is 40 per cent of Tier 1 capital.","rbi_paragraph":"Para 13(2)","rbi_char_offset":17014,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p19","layer":"bankpulse"},{"n":3,"claim":"md12953-ca1260ac","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Infrastructure companies get more","plain_english":"An infrastructure finance company may lend one party 30 per cent of Tier 1 capital.","rbi_paragraph":"Para 14(1)","rbi_char_offset":17407,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p20","layer":"bankpulse"},{"n":4,"claim":"md12953-82d8c7ba","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Its group limit is fifty","plain_english":"For a group, the infrastructure finance company limit is 50 per cent.","rbi_paragraph":"Para 14(2)","rbi_char_offset":17468,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p21","layer":"bankpulse"},{"n":5,"claim":"md12953-e4ba65fa","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"KEY DATES","heading":"Capital from latest accounts","plain_english":"Tier 1 capital comes from the latest accounts, audited or reviewed.","rbi_paragraph":"Para 14(3)","rbi_char_offset":17637,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p22","layer":"bankpulse"},{"n":6,"claim":"md12953-ee2faa56","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"No public funds, no limits","plain_english":"A company taking no public funds and giving no guarantees is outside these limits.","rbi_paragraph":"Para 16","rbi_char_offset":18202,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p23","layer":"bankpulse"},{"n":7,"claim":"md12953-a44d6f59","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"State guarantee shifts the risk","plain_english":"A State guarantee moves the exposure onto that State at 20 per cent risk weight.","rbi_paragraph":"Para 17(3)","rbi_char_offset":19181,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p24","layer":"bankpulse"},{"n":8,"claim":"md12953-28144319","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Government guarantee is exempt","plain_english":"A loan fully guaranteed by the Government of India is outside these limits.","rbi_paragraph":"Para 17(3)","rbi_char_offset":19351,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p25","layer":"bankpulse"},{"n":9,"claim":"md12953-0be5cbf4","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Factoring with recourse","plain_english":"In factoring with recourse the exposure is on the seller of the bill.","rbi_paragraph":"Para 22","rbi_char_offset":21970,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p26","layer":"bankpulse"},{"n":10,"claim":"md12953-3c5b265b","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHAT CHANGES","heading":"Factoring without recourse","plain_english":"Without recourse, the exposure is on the person who owes the money.","rbi_paragraph":"Para 23","rbi_char_offset":22119,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p27","layer":"bankpulse"},{"n":11,"claim":"md12953-33d9c413","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHO SHOULD ACT","heading":"Two sensitive sectors named","plain_english":"Capital market lending and commercial property lending are the sensitive sectors.","rbi_paragraph":"Para 24","rbi_char_offset":22372,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["commercial-real-estate"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p28","layer":"bankpulse"},{"n":12,"claim":"md12953-9314d538","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHO SHOULD ACT","heading":"Middle layer board policy","plain_english":"A middle layer company needs one too, covering the sensitive sectors.","rbi_paragraph":"Para 12","rbi_char_offset":16313,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p29","layer":"bankpulse"},{"n":13,"claim":"md12953-01d4cc89","page_group":"Chapter III. Guidelines Applicable to NBFC – Middle Layer","stored_section":"WHO SHOULD ACT","heading":"A sub-limit for land","plain_english":"Inside the property limit, buying land needs its own inner limit.","rbi_paragraph":"Para 24(1)","rbi_char_offset":22950,"weight":"DO IT","role":"Board","team":null,"products_covered":["commercial-real-estate"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p30","layer":"bankpulse"},{"n":1,"claim":"md12953-b5cf16ae","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Bond cover counts four fifths","plain_english":"Cover bought on a traded bond counts up to 80 per cent.","rbi_paragraph":"Para 30(5)","rbi_char_offset":26601,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p31","layer":"bankpulse"},{"n":2,"claim":"md12953-1cd67c95","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Upper layer single counterparty","plain_english":"An upper layer company may lend one counterparty 20 per cent of its capital base.","rbi_paragraph":"Para 33","rbi_char_offset":28082,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p32","layer":"bankpulse"},{"n":3,"claim":"md12953-8c5b5b8f","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Board can add five more","plain_english":"The board may allow 5 per cent above 20 per cent, never past 25 per cent.","rbi_paragraph":"Para 34","rbi_char_offset":28254,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"An upper layer finance company lends to one borrower. The normal ceiling is 20 per cent of its capital base. The board may allow 5 per cent more for a special case, with the reason written down. Even then the total can never pass 25 per cent.","anchor":"https://bankpulse.ai/rule/md12953#p33","layer":"bankpulse"},{"n":4,"claim":"md12953-f85e4f7d","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Upper layer group limit","plain_english":"For a linked group the limit is 25 per cent of the capital base.","rbi_paragraph":"Para 35","rbi_char_offset":29260,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p34","layer":"bankpulse"},{"n":5,"claim":"md12953-fa5ae48e","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Twenty five is the stop","plain_english":"Whatever the reason, one counterparty may never pass 25 per cent.","rbi_paragraph":"Para 39","rbi_char_offset":31164,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p35","layer":"bankpulse"},{"n":6,"claim":"md12953-d6518291","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Clearing house counts as nil","plain_english":"Derivative and securities funding deals with a clearing house count as zero.","rbi_paragraph":"Para 42","rbi_char_offset":33063,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p36","layer":"bankpulse"},{"n":7,"claim":"md12953-8083a0d6","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Margin with them still counts","plain_english":"Money left as margin with a clearing house is still counted.","rbi_paragraph":"Para 43","rbi_char_offset":33218,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p37","layer":"bankpulse"},{"n":8,"claim":"md12953-b1f39558","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"IMPACT","heading":"A breach must be fixed","plain_english":"A breach may only happen in rare cases outside control.","rbi_paragraph":"Para 45","rbi_char_offset":33632,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p38","layer":"bankpulse"},{"n":9,"claim":"md12953-eb7c0d3e","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"IMPACT","heading":"No new deals until cured","plain_english":"While a limit is crossed, no fresh exposure may be taken.","rbi_paragraph":"Para 46","rbi_char_offset":33823,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p39","layer":"bankpulse"},{"n":10,"claim":"md12953-3f08a86f","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"IMPACT","heading":"Penalty can follow","plain_english":"Not meeting the limit can bring a penalty from the supervisor.","rbi_paragraph":"Para 47","rbi_char_offset":33968,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p40","layer":"bankpulse"},{"n":11,"claim":"md12953-4b88a791","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHO SHOULD ACT","heading":"Upper layer board policy","plain_english":"An upper layer company needs one covering linked groups and sector limits.","rbi_paragraph":"Para 25","rbi_char_offset":23305,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p41","layer":"bankpulse"},{"n":12,"claim":"md12953-3dce196c","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHAT CHANGES","heading":"Reasons must be written down","plain_english":"The special reason for going beyond 20 per cent must be written down.","rbi_paragraph":"Para 34(2)","rbi_char_offset":28592,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p42","layer":"bankpulse"},{"n":13,"claim":"md12953-fe1156e8","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHO SHOULD ACT","heading":"A policy for linked firms","plain_english":"The board must approve how linked counterparties are found.","rbi_paragraph":"Para 36","rbi_char_offset":29825,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p43","layer":"bankpulse"},{"n":14,"claim":"md12953-07e0b861","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHO SHOULD ACT","heading":"Report large exposures","plain_english":"Large exposures must be reported to RBI on the form given.","rbi_paragraph":"Para 48","rbi_char_offset":34106,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p44","layer":"bankpulse"},{"n":15,"claim":"md12953-6a9183ab","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHO SHOULD ACT","heading":"The ten biggest always","plain_english":"The 10 biggest exposures are reported whatever their size.","rbi_paragraph":"Para 48(4)","rbi_char_offset":34692,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p45","layer":"bankpulse"},{"n":16,"claim":"md12953-1ed37994","page_group":"Chapter IV. Guidelines Applicable to NBFC – Upper Layer","stored_section":"WHO SHOULD ACT","heading":"A limit on lending others","plain_english":"The board must also set a limit for lending to other such companies.","rbi_paragraph":"Para 49","rbi_char_offset":35096,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p46","layer":"bankpulse"},{"n":1,"claim":"md12953-72934fad","page_group":"Chapter V. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"The old rules are gone","plain_english":"All earlier concentration risk instructions for these companies stand repealed.","rbi_paragraph":"Para 50","rbi_char_offset":35291,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p47","layer":"bankpulse"},{"n":2,"claim":"md12953-1079c38d","page_group":"Chapter V. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions still stand","plain_english":"Anything already done under the old rules is still judged by them.","rbi_paragraph":"Para 51","rbi_char_offset":35705,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p48","layer":"bankpulse"},{"n":3,"claim":"md12953-a1664389","page_group":"Chapter V. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Other laws still apply","plain_english":"These rules sit on top of other laws. They do not take the place of them.","rbi_paragraph":"Para 52","rbi_char_offset":36745,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p49","layer":"bankpulse"},{"n":4,"claim":"md12953-1f001e30","page_group":"Chapter V. Repeal and other provisions","stored_section":"IMPACT","heading":"RBI's reading is final","plain_english":"Where the wording is unclear, RBI's own reading of it is final.","rbi_paragraph":"Para 53","rbi_char_offset":37251,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12953#p50","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13245","title":"Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Amendment Directions, 2026","date":"Jan 01, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13245&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13312","title":"Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Second Amendment Directions, 2026","date":"Mar 10, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13312&Mode=0","order":2,"layer":"rbi_source"},{"id":"nt13540","title":"Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Third Amendment Directions, 2026","date":"Jun 24, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13540&Mode=0","order":3,"layer":"rbi_source"},{"id":"nt13679","title":"Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Fourth Amendment Directions, 2026","date":"Aug 25, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13679&Mode=0","order":4,"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."}