{"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":"md12954","title":"Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Directions, 2025 (Updated as on July 01, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12954","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":"md12954","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/md12954.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12954","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:28 UTC","text_sha256":"eb1cc12b777c969bac62c43eb3cb9e91615b59918064ae6bffb62eb87005c32f","word_count":6474,"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":2},"points":[{"n":1,"claim":"md12954-23e52357","page_group":"Opening paragraphs","stored_section":"THE CORE IDEA","heading":"Credit risk spreads","plain_english":"Credit risk left unmanaged can spread into other kinds of risk.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":2815,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p1","layer":"bankpulse"},{"n":1,"claim":"md12954-50e32741","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Credit risk for finance firms","plain_english":"This document sets the credit risk management rules for non-banking financial companies.","rbi_paragraph":"Para 1","rbi_char_offset":3990,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p2","layer":"bankpulse"},{"n":2,"claim":"md12954-9db77ee8","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These Directions took effect on the day RBI issued them.","rbi_paragraph":"Para 2","rbi_char_offset":4112,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"There is no gap here between issue and effect. The Directions come into effect immediately upon issuance. A bank cannot wait for a separate start date, because there is none.","anchor":"https://bankpulse.ai/rule/md12954#p3","layer":"bankpulse"},{"n":3,"claim":"md12954-6c89c256","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to non-banking financial companies.","rbi_paragraph":"Para 3(1)","rbi_char_offset":4203,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p4","layer":"bankpulse"},{"n":1,"claim":"md12954-b66447cd","page_group":"Chapter II. Board Approved Policies","stored_section":"WHO SHOULD ACT","heading":"Board approves the policies","plain_english":"The Board must approve policies covering every area these rules name.","rbi_paragraph":"Para 5","rbi_char_offset":12607,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p5","layer":"bankpulse"},{"n":1,"claim":"md12954-4b31a2bc","page_group":"Chapter III. Credit Risk Evaluation","stored_section":"WHO SHOULD ACT","heading":"Test the hard cases","plain_english":"Sensitivity tests must cover project delays and cost overruns, mainly on infrastructure.","rbi_paragraph":"Para 6","rbi_char_offset":13095,"weight":"DO IT","role":"All staff","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p6","layer":"bankpulse"},{"n":2,"claim":"md12954-85a32fb5","page_group":"Chapter III. Credit Risk Evaluation","stored_section":"WHO SHOULD ACT","heading":"Check the promoter money","plain_english":"The source and quality of the promoter's own capital must be checked.","rbi_paragraph":"Para 6","rbi_char_offset":13360,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p7","layer":"bankpulse"},{"n":3,"claim":"md12954-04882ad2","page_group":"Chapter III. Credit Risk Evaluation","stored_section":"WHAT CHANGES","heading":"Parent debt is not equity","plain_english":"Debt of the parent company must not be passed off as equity in the subsidiary.","rbi_paragraph":"Para 6","rbi_char_offset":13739,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p8","layer":"bankpulse"},{"n":4,"claim":"md12954-6ff924c8","page_group":"Chapter III. Credit Risk Evaluation","stored_section":"WHAT CHANGES","heading":"Outside work is no excuse","plain_english":"Work done by others cannot replace the lender's own basic checks.","rbi_paragraph":"Para 8","rbi_char_offset":14571,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p9","layer":"bankpulse"},{"n":1,"claim":"md12954-763d0c35","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHO SHOULD ACT","heading":"Board owns related party rules","plain_english":"The Board carries overall responsibility for the related party lending policy.","rbi_paragraph":"Para 8","rbi_char_offset":15343,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p10","layer":"bankpulse"},{"n":2,"claim":"md12954-8f12fb4b","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHO SHOULD ACT","heading":"Extra safeguards required","plain_english":"The policy must set extra safeguards against the risks of related party lending.","rbi_paragraph":"Para 8","rbi_char_offset":15750,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p11","layer":"bankpulse"},{"n":3,"claim":"md12954-07e74761","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHO SHOULD ACT","heading":"Staff and their relatives","plain_english":"The policy must cover lending to specified employees and their relatives.","rbi_paragraph":"Para 8","rbi_char_offset":15897,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p12","layer":"bankpulse"},{"n":4,"claim":"md12954-be10907e","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Cap on related party loans","plain_english":"The policy must set a total limit for loans to related parties.","rbi_paragraph":"Para 8","rbi_char_offset":16301,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p13","layer":"bankpulse"},{"n":5,"claim":"md12954-cc96f411","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Sub-limits within the cap","plain_english":"Inside that total there must be sub-limits for one party and for a group.","rbi_paragraph":"Para 8","rbi_char_offset":16396,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p14","layer":"bankpulse"},{"n":6,"claim":"md12954-f6e8b572","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Inside RBI limits","plain_english":"Those limits must sit inside the exposure limits RBI already sets.","rbi_paragraph":"Para 8","rbi_char_offset":16496,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p15","layer":"bankpulse"},{"n":7,"claim":"md12954-bd4a19ea","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Judged transaction by transaction","plain_english":"The materiality threshold applies to each loan on its own.","rbi_paragraph":"Para 8","rbi_char_offset":17110,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p16","layer":"bankpulse"},{"n":8,"claim":"md12954-06bb2db4","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Thresholds may differ","plain_english":"The threshold may differ for different kinds of related party loan.","rbi_paragraph":"Para 8","rbi_char_offset":17182,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p17","layer":"bankpulse"},{"n":9,"claim":"md12954-a50067a4","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHO SHOULD ACT","heading":"Board sanctions the big ones","plain_english":"A loan above that threshold must be sanctioned by the Board.","rbi_paragraph":"Para 8","rbi_char_offset":17377,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p18","layer":"bankpulse"},{"n":10,"claim":"md12954-467db9e8","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Smaller loans delegated","plain_english":"A loan below the threshold may be sanctioned under delegated powers.","rbi_paragraph":"Para 8","rbi_char_offset":17693,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p19","layer":"bankpulse"},{"n":11,"claim":"md12954-5e2a6fe0","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHO SHOULD ACT","heading":"Step out of the room","plain_english":"Anyone connected to the borrower must take no part in the decision.","rbi_paragraph":"Para 8","rbi_char_offset":17854,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p20","layer":"bankpulse"},{"n":12,"claim":"md12954-bac85ae1","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"KEY DATES","heading":"Yearly report to the Board","plain_english":"Loans to specified employees and their relatives are reported to the Board each year.","rbi_paragraph":"Para 8","rbi_char_offset":18635,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p21","layer":"bankpulse"},{"n":13,"claim":"md12954-782c44d1","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"IMPACT","heading":"Breach draws action","plain_english":"Breaking or dodging these rules brings supervisory and enforcement action.","rbi_paragraph":"Para 8","rbi_char_offset":19855,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p22","layer":"bankpulse"},{"n":14,"claim":"md12954-2149490b","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"No loan on own shares","plain_english":"A lender cannot lend against the security of its own shares.","rbi_paragraph":"Para 14","rbi_char_offset":20258,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p23","layer":"bankpulse"},{"n":15,"claim":"md12954-5a708cb3","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"No loan on own debentures","plain_english":"A lender cannot lend against its own debentures either.","rbi_paragraph":"Para 15","rbi_char_offset":20348,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p24","layer":"bankpulse"},{"n":16,"claim":"md12954-b0f44e0a","page_group":"Chapter IV. Regulatory Restrictions","stored_section":"WHAT CHANGES","heading":"Tax free bonds excepted","plain_english":"Tax exempt bonds it issues are outside that bar.","rbi_paragraph":"Para 15","rbi_char_offset":20475,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p25","layer":"bankpulse"},{"n":1,"claim":"md12954-2f9227cb","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Buy protection only","plain_english":"In the credit default swap market the lender may only buy protection, never sell it.","rbi_paragraph":"Para 16","rbi_char_offset":20655,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p26","layer":"bankpulse"},{"n":2,"claim":"md12954-ec5fd18e","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Hedge only what is held","plain_english":"Protection may be bought only to hedge credit risk on bonds actually held.","rbi_paragraph":"Para 16","rbi_char_offset":20730,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p27","layer":"bankpulse"},{"n":3,"claim":"md12954-d0743c0c","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"No short positions","plain_english":"Selling protection and taking short positions in these contracts is barred.","rbi_paragraph":"Para 16","rbi_char_offset":20817,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p28","layer":"bankpulse"},{"n":4,"claim":"md12954-ce9d16ab","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Contract must be firm","plain_english":"Apart from unpaid premium, the protection contract must be irrevocable.","rbi_paragraph":"Para 17(1)","rbi_char_offset":21769,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p29","layer":"bankpulse"},{"n":5,"claim":"md12954-0f4cfcc4","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Match the maturities","plain_english":"The maturity of the exposure and of the hedge must both be defined carefully.","rbi_paragraph":"Para 17(1)","rbi_char_offset":23964,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p30","layer":"bankpulse"},{"n":6,"claim":"md12954-77176da3","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Name who decides","plain_english":"The contract must name who decides that a credit event has happened.","rbi_paragraph":"Para 17(1)","rbi_char_offset":24513,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p31","layer":"bankpulse"},{"n":7,"claim":"md12954-96e9f27e","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Not the seller alone","plain_english":"That decision cannot rest with the protection seller alone.","rbi_paragraph":"Para 17(1)","rbi_char_offset":24622,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p32","layer":"bankpulse"},{"n":8,"claim":"md12954-397cc0ba","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Buyer may raise it","plain_english":"The protection buyer must be able to tell the seller a credit event has happened.","rbi_paragraph":"Para 17(1)","rbi_char_offset":24721,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p33","layer":"bankpulse"},{"n":9,"claim":"md12954-3b17001d","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Corporate bonds at 100","plain_english":"Corporate bonds held carry a risk weight of 100 per cent.","rbi_paragraph":"Para 17(4)","rbi_char_offset":26906,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"An NBFC holds ₹50 crore of corporate bonds. The risk weight is 100 per cent, so the whole ₹50 crore counts in the capital sums.","anchor":"https://bankpulse.ai/rule/md12954#p34","layer":"bankpulse"},{"n":10,"claim":"md12954-ff42a667","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Exposure moves to the seller","plain_english":"A swap creates an exposure on the protection seller for the event payment.","rbi_paragraph":"Para 17(4)","rbi_char_offset":27003,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p35","layer":"bankpulse"},{"n":11,"claim":"md12954-88038fd7","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Unprotected part unchanged","plain_english":"The unprotected part of the exposure keeps the risk weight of the asset itself.","rbi_paragraph":"Para 17(5)","rbi_char_offset":28175,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p36","layer":"bankpulse"},{"n":12,"claim":"md12954-f8337f18","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Mismatch breaks the cover","plain_english":"If the asset differs from the deliverable obligation, an asset mismatch arises.","rbi_paragraph":"Para 17(5)","rbi_char_offset":28722,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p37","layer":"bankpulse"},{"n":13,"claim":"md12954-d7f839a4","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Short hedge is a mismatch","plain_english":"A swap shorter than the asset counts as a maturity mismatch.","rbi_paragraph":"Para 17(1)","rbi_char_offset":29255,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p38","layer":"bankpulse"},{"n":14,"claim":"md12954-5cb5529a","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"Cover lost, risk returns","plain_english":"If the conditions stop being met, the exposure goes back onto the underlying asset.","rbi_paragraph":"Para 17(1)","rbi_char_offset":30760,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p39","layer":"bankpulse"},{"n":15,"claim":"md12954-ac8b56c1","page_group":"Chapter V. Regulations on Credit Default Swaps (CDS) – NBFCs as Users","stored_section":"WHAT CHANGES","heading":"No netting for limits","plain_english":"Positive and negative values with the same counterparty cannot be netted for limits.","rbi_paragraph":"Para 17(1)","rbi_char_offset":31545,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p40","layer":"bankpulse"},{"n":1,"claim":"md12954-03c31141","page_group":"Chapter VI. Legal Entity Identifier (LEI) for Borrowers","stored_section":"THE CORE IDEA","heading":"What the identifier is","plain_english":"The legal entity identifier is a 20 digit code that names a party worldwide.","rbi_paragraph":"Para 18","rbi_char_offset":32793,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p41","layer":"bankpulse"},{"n":2,"claim":"md12954-ceeb9722","page_group":"Chapter VI. Legal Entity Identifier (LEI) for Borrowers","stored_section":"WHAT CHANGES","heading":"Both kinds of exposure","plain_english":"Exposure here covers funded and non-funded, credit and investment alike.","rbi_paragraph":"Para 19","rbi_char_offset":33272,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p42","layer":"bankpulse"},{"n":3,"claim":"md12954-78c1af89","page_group":"Chapter VI. Legal Entity Identifier (LEI) for Borrowers","stored_section":"WHAT CHANGES","heading":"Higher of limit or balance","plain_english":"The higher of the sanctioned limit and the outstanding balance is taken.","rbi_paragraph":"Para 19","rbi_char_offset":33443,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p43","layer":"bankpulse"},{"n":4,"claim":"md12954-293ad1ce","page_group":"Chapter VI. Legal Entity Identifier (LEI) for Borrowers","stored_section":"WHAT CHANGES","heading":"Push the group to enrol","plain_english":"Large borrowers must be encouraged to get codes for parent and group companies.","rbi_paragraph":"Para 21","rbi_char_offset":34314,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p44","layer":"bankpulse"},{"n":5,"claim":"md12954-bd01f0b8","page_group":"Chapter VI. Legal Entity Identifier (LEI) for Borrowers","stored_section":"WHAT CHANGES","heading":"Codes must be renewed","plain_english":"The lender must see that borrowers renew those codes when due.","rbi_paragraph":"Para 24","rbi_char_offset":35109,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p45","layer":"bankpulse"},{"n":1,"claim":"md12954-30fce464","page_group":"Chapter VII. Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI","stored_section":"WHAT CHANGES","heading":"Registry open to all","plain_english":"The central registry records must be open to search by any lender or person.","rbi_paragraph":"Para 26","rbi_char_offset":36116,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p46","layer":"bankpulse"},{"n":2,"claim":"md12954-23f63e9f","page_group":"Chapter VII. Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI","stored_section":"WHAT CHANGES","heading":"Every charge must be filed","plain_english":"Every transaction creating a security interest must be filed with the registry.","rbi_paragraph":"Para 26","rbi_char_offset":36502,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p47","layer":"bankpulse"},{"n":3,"claim":"md12954-a3771fa1","page_group":"Chapter VII. Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI","stored_section":"WHAT CHANGES","heading":"File as you go","plain_english":"Charges on current transactions must be filed with the registry as they arise.","rbi_paragraph":"Para 28","rbi_char_offset":37556,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p48","layer":"bankpulse"},{"n":1,"claim":"md12954-1079c38d","page_group":"Chapter VIII. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions preserved","plain_english":"Anything already done under the old rules stays governed by those old rules.","rbi_paragraph":"Para 30","rbi_char_offset":38124,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p49","layer":"bankpulse"},{"n":2,"claim":"md12954-76f8c80d","page_group":"Chapter VIII. 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 30","rbi_char_offset":38303,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12954#p50","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13255","title":"Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) – Amendment Directions, 2026","date":"Jan 05, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13255&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13435","title":"Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Second Amendment Directions, 2026","date":"Apr 29, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13435&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."}