{"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":"md12960","title":"Reserve Bank of India (Non-Banking Financial Companies – Governance) Directions, 2025 (Updated as on June 24, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12960","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":"md12960","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/md12960.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12960","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:38 UTC","text_sha256":"8255ab539bbf2ce67c05beae3c4ca06ddf1de38b7430fc6fd180f0e71a2d6f4f","word_count":4749,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":42,"points_naming_an_rbi_paragraph":42,"points_stored":42,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md12960-1840df20","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"In force at once","plain_english":"These Directions came into force with immediate effect.","rbi_paragraph":"Para 2","rbi_char_offset":3688,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p1","layer":"bankpulse"},{"n":2,"claim":"md12960-a5e59a41","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to finance companies layer by layer: the higher the layer, the more chapters apply.","rbi_paragraph":"Para 3(1)","rbi_char_offset":3998,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p2","layer":"bankpulse"},{"n":3,"claim":"md12960-e1e1e00e","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Government companies partly out","plain_english":"The pay rules for key managers do not apply to Government owned finance companies.","rbi_paragraph":"Para 3(1)","rbi_char_offset":4362,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p3","layer":"bankpulse"},{"n":1,"claim":"md12960-fe075cf3","page_group":"Chapter II. Board approved policy and review","stored_section":"THE CORE IDEA","heading":"Policies the board must own","plain_english":"Middle and upper layer companies need board approved policies on fit and proper checks, compliance, pay and reviews.","rbi_paragraph":"Para 7","rbi_char_offset":8907,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p4","layer":"bankpulse"},{"n":1,"claim":"md12960-22468480","page_group":"Chapter III. Directions applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"A third of the board","plain_english":"Changing more than 30 percent of the directors, independent directors excluded, needs RBI's prior written permission.","rbi_paragraph":"Para 10","rbi_char_offset":10215,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p5","layer":"bankpulse"},{"n":2,"claim":"md12960-1fb51463","page_group":"Chapter III. Directions applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"One banker on board","plain_english":"At least one director must have worked in an NBFC or a finance company.","rbi_paragraph":"Para 8","rbi_char_offset":9729,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p6","layer":"bankpulse"},{"n":3,"claim":"md12960-1b11cb0a","page_group":"Chapter III. Directions applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"A risk committee for all","plain_english":"Every company must set up a risk committee. It may sit at board or executive level, and reports to the board.","rbi_paragraph":"Para 9","rbi_char_offset":9880,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p7","layer":"bankpulse"},{"n":4,"claim":"md12960-49a0a851","page_group":"Chapter III. Directions applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"Rotation needs no approval","plain_english":"Directors re-elected on retirement by rotation need no prior approval, but RBI must still be informed.","rbi_paragraph":"Para 10","rbi_char_offset":10372,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p8","layer":"bankpulse"},{"n":5,"claim":"md12960-96d84a48","page_group":"Chapter III. Directions applicable to all NBFCs","stored_section":"WHAT CHANGES","heading":"Through the portal","plain_english":"The application for a management change goes to RBI through the PRAVAAH portal.","rbi_paragraph":"Para 11","rbi_char_offset":10873,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p9","layer":"bankpulse"},{"n":1,"claim":"md12960-d538a9cc","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Fifteen days to file","plain_english":"The statement must reach RBI's regional office within 15 days of the quarter's close.","rbi_paragraph":"Para 14(1)","rbi_char_offset":13220,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A quarter closes at the end of September. The statement must reach the Reserve Bank's regional office within 15 days of that close. So the last date is 15 October.","anchor":"https://bankpulse.ai/rule/md12960#p10","layer":"bankpulse"},{"n":2,"claim":"md12960-3f5954f3","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Big companies need risk chief","plain_english":"A company with assets above ₹5,000 crore must appoint a chief risk officer with a clear role.","rbi_paragraph":"Para 19","rbi_char_offset":15813,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p11","layer":"bankpulse"},{"n":3,"claim":"md12960-20b0da46","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"No other hat at all","plain_english":"The chief risk officer may not be given any other responsibility.","rbi_paragraph":"Para 21(4)","rbi_char_offset":16745,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p12","layer":"bankpulse"},{"n":4,"claim":"md12960-44f499f0","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Removal is reported","plain_english":"Removing the risk officer early needs board approval and a report to RBI's supervision office.","rbi_paragraph":"Para 22","rbi_char_offset":17013,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p13","layer":"bankpulse"},{"n":5,"claim":"md12960-f39f4f0b","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"One company at a time","plain_english":"A key manager may not hold office in another middle or upper layer finance company, except a subsidiary.","rbi_paragraph":"Para 26","rbi_char_offset":18624,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p14","layer":"bankpulse"},{"n":6,"claim":"md12960-91b50e95","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"March quarter audited","plain_english":"The statement for the March quarter must be certified by the auditors.","rbi_paragraph":"Para 14(2)","rbi_char_offset":13420,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p15","layer":"bankpulse"},{"n":7,"claim":"md12960-be5dac52","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"A compliance chief","plain_english":"The company must appoint a senior officer to head compliance, under a policy the board approves.","rbi_paragraph":"Para 25(1)","rbi_char_offset":18267,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p16","layer":"bankpulse"},{"n":8,"claim":"md12960-4af4dc4c","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Variable pay can vanish","plain_english":"Variable pay must be truly variable and may fall to zero on poor performance.","rbi_paragraph":"Para 35(2)","rbi_char_offset":22635,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p17","layer":"bankpulse"},{"n":9,"claim":"md12960-d95b3bb2","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"A whistle blower channel","plain_english":"The company must have a whistle blower mechanism for directors and employees to report genuine concerns.","rbi_paragraph":"Para 38","rbi_char_offset":25012,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p18","layer":"bankpulse"},{"n":10,"claim":"md12960-5162cddf","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Subsidiaries governed too","plain_english":"The board must ensure good governance practices in the company's subsidiaries.","rbi_paragraph":"Para 39","rbi_char_offset":25140,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p19","layer":"bankpulse"},{"n":11,"claim":"md12960-3c52c043","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"THE CORE IDEA","heading":"Fit and proper always","plain_english":"A board approved policy checks directors' fit and proper status at appointment and on a continuing basis.","rbi_paragraph":"Para 12","rbi_char_offset":11231,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p20","layer":"bankpulse"},{"n":12,"claim":"md12960-79f96bbd","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"RBI can look anyway","plain_english":"RBI keeps the right to examine any company's directors' fit and proper status in the public interest.","rbi_paragraph":"Para 12","rbi_char_offset":11528,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p21","layer":"bankpulse"},{"n":13,"claim":"md12960-43bf9fbf","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHO SHOULD ACT","heading":"The committee screens them","plain_english":"The names committee reads each director's declaration and decides whether to accept them.","rbi_paragraph":"Para 13(2)","rbi_char_offset":12216,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p22","layer":"bankpulse"},{"n":14,"claim":"md12960-13ff45cf","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHO SHOULD ACT","heading":"A yearly declaration","plain_english":"Every March 31 directors declare their information unchanged, and sign deeds of covenants.","rbi_paragraph":"Para 13(3)","rbi_char_offset":12574,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p23","layer":"bankpulse"},{"n":15,"claim":"md12960-85051b0e","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"A quarterly certificate","plain_english":"Every quarter the company tells RBI who joined or left the board, with the chief's certificate.","rbi_paragraph":"Para 14","rbi_char_offset":12981,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p24","layer":"bankpulse"},{"n":16,"claim":"md12960-23cb9e64","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHO SHOULD ACT","heading":"Progress shown to board","plain_english":"The board periodically sees the progress of the risk system and conformity with governance standards.","rbi_paragraph":"Para 15(1)","rbi_char_offset":13647,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p25","layer":"bankpulse"},{"n":17,"claim":"md12960-159bb5a9","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"An audit committee of three","plain_english":"The audit committee has at least three board members, with company law powers and duties.","rbi_paragraph":"Para 17(1)","rbi_char_offset":14137,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p26","layer":"bankpulse"},{"n":18,"claim":"md12960-d364a9f3","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Systems audited too","plain_english":"The audit committee makes sure the computer systems are audited as often as the rules say.","rbi_paragraph":"Para 17(2)","rbi_char_offset":14696,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p27","layer":"bankpulse"},{"n":19,"claim":"md12960-d9391a6f","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"A nominations committee","plain_english":"The names and pay committee is built with the powers and duties the company law gives it.","rbi_paragraph":"Para 18(1)","rbi_char_offset":15053,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p28","layer":"bankpulse"},{"n":20,"claim":"md12960-3ab719d9","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Quarterly without the chief","plain_english":"If the risk officer reports to the chief executive, the risk committee meets them alone at least quarterly.","rbi_paragraph":"Para 21(2)","rbi_char_offset":16480,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p29","layer":"bankpulse"},{"n":21,"claim":"md12960-f2fa7202","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"The risk chief stands free","plain_english":"The chief risk officer reports to the chief executive or the risk committee and carries no business targets.","rbi_paragraph":"Para 21(3)","rbi_char_offset":16578,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p30","layer":"bankpulse"},{"n":22,"claim":"md12960-871e74f0","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Every product vetted","plain_english":"Every credit product, retail or wholesale, is vetted by the risk officer for inherent and control risks.","rbi_paragraph":"Para 23","rbi_char_offset":17417,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p31","layer":"bankpulse"},{"n":23,"claim":"md12960-6f922328","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Three boards at most","plain_english":"An independent director may sit on the boards of at most three middle or upper layer finance companies.","rbi_paragraph":"Para 27","rbi_char_offset":18904,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p32","layer":"bankpulse"},{"n":24,"claim":"md12960-46233b04","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Pay policy against risk","plain_english":"A board approved pay policy stops pay from rewarding reckless risk. It sets fixed and variable rules and take-back terms.","rbi_paragraph":"Para 29","rbi_char_offset":19428,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p33","layer":"bankpulse"},{"n":25,"claim":"md12960-17a827cf","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Control staff paid fixed","plain_english":"Risk, compliance and audit staff are paid independent of the businesses they oversee, mostly fixed.","rbi_paragraph":"Para 35(4)","rbi_char_offset":23544,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p34","layer":"bankpulse"},{"n":26,"claim":"md12960-1c022e50","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"No guaranteed bonus","plain_english":"Guaranteed bonus is out; only a joining bonus for new hires may be considered.","rbi_paragraph":"Para 36","rbi_char_offset":24054,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p35","layer":"bankpulse"},{"n":27,"claim":"md12960-649c7c48","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Pay can be taken back","plain_english":"Deferred pay faces malus and clawback on poor results or employee misconduct.","rbi_paragraph":"Para 37","rbi_char_offset":24365,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p36","layer":"bankpulse"},{"n":28,"claim":"md12960-1c028e13","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHO SHOULD ACT","heading":"Own rules, published","plain_english":"The company writes its own governance rules, and the board approves them.","rbi_paragraph":"Para 40","rbi_char_offset":25281,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p37","layer":"bankpulse"},{"n":29,"claim":"md12960-eaba52ab","page_group":"Chapter IV. Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL)","stored_section":"WHO SHOULD ACT","heading":"On the website","plain_english":"The guidelines go on the company's website for all stakeholders to see.","rbi_paragraph":"Para 40","rbi_char_offset":25509,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p38","layer":"bankpulse"},{"n":1,"claim":"md12960-32f047c3","page_group":"Chapter V. Directions applicable to NBFCs-Upper Layer (NBFCs-UL)","stored_section":"KEY DATES","heading":"Three years to list","plain_english":"An upper layer company must be listed within three years of RBI naming it to that layer.","rbi_paragraph":"Para 43","rbi_char_offset":26146,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p39","layer":"bankpulse"},{"n":2,"claim":"md12960-7f2cfa86","page_group":"Chapter V. Directions applicable to NBFCs-Upper Layer (NBFCs-UL)","stored_section":"WHAT CHANGES","heading":"Leavers are reported","plain_english":"An upper layer company reports when an independent director is removed or resigns before their term ends.","rbi_paragraph":"Para 42","rbi_char_offset":26011,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p40","layer":"bankpulse"},{"n":1,"claim":"md12960-0801460e","page_group":"Chapter VI. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old guidance repealed","plain_english":"The earlier governance guidance for these finance companies stands repealed.","rbi_paragraph":"Para 44","rbi_char_offset":26683,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p41","layer":"bankpulse"},{"n":2,"claim":"md12960-1079c38d","page_group":"Chapter VI. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions stay governed","plain_english":"Action already taken under the old rules stays governed by them.","rbi_paragraph":"Para 45","rbi_char_offset":27067,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12960#p42","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13541","title":"Reserve Bank of India (Non-Banking Financial Companies – Governance) Amendment Directions, 2026","date":"Jun 24, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13541&Mode=0","order":1,"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."}