{"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":"md12963","title":"Reserve Bank of India (Non-Banking Financial Companies – Voluntary Amalgamation) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12963","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":"md12963","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/md12963.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12963","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:21:44 UTC","text_sha256":"c7af523de226011029c67b76545dbcf7eb6a446fca78315fd3422c63c53e4595","word_count":1258,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":14,"points_naming_an_rbi_paragraph":14,"points_stored":14,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12963-1840df20","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":2737,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p1","layer":"bankpulse"},{"n":2,"claim":"md12963-663c272b","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every finance company. All layers of RBI's framework are covered.","rbi_paragraph":"Para 3","rbi_char_offset":2828,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p2","layer":"bankpulse"},{"n":3,"claim":"md12963-8f47d462","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Three kinds of merger","plain_english":"The rules cover a merger of two finance companies. They also cover a merger with any entity outside RBI's watch.","rbi_paragraph":"Para 6","rbi_char_offset":4698,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p3","layer":"bankpulse"},{"n":1,"claim":"md12963-50d21a88","page_group":"Chapter II. 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Grant of No Objection Certificate (NOC) / Approval by RBI","stored_section":"WHAT CHANGES","heading":"Control change needs approval","plain_english":"RBI must approve first if the merger changes control. Control here is what the SEBI takeover rules mean by it.","rbi_paragraph":"Para 7(1)","rbi_char_offset":5643,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p8","layer":"bankpulse"},{"n":6,"claim":"md12963-5890d06e","page_group":"Chapter II. Grant of No Objection Certificate (NOC) / Approval by RBI","stored_section":"WHAT CHANGES","heading":"Merging inward","plain_english":"An outside entity may merge into a finance company. The finance company must first hold RBI's no objection.","rbi_paragraph":"Para 7(3)","rbi_char_offset":6434,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p9","layer":"bankpulse"},{"n":7,"claim":"md12963-b6c629cc","page_group":"Chapter II. Grant of No Objection Certificate (NOC) / Approval by RBI","stored_section":"WHAT CHANGES","heading":"The business test continues","plain_english":"The merged finance company must still pass the principal business test. That is how it keeps its registration.","rbi_paragraph":"Para 7","rbi_char_offset":7216,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p10","layer":"bankpulse"},{"n":8,"claim":"md12963-ae08008c","page_group":"Chapter II. 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RBI then cancels it.","rbi_paragraph":"Para 7(1)","rbi_char_offset":5428,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p12","layer":"bankpulse"},{"n":10,"claim":"md12963-69db5b88","page_group":"Chapter II. Grant of No Objection Certificate (NOC) / Approval by RBI","stored_section":"WHAT CHANGES","heading":"Merging outward","plain_english":"A finance company merging into an outside entity needs RBI approval first. It then hands back its registration.","rbi_paragraph":"Para 7(2)","rbi_char_offset":6143,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p13","layer":"bankpulse"},{"n":11,"claim":"md12963-497c6c43","page_group":"Chapter II. Grant of No Objection Certificate (NOC) / Approval by RBI","stored_section":"WHAT CHANGES","heading":"The survivor may register","plain_english":"The surviving outside entity may seek its own registration. It approaches RBI if it would pass the principal business test.","rbi_paragraph":"Para 7(2)","rbi_char_offset":6321,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12963#p14","layer":"bankpulse"}],"actions":[],"amendments":[],"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."}