{"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":"md12965","title":"Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 (Updated as on July 01, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12965","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":"md12965","mode":"four_dates_v1","published":{"label":"Published","value":"November 28, 2025 (updated July 01, 2026)","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"July 01, 2026","stated":true,"why":"The day this rule starts to apply, as RBI's own text states it."},"transition":{"label":"Time to get ready","value":"215 days","stated":true,"why":"The room between the day it was published and the day it starts to apply."},"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/md12965.json","effective":"data/date_kinds.json kind=effective_date","transition":"worked out from published and starts-to-apply","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12965","document_date":"November 28, 2025 (updated July 01, 2026)","read_by_bankpulse":"2026-08-17 04:47:30 UTC","text_sha256":"598d781686785d76f94c62614e17255b44a8af2de58edbbdd43cca80293e6436","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":37,"points_naming_an_rbi_paragraph":37,"points_stored":37,"actions":3,"amendments":2},"points":[{"n":1,"claim":"md12965-a693da9f","page_group":"Opening paragraphs","stored_section":"KEY DATES","heading":"Date of issue","plain_english":"The original Directions were issued on November 28, 2025, alongside RBI's wider NBFC rule clean-up.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":1941,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p1","layer":"bankpulse"},{"n":2,"claim":"md12965-4c17648e","page_group":"Opening paragraphs","stored_section":"THE CORE IDEA","heading":"Purpose","plain_english":"This paper says what an NBFC is and how closely RBI keeps watch on each one.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":3041,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p2","layer":"bankpulse"},{"n":1,"claim":"md12965-0e23a743","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These Directions took effect the day they were placed on RBI's official website.","rbi_paragraph":"Para 2","rbi_char_offset":3707,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p3","layer":"bankpulse"},{"n":2,"claim":"md12965-89ce065d","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to all Non-Banking Financial Companies registered with the Reserve Bank of India.","rbi_paragraph":"Para 3(2)","rbi_char_offset":4127,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p4","layer":"bankpulse"},{"n":3,"claim":"md12965-3c7f098b","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Government companies included","plain_english":"Even an NBFC that is a government company under the Companies Act must follow these rules.","rbi_paragraph":"Para 3(3)","rbi_char_offset":4388,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p5","layer":"bankpulse"},{"n":4,"claim":"md12965-3a7ee658","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Linked Master Directions","plain_english":"An NBFC must also follow the other Master Directions listed here.","rbi_paragraph":"Para 5","rbi_char_offset":6851,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p6","layer":"bankpulse"},{"n":1,"claim":"md12965-72fd2ffa","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"THE CORE IDEA","heading":"Four-layer system","plain_english":"NBFCs are sorted into four layers based on their size, activity and how risky they are.","rbi_paragraph":"Para 8","rbi_char_offset":17548,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p7","layer":"bankpulse"},{"n":2,"claim":"md12965-98596b65","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHO IT APPLIES TO","heading":"Base Layer definition","plain_english":"The Base Layer covers small non-deposit NBFCs below Rs 1,000 crore in assets, plus a few fixed categories.","rbi_paragraph":"Para 10(1)","rbi_char_offset":18103,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p8","layer":"bankpulse"},{"n":3,"claim":"md12965-1e488e1d","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHO IT APPLIES TO","heading":"Middle Layer definition","plain_english":"The Middle Layer includes every deposit-taking NBFC, regardless of size, plus larger non-deposit NBFCs.","rbi_paragraph":"Para 11(1)","rbi_char_offset":18491,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p9","layer":"bankpulse"},{"n":4,"claim":"md12965-04ef8395","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHO IT APPLIES TO","heading":"Top Layer definition","plain_english":"The Top Layer is meant to stay empty, filling up only if systemic risk rises sharply.","rbi_paragraph":"Para 14","rbi_char_offset":19251,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p10","layer":"bankpulse"},{"n":5,"claim":"md12965-d51dfe57","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHAT CHANGES","heading":"Group assets combined","plain_english":"Assets of NBFCs under common promoters are combined to decide their Middle Layer classification.","rbi_paragraph":"Para 17","rbi_char_offset":21296,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p11","layer":"bankpulse"},{"n":6,"claim":"md12965-d61e9620","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHAT CHANGES","heading":"Yearly auditor certificate","plain_english":"Statutory Auditors must certify each NBFC group's combined asset size every year, based on March 31 figures.","rbi_paragraph":"Para 20","rbi_char_offset":24201,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p12","layer":"bankpulse"},{"n":7,"claim":"md12965-fd128ceb","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHAT CHANGES","heading":"Crossing Rs 1,000 crore","plain_english":"Once an NBFC crosses Rs 1,000 crore in assets, Middle Layer rules apply from then on.","rbi_paragraph":"Para 22","rbi_char_offset":24620,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p13","layer":"bankpulse"},{"n":8,"claim":"md12965-a7a9a0b1","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHO IT APPLIES TO","heading":"Upper Layer definition","plain_english":"The Upper Layer holds NBFCs with Rs 1,00,000 crore or more in assets, per the latest audited balance sheet.","rbi_paragraph":"Para 23","rbi_char_offset":25640,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"An NBFC's latest audited balance sheet shows assets of Rs 1,20,000 crore. That is above Rs 1,00,000 crore, so it sits in the Upper Layer. One with Rs 80,000 crore of assets does not.","anchor":"https://bankpulse.ai/rule/md12965#p14","layer":"bankpulse"},{"n":9,"claim":"md12965-958576af","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHO SHOULD ACT","heading":"Upper Layer Board plan","plain_english":"The Board must approve a policy and implementation plan within three months of Upper Layer classification.","rbi_paragraph":"Para 27(1)","rbi_char_offset":26162,"weight":"DO IT","role":"All staff","team":"Board and senior management","products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p15","layer":"bankpulse"},{"n":10,"claim":"md12965-e7be0006","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHAT CHANGES","heading":"24-month adjustment window","plain_english":"A newly classified Upper Layer NBFC gets up to twenty-four months to meet the tougher rules.","rbi_paragraph":"Para 27(2)","rbi_char_offset":26533,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p16","layer":"bankpulse"},{"n":11,"claim":"md12965-d99bfbf3","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"WHAT CHANGES","heading":"Five-year Upper Layer stay","plain_english":"Once classified Upper Layer, an NBFC stays under stricter rules for at least five years.","rbi_paragraph":"Para 28","rbi_char_offset":27203,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p17","layer":"bankpulse"},{"n":12,"claim":"md12965-8505a9d5","page_group":"Chapter II. 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Framework for Scale Based Regulation","stored_section":"WHO SHOULD ACT","heading":"Layer tracking duty","plain_english":"Compliance teams must track their NBFC's layer, since higher layers automatically add more rules.","rbi_paragraph":"Para 32","rbi_char_offset":28310,"weight":"DO IT","role":"All staff","team":"Compliance","products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p19","layer":"bankpulse"},{"n":14,"claim":"md12965-eb76c212","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"IMPACT","heading":"Stricter rules higher up","plain_english":"Rules get stricter as an NBFC moves up from the Base to the Upper Layer.","rbi_paragraph":"Para 35","rbi_char_offset":29186,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p20","layer":"bankpulse"},{"n":15,"claim":"md12965-f9cbc55a","page_group":"Chapter II. Framework for Scale Based Regulation","stored_section":"IMPACT","heading":"Top Layer consequences","plain_english":"Any NBFC pushed into the Top Layer faces a higher capital charge and closer supervision.","rbi_paragraph":"Para 36","rbi_char_offset":29518,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p21","layer":"bankpulse"},{"n":1,"claim":"md12965-12ad6cb5","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Voluntary deregistration","plain_english":"NBFCs with no public funds, no customer interface and assets under Rs 1,000 crore may apply to deregister.","rbi_paragraph":"Para 38(1)","rbi_char_offset":32325,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p22","layer":"bankpulse"},{"n":2,"claim":"md12965-c4509a93","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Deregistration deadline","plain_english":"Existing exempt NBFCs must apply for deregistration within six months, by December 31, 2026.","rbi_paragraph":"Para 38(1)","rbi_char_offset":32777,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p23","layer":"bankpulse"},{"n":3,"claim":"md12965-c82a2cbd","page_group":"Chapter III. Registration requirement","stored_section":"WHO SHOULD ACT","heading":"Auditor breach reporting","plain_english":"Statutory Auditors must report to RBI if an exempt NBFC breaches its public-fund or customer-interface conditions.","rbi_paragraph":"Para 38(4)","rbi_char_offset":34966,"weight":"DO IT","role":"All staff","team":"Internal and statutory audit","products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p24","layer":"bankpulse"},{"n":4,"claim":"md12965-b42cb328","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Rs 10 crore fund floor","plain_english":"Investment, credit, microfinance and factoring NBFCs need Rs 10 crore in net owned funds.","rbi_paragraph":"Para 39(1)","rbi_char_offset":38610,"weight":"DO IT","role":"All staff","team":null,"products_covered":["microfinance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p25","layer":"bankpulse"},{"n":5,"claim":"md12965-914cf763","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Rs 2 crore fund floor","plain_english":"Peer-to-peer lending and account aggregator NBFCs need only Rs 2 crore in net owned funds.","rbi_paragraph":"Para 40","rbi_char_offset":38886,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p26","layer":"bankpulse"},{"n":6,"claim":"md12965-9781e3e7","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Rs 300 crore fund floor","plain_english":"Infrastructure finance NBFCs and infrastructure debt funds must hold net owned funds of Rs 300 crore.","rbi_paragraph":"Para 41","rbi_char_offset":38917,"weight":"DO IT","role":"All staff","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p27","layer":"bankpulse"},{"n":7,"claim":"md12965-9cd0aaa2","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Glide path to 2027","plain_english":"A step by step path is set for the finance companies already in business.","rbi_paragraph":"Para 42","rbi_char_offset":38977,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p28","layer":"bankpulse"},{"n":8,"claim":"md12965-1211ae1f","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Registration at risk","plain_english":"NBFCs that fail to reach the required net owned funds in time cannot keep their registration.","rbi_paragraph":"Para 43","rbi_char_offset":39423,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p29","layer":"bankpulse"},{"n":9,"claim":"md12965-e84c6c9c","page_group":"Chapter III. Registration requirement","stored_section":"WHAT CHANGES","heading":"Weak-jurisdiction investor cap","plain_english":"Fresh investors from weak anti-money-laundering jurisdictions cannot cross twenty percent voting power in an NBFC.","rbi_paragraph":"Para 47","rbi_char_offset":42270,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p30","layer":"bankpulse"},{"n":1,"claim":"md12965-dfcd2ea6","page_group":"Chapter IV. Exemptions from the provisions of the RBI Act, 1934","stored_section":"WHAT CHANGES","heading":"Nidhi and chit exemption","plain_english":"Nidhi companies and chit fund companies are left out of these rules.","rbi_paragraph":"Para 53","rbi_char_offset":45461,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p31","layer":"bankpulse"},{"n":2,"claim":"md12965-de040b11","page_group":"Chapter IV. Exemptions from the provisions of the RBI Act, 1934","stored_section":"WHAT CHANGES","heading":"Exempt institutions","plain_english":"Insurance companies, stock exchanges and registered stockbrokers are exempt if they don't take public deposits.","rbi_paragraph":"Para 60","rbi_char_offset":47756,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p32","layer":"bankpulse"},{"n":3,"claim":"md12965-bd23d368","page_group":"Chapter IV. Exemptions from the provisions of the RBI Act, 1934","stored_section":"IMPACT","heading":"Escape from registration","plain_english":"Very small, no-public-fund NBFCs can escape RBI registration entirely if they meet strict conditions.","rbi_paragraph":"Para 65(1)","rbi_char_offset":50117,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p33","layer":"bankpulse"},{"n":1,"claim":"md12965-f6d1e146","page_group":"Chapter V. Reporting Requirements","stored_section":"WHAT CHANGES","heading":"Supervision reporting","plain_english":"Every NBFC must follow the reporting requirements set by RBI's Department of Supervision.","rbi_paragraph":"Para 68","rbi_char_offset":51441,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p34","layer":"bankpulse"},{"n":1,"claim":"md12965-99057b11","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Older rules repealed","plain_english":"This paper cancels the older RBI rules on NBFC registration and layers.","rbi_paragraph":"Para 69","rbi_char_offset":51666,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p35","layer":"bankpulse"},{"n":2,"claim":"md12965-1079c38d","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions preserved","plain_english":"Anything already done under the repealed rules stays governed by those old provisions.","rbi_paragraph":"Para 70","rbi_char_offset":52116,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p36","layer":"bankpulse"},{"n":3,"claim":"md12965-c21ca535","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"KEY DATES","heading":"July 2026 amendment","plain_english":"Several clauses were inserted or changed with effect from July 1, 2026, by an amendment.","rbi_paragraph":"Para 72","rbi_char_offset":53795,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12965#p37","layer":"bankpulse"}],"actions":[{"role":"BOARD","team":"Board and senior management","heading":"Upper Layer Board plan","plain_english":"The Board must approve a policy and implementation plan within three months of Upper Layer classification.","layer":"bankpulse"},{"role":"AUDIT","team":"Internal and statutory audit","heading":"Auditor breach reporting","plain_english":"Statutory Auditors must report to RBI if an exempt NBFC breaches its public-fund or customer-interface conditions.","layer":"bankpulse"},{"role":"COMPLIANCE","team":"Compliance","heading":"Layer tracking duty","plain_english":"Compliance teams must track their NBFC's layer, since higher layers automatically add more rules.","layer":"bankpulse"}],"amendments":[{"id":"nt13407","title":"Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026","date":"Apr 29, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13407&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13539","title":"Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Second Amendment Directions, 2026","date":"Jun 24, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13539&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."}