{"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":"md12975","title":"Reserve Bank of India (All India Financial Institutions – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12975","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":"All India financial institutions","class_code":"AIFI","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12975","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/md12975.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12975","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:27 UTC","text_sha256":"523cbc9f79cf12b4238d5380151495d3cea1b8441e91296ae78346e2845118ba","word_count":11966,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":34,"points_naming_an_rbi_paragraph":34,"points_stored":34,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12975-8f0cd20f","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Investment rules","plain_english":"This paper sets how all India financial institutions must class and value what they hold.","rbi_paragraph":"Para 1","rbi_char_offset":4157,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p1","layer":"bankpulse"},{"n":2,"claim":"md12975-5edb2f5f","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Rating letter in the offer","plain_english":"The rating letter and the reasoning should form part of the offer document.","rbi_paragraph":"Para 4(3)","rbi_char_offset":6319,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p2","layer":"bankpulse"},{"n":3,"claim":"md12975-7b78bc30","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These Directions came into effect on the day RBI issued them.","rbi_paragraph":"Para 2","rbi_char_offset":4350,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p3","layer":"bankpulse"},{"n":4,"claim":"md12975-d735f6d7","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every all India financial institution.","rbi_paragraph":"Para 3","rbi_char_offset":4417,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p4","layer":"bankpulse"},{"n":5,"claim":"md12975-e94cc566","page_group":"Chapter I. Preliminary","stored_section":"WHO SHOULD ACT","heading":"Rating must still stand","plain_english":"On a secondary market buy the rating must be in force and checked in the monthly bulletin.","rbi_paragraph":"Para 4(3)","rbi_char_offset":6441,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p5","layer":"bankpulse"},{"n":6,"claim":"md12975-0c2f8e22","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Rated means a live rating","plain_english":"A rated security is one rated by a SEBI registered agency and carrying a valid rating.","rbi_paragraph":"Para 4(11)","rbi_char_offset":7674,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p6","layer":"bankpulse"},{"n":7,"claim":"md12975-298fdedf","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Unrated means no valid rating","plain_english":"An unrated security is one with no current or valid rating from a SEBI agency.","rbi_paragraph":"Para 4(20)","rbi_char_offset":9540,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p7","layer":"bankpulse"},{"n":1,"claim":"md12975-8b861b25","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board approves the policy","plain_english":"The Board must approve the investment policy.","rbi_paragraph":"Para 6","rbi_char_offset":10276,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p8","layer":"bankpulse"},{"n":2,"claim":"md12975-c7812086","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Committee decides the buying","plain_english":"The Board must set an investment committee to decide and answer for what is bought.","rbi_paragraph":"Para 7","rbi_char_offset":10367,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p9","layer":"bankpulse"},{"n":3,"claim":"md12975-7bae1a95","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board clears a shift","plain_english":"The Board must approve any move of securities between the three books.","rbi_paragraph":"Para 8","rbi_char_offset":10600,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p10","layer":"bankpulse"},{"n":4,"claim":"md12975-cb9a3473","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board owns the risk systems","plain_english":"The Board must see that systems exist to catch and weigh non-SLR investment risk.","rbi_paragraph":"Para 9","rbi_char_offset":10748,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p11","layer":"bankpulse"},{"n":5,"claim":"md12975-08cd50f3","page_group":"Chapter II. Role of the Board","stored_section":"KEY DATES","heading":"Debt review each quarter","plain_english":"The Board must look at debt holdings at least once a quarter.","rbi_paragraph":"Para 10","rbi_char_offset":10964,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p12","layer":"bankpulse"},{"n":6,"claim":"md12975-e95081dd","page_group":"Chapter II. Role of the Board","stored_section":"KEY DATES","heading":"Market exposure every meeting","plain_english":"The Audit Committee must review the whole capital market exposure at every meeting.","rbi_paragraph":"Para 13","rbi_char_offset":11519,"weight":"DO IT","role":"Audit","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p13","layer":"bankpulse"},{"n":7,"claim":"md12975-e2b61214","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Committee watches the shares","plain_english":"The Audit Committee must keep watch over holdings in shares.","rbi_paragraph":"Para 13","rbi_char_offset":11802,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p14","layer":"bankpulse"},{"n":8,"claim":"md12975-02a7930b","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board hears the market exposure","plain_english":"The Audit Committee must keep the Board informed of the whole capital market exposure.","rbi_paragraph":"Para 14","rbi_char_offset":11905,"weight":"DO IT","role":"Board","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p15","layer":"bankpulse"},{"n":1,"claim":"md12975-1bd96e4e","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Private placement, no risk","plain_english":"Buying through private placement must not build up a wider risk.","rbi_paragraph":"Para 15(3)","rbi_char_offset":13464,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p16","layer":"bankpulse"},{"n":2,"claim":"md12975-66e7a4e7","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"A full written policy","plain_english":"A full investment policy approved by the Board must be adopted.","rbi_paragraph":"Para 15","rbi_char_offset":12207,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A lender cannot buy securities on the strength of practice alone. It must adopt a comprehensive investment policy, and the Board must approve it. A policy the Board has not seen does not count.","anchor":"https://bankpulse.ai/rule/md12975#p17","layer":"bankpulse"},{"n":3,"claim":"md12975-202dba24","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Sound practice in dealing","plain_english":"The policy must keep dealing in securities within sound business practice.","rbi_paragraph":"Para 15(2)","rbi_char_offset":13070,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p18","layer":"bankpulse"},{"n":4,"claim":"md12975-c0d27ff6","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Limits inside the policy","plain_english":"The policy must set limits for each kind of bond and each issuer.","rbi_paragraph":"Para 15(3)","rbi_char_offset":13166,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p19","layer":"bankpulse"},{"n":5,"claim":"md12975-0a12a68f","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Least ratings for bonds","plain_english":"The policy must set least ratings and limits by industry, maturity and issuer.","rbi_paragraph":"Para 15(4)","rbi_char_offset":13547,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p20","layer":"bankpulse"},{"n":6,"claim":"md12975-8c69b752","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Equity gets its own rules","plain_english":"The policy must set out how equity is bought and how its risk is run.","rbi_paragraph":"Para 15(5)","rbi_char_offset":13842,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p21","layer":"bankpulse"},{"n":7,"claim":"md12975-7d8e0591","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"A team for equity research","plain_english":"An equity research team must be built to match the size of the business.","rbi_paragraph":"Para 15(5)","rbi_char_offset":13944,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p22","layer":"bankpulse"},{"n":8,"claim":"md12975-46087279","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Committee decides on equity","plain_english":"An investment committee set by the Board must decide every equity purchase.","rbi_paragraph":"Para 15(6)","rbi_char_offset":14138,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p23","layer":"bankpulse"},{"n":9,"claim":"md12975-19a1bf86","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Committee answers for it","plain_english":"The investment committee must answer for what is bought.","rbi_paragraph":"Para 15(6)","rbi_char_offset":14213,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p24","layer":"bankpulse"},{"n":10,"claim":"md12975-95b7efe9","page_group":"Chapter III. General Guidelines","stored_section":"THE CORE IDEA","heading":"Same standard as a loan","plain_english":"Every buying proposal must meet the same credit standard as a loan proposal.","rbi_paragraph":"Para 15(7)","rbi_char_offset":14528,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p25","layer":"bankpulse"},{"n":11,"claim":"md12975-77c362b5","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Check the defaulter lists","plain_english":"Defaulter lists from the credit bureaus and CRILC must be checked before buying.","rbi_paragraph":"Para 15(8)","rbi_char_offset":14631,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p26","layer":"bankpulse"},{"n":12,"claim":"md12975-73154a22","page_group":"Chapter III. General Guidelines","stored_section":"KEY DATES","heading":"Track the issuer often","plain_english":"The issuer's health must be tracked each quarter or half year to catch rating drift.","rbi_paragraph":"Para 15(10)","rbi_char_offset":15145,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p27","layer":"bankpulse"},{"n":13,"claim":"md12975-e4e6692e","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Settle as the regulator says","plain_english":"Trades must be settled the way the regulator concerned lays down.","rbi_paragraph":"Para 15(11)","rbi_char_offset":15300,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p28","layer":"bankpulse"},{"n":14,"claim":"md12975-769ff954","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Own rating always","plain_english":"Own credit work and an inside rating are needed even on externally rated paper.","rbi_paragraph":"Para 15(9)","rbi_char_offset":14921,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p29","layer":"bankpulse"},{"n":1,"claim":"md12975-be7429a2","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"90-day trading rule","plain_english":"Any security bought for short-term trading must be sold within 90 days.","rbi_paragraph":"Para 22","rbi_char_offset":18211,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p30","layer":"bankpulse"},{"n":1,"claim":"md12975-d4627449","page_group":"Chapter VIII. Investments in Non-Government Securities","stored_section":"THE CORE IDEA","heading":"Low coupon bonds defined","plain_english":"A low coupon bond pays little and is redeemed with a large premium at the end.","rbi_paragraph":"Para 78","rbi_char_offset":51160,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p31","layer":"bankpulse"},{"n":1,"claim":"md12975-c7f24753","page_group":"Chapter XI. Accounting and Provisioning","stored_section":"WHAT CHANGES","heading":"Only if serviced on time","plain_english":"That accrual holds only where the rate is fixed and interest is not in arrears.","rbi_paragraph":"Para 102(3)","rbi_char_offset":67283,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p32","layer":"bankpulse"},{"n":1,"claim":"md12975-f451ff86","page_group":"Chapter XIII. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Older rules cancelled","plain_english":"This cancels the older RBI rules on how banks classify and value their investment portfolio.","rbi_paragraph":"Para 117","rbi_char_offset":73971,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p33","layer":"bankpulse"},{"n":2,"claim":"md12975-30fee77a","page_group":"Chapter XIII. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions preserved","plain_english":"Actions already taken under the old rules still follow those old rules.","rbi_paragraph":"Para 118","rbi_char_offset":74410,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12975#p34","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."}