{"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":"md12977","title":"Reserve Bank of India (All India Financial Institutions – Transfer and Distribution of Credit Risk) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12977","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":"md12977","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":"January 1, 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":"34 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/md12977.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=12977","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:31 UTC","text_sha256":"11b64feba4569a79daed275c8871bd8f9b4a11d12c9f0777e6da2e4fbd93224e","word_count":12280,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":47,"points_naming_an_rbi_paragraph":47,"points_stored":47,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md12977-c8b48acf","page_group":"Must know","stored_section":"KEY DATES","heading":"Co-lending from January","plain_english":"The co-lending part takes effect from January 1, 2026, or any earlier date the institution chooses.","rbi_paragraph":"Para 2","rbi_char_offset":3814,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p1","layer":"bankpulse"},{"n":2,"claim":"md12977-128b293a","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Terms stay unchanged","plain_english":"A transfer must not change the loan's terms; any change is tested against the restructuring rules.","rbi_paragraph":"Para 14","rbi_char_offset":14450,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p2","layer":"bankpulse"},{"n":3,"claim":"md12977-6416057d","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"No safety nets","plain_english":"Lenders may not offer credit enhancement or liquidity support in any form on loan transfers.","rbi_paragraph":"Para 16(4)","rbi_char_offset":15269,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p3","layer":"bankpulse"},{"n":4,"claim":"md12977-92187902","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"No buying it back","plain_english":"A seller cannot re-acquire a transferred loan except under an approved resolution plan.","rbi_paragraph":"Para 17","rbi_char_offset":15390,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p4","layer":"bankpulse"},{"n":5,"claim":"md12977-f8c71ee8","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"RBI told of make-goods","plain_english":"Every replacement of a transferred loan, or damages paid, is reported to RBI's supervision department.","rbi_paragraph":"Para 24","rbi_char_offset":18388,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p5","layer":"bankpulse"},{"n":6,"claim":"md12977-3a8c415e","page_group":"Must know","stored_section":"WHO SHOULD ACT","heading":"Checks cannot be outsourced","plain_english":"The buyer's own staff must do the due diligence, with the same rigour as for its own loans.","rbi_paragraph":"Para 39","rbi_char_offset":25092,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p6","layer":"bankpulse"},{"n":7,"claim":"md12977-a15d8b2e","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"A third checked, tenth kept","plain_english":"Loan by loan checks may cover only one third of a portfolio. In that case the seller must retain 10 per cent of the interest.","rbi_paragraph":"Para 40","rbi_char_offset":25613,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p7","layer":"bankpulse"},{"n":8,"claim":"md12977-eb293f60","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Hold before you sell","plain_english":"Loans with tenor up to 2 years need three months of holding; longer loans need six months.","rbi_paragraph":"Para 43(1)","rbi_char_offset":28324,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A loan with a tenor of up to 2 years must be held for three months before transfer. A loan with a tenor of more than 2 years must be held for six months. So an 18-month loan waits three months, and a 5-year loan waits six.","anchor":"https://bankpulse.ai/rule/md12977#p8","layer":"bankpulse"},{"n":9,"claim":"md12977-67bdc5c0","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Thirty days to replace","plain_english":"A warranty replacement of transferred loans must happen within 30 days, on the original terms.","rbi_paragraph":"Para 52(4)","rbi_char_offset":33188,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p9","layer":"bankpulse"},{"n":10,"claim":"md12977-e3ff8ce3","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Two valuers above 100 crore","plain_english":"A stressed exposure of ₹100 crore or more needs two external valuation reports, at the seller's cost.","rbi_paragraph":"Para 57","rbi_char_offset":36357,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A stressed exposure of ₹120 crore is being transferred. Two external valuation reports are needed, because the exposure is ₹100 crore or more. An exposure of ₹90 crore is below ₹100 crore, so this rule does not apply.","anchor":"https://bankpulse.ai/rule/md12977#p10","layer":"bankpulse"},{"n":11,"claim":"md12977-a9ed0ebc","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Open challenge, big sales","plain_english":"A bilateral stressed sale of ₹100 crore or more must face a public counter bidding round.","rbi_paragraph":"Para 60","rbi_char_offset":36927,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p11","layer":"bankpulse"},{"n":12,"claim":"md12977-c8dfefe8","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Twelve months of distance","plain_english":"After selling a stressed loan the institution takes no fresh exposure to that borrower for at least 12 months.","rbi_paragraph":"Para 61","rbi_char_offset":38547,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p12","layer":"bankpulse"},{"n":13,"claim":"md12977-e0702345","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Six months both ways","plain_english":"Acquired stressed loans are held at least six months, and loans sold as stressed within six months are not bought.","rbi_paragraph":"Para 73","rbi_char_offset":46470,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p13","layer":"bankpulse"},{"n":14,"claim":"md12977-83e08f3d","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Old receipts, five years","plain_english":"The gap on legacy security receipts held on September 24, 2021 may be provided over a five-year period.","rbi_paragraph":"Para 82(2)","rbi_char_offset":51980,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p14","layer":"bankpulse"},{"n":15,"claim":"md12977-784421dc","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"A tenth stays home","plain_english":"The institution must keep at least a 10 per cent share of each co-lent loan in its own books.","rbi_paragraph":"Para 101","rbi_char_offset":62230,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p15","layer":"bankpulse"},{"n":16,"claim":"md12977-ee5b444b","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Fifteen days to book","plain_english":"Each partner's share must reach both partners' books within 15 calendar days of disbursement.","rbi_paragraph":"Para 111","rbi_char_offset":66613,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p16","layer":"bankpulse"},{"n":17,"claim":"md12977-77aa0dff","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Miss it, keep it","plain_english":"A share not moved within 15 days stays on the originator's own books.","rbi_paragraph":"Para 113","rbi_char_offset":66899,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p17","layer":"bankpulse"},{"n":18,"claim":"md12977-cc46a2dc","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"A five per cent guarantee","plain_english":"The originating institution may guarantee default losses up to five per cent of the co-lent loans outstanding.","rbi_paragraph":"Para 121","rbi_char_offset":68837,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p18","layer":"bankpulse"},{"n":19,"claim":"md12977-bbc78eff","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"News by next day","plain_english":"Partners share classification information near real time, and never later than the end of the next working day.","rbi_paragraph":"Para 122","rbi_char_offset":69668,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p19","layer":"bankpulse"},{"n":20,"claim":"md12977-62239e66","page_group":"Must know","stored_section":"WHAT CHANGES","heading":"Declarations above five crore","plain_english":"Borrowers with sanctioned limits of rupees five crore and above declare their credit lines from other lenders.","rbi_paragraph":"Para 126(1)","rbi_char_offset":71476,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p20","layer":"bankpulse"},{"n":1,"claim":"md12977-e18f8812","page_group":"Do it","stored_section":"WHO SHOULD ACT","heading":"Sellers kept separate","plain_english":"Staff who transfer loans must work and report independently of staff who originate them.","rbi_paragraph":"Para 13","rbi_char_offset":14125,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p21","layer":"bankpulse"},{"n":2,"claim":"md12977-97c77f12","page_group":"Do it","stored_section":"THE CORE IDEA","heading":"A clean break","plain_english":"The transfer must separate the seller at once from the risks and rewards, to the extent transferred.","rbi_paragraph":"Para 18","rbi_char_offset":15784,"weight":"DO IT","role":"All 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54","rbi_char_offset":34209,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p30","layer":"bankpulse"},{"n":8,"claim":"md12977-404bd22e","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Buying stressed loans allowed","plain_english":"Unlike the small banks, these institutions may acquire stressed loans, under a policy with stated objectives.","rbi_paragraph":"Para 55(4)","rbi_char_offset":34852,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p31","layer":"bankpulse"},{"n":9,"claim":"md12977-5476bb95","page_group":"Background","stored_section":"WHAT CHANGES","heading":"A floor under the discount","plain_english":"The internal valuation's discount rate has a floor: the contracted interest rate charged on the loan.","rbi_paragraph":"Para 57","rbi_char_offset":36177,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p32","layer":"bankpulse"},{"n":10,"claim":"md12977-2a968569","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Alike loans, one asset","plain_english":"A pool of alike personal loans acquired may sit in the books as a single asset. Everything else stays loan by loan.","rbi_paragraph":"Para 67","rbi_char_offset":43732,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":["personal-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p33","layer":"bankpulse"},{"n":11,"claim":"md12977-45cf5cb9","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Recover the cost first","plain_english":"Cash from an acquired bad loan first repays the acquisition cost; only the excess counts as profit.","rbi_paragraph":"Para 75","rbi_char_offset":47597,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p34","layer":"bankpulse"},{"n":12,"claim":"md12977-cc99504f","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Full risk weight applies","plain_english":"Acquired bad loans carry a 100% risk weight in the institution's capital sums.","rbi_paragraph":"Para 76","rbi_char_offset":47846,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p35","layer":"bankpulse"},{"n":13,"claim":"md12977-6a9e3ecc","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Unredeemed receipts are losses","plain_english":"Security receipts still unredeemed at the end of the resolution period are treated as loss assets, fully provided.","rbi_paragraph":"Para 84","rbi_char_offset":54069,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p36","layer":"bankpulse"},{"n":14,"claim":"md12977-5d8fc278","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Healed loans may return","plain_english":"Standard accounts that recovered under an ARC's resolution plan may be taken over after the monitoring period.","rbi_paragraph":"Para 86","rbi_char_offset":54655,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p37","layer":"bankpulse"},{"n":15,"claim":"md12977-b6e76d3e","page_group":"Background","stored_section":"WHO IT APPLIES TO","heading":"Not with the small banks","plain_english":"Co-lending partners are commercial banks excluding small finance, local area and regional rural banks, all India financial institutions and NBFCs.","rbi_paragraph":"Para 96(1)","rbi_char_offset":60808,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p38","layer":"bankpulse"},{"n":16,"claim":"md12977-d9d697d9","page_group":"Background","stored_section":"THE CORE IDEA","heading":"Co-lending, defined","plain_english":"Co-lending is a pre-agreed joint funding of a loan portfolio by two regulated lenders, sharing revenue and risk.","rbi_paragraph":"Para 100","rbi_char_offset":61987,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p39","layer":"bankpulse"},{"n":17,"claim":"md12977-24912ee6","page_group":"Background","stored_section":"WHAT CHANGES","heading":"One face to the borrower","plain_english":"The loan agreement discloses upfront who does what and names the single point of contact for the customer.","rbi_paragraph":"Para 104","rbi_char_offset":63580,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p40","layer":"bankpulse"},{"n":18,"claim":"md12977-6f7819be","page_group":"Background","stored_section":"WHAT CHANGES","heading":"A blended interest rate","plain_english":"The borrower pays one blended rate averaged from the partner lenders' own rates.","rbi_paragraph":"Para 106","rbi_char_offset":64499,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p41","layer":"bankpulse"},{"n":19,"claim":"md12977-d33bece1","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Money moves through escrow","plain_english":"Every disbursement and repayment routes through an escrow account with an all India financial institution.","rbi_paragraph":"Para 115","rbi_char_offset":67394,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p42","layer":"bankpulse"},{"n":20,"claim":"md12977-d6c6661b","page_group":"Background","stored_section":"WHAT CHANGES","heading":"One default marks both","plain_english":"If either partner marks the borrower as stressed, the other partner's share carries the same mark.","rbi_paragraph":"Para 122","rbi_char_offset":69430,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p43","layer":"bankpulse"},{"n":21,"claim":"md12977-f0f2ba45","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Leaving needs both hands","plain_english":"A co-lent loan may go to a third party only with the consent of both partners, under the transfer rules.","rbi_paragraph":"Para 123","rbi_char_offset":70016,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p44","layer":"bankpulse"},{"n":22,"claim":"md12977-9ae89125","page_group":"Background","stored_section":"WHAT CHANGES","heading":"Sharing borrower information","plain_english":"Lenders in consortium arrangements exchange borrower conduct information at least quarterly.","rbi_paragraph":"Para 126(2)","rbi_char_offset":71762,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p45","layer":"bankpulse"},{"n":23,"claim":"md12977-051dbf01","page_group":"Background","stored_section":"WHAT IT REPLACES","heading":"Old guidance repealed","plain_english":"The earlier credit risk transfer guidance for these institutions stands repealed.","rbi_paragraph":"Para 128","rbi_char_offset":72885,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p46","layer":"bankpulse"},{"n":24,"claim":"md12977-1079c38d","page_group":"Background","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 129","rbi_char_offset":73349,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12977#p47","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. 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