{"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":"md12981","title":"Reserve Bank of India (All India Financial Institutions – Credit Facilities) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12981","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":"md12981","mode":"four_dates_v1","published":{"label":"Published","value":"November 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/md12981.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12981","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:20:37 UTC","text_sha256":"d93508a65751542d471edd1f75b601c32bbadff19c94725329386bac4bbbc2b7","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":69,"points_naming_an_rbi_paragraph":69,"points_stored":69,"actions":0,"amendments":2},"points":[{"n":1,"claim":"md12981-2f4c72ff","page_group":"Opening paragraphs","stored_section":"KEY DATES","heading":"Latest update","plain_english":"The version shown today was last updated on July 15, 2026.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":1819,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p1","layer":"bankpulse"},{"n":2,"claim":"md12981-c35842c3","page_group":"Opening paragraphs","stored_section":"WHO IT APPLIES TO","heading":"The five institutions","plain_english":"The five all India financial institutions are EXIM Bank, NABARD, SIDBI, NHB and NaBFID.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":4041,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["agriculture-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p2","layer":"bankpulse"},{"n":3,"claim":"md12981-ecb1ab4f","page_group":"Opening paragraphs","stored_section":"THE CORE IDEA","heading":"Legal basis","plain_english":"RBI issues these Directions using its own legal powers, in the public interest.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":4520,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p3","layer":"bankpulse"},{"n":1,"claim":"md12981-67ac0476","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Fifty-one per cent test","plain_english":"A project finance exposure needs at least fifty-one per cent of repayment to come from the project.","rbi_paragraph":"Para 4(1)","rbi_char_offset":12257,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":"A project loan is repaid from two sources. If less than 51 per cent comes from the project's own cash flows, it is not project finance. At least 51 per cent must come from the project.","anchor":"https://bankpulse.ai/rule/md12981#p4","layer":"bankpulse"},{"n":2,"claim":"md12981-18d7e788","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Lending rules","plain_english":"This document sets the lending rules for all India financial institutions.","rbi_paragraph":"Para 1","rbi_char_offset":4632,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p5","layer":"bankpulse"},{"n":3,"claim":"md12981-6579b142","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These Directions took effect on the day the Reserve Bank issued them.","rbi_paragraph":"Para 2","rbi_char_offset":4778,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p6","layer":"bankpulse"},{"n":4,"claim":"md12981-22805cfe","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":4880,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p7","layer":"bankpulse"},{"n":1,"claim":"md12981-9be357a6","page_group":"Chapter III. Digital Lending","stored_section":"THE CORE IDEA","heading":"Outsourcing does not shift blame","plain_english":"Outsourcing never dilutes the lender's own regulatory duties.","rbi_paragraph":"Para 6(7)","rbi_char_offset":15907,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p8","layer":"bankpulse"},{"n":2,"claim":"md12981-10b84be2","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"No dark patterns","plain_english":"Displayed content must be unbiased and must not push one lender's product.","rbi_paragraph":"Para 7(5)","rbi_char_offset":17209,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p9","layer":"bankpulse"},{"n":3,"claim":"md12981-e831058f","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"No silent limit increase","plain_english":"A credit limit cannot rise on its own; the borrower must ask and the request must be recorded.","rbi_paragraph":"Para 8(2)","rbi_char_offset":18308,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p10","layer":"bankpulse"},{"n":4,"claim":"md12981-9cf27eeb","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"No third party in between","plain_english":"The flow of money between borrower and lender cannot be controlled by a third party.","rbi_paragraph":"Para 11(3)","rbi_char_offset":22251,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p11","layer":"bankpulse"},{"n":5,"claim":"md12981-341f7000","page_group":"Chapter III. Digital Lending","stored_section":"KEY DATES","heading":"One day to walk away","plain_english":"The cooling off period is set in the credit policy and can never be shorter than one day.","rbi_paragraph":"Para 12(1)","rbi_char_offset":23456,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p12","layer":"bankpulse"},{"n":6,"claim":"md12981-b75c2bb1","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"No biometric data","plain_english":"Biometric data must not be collected or stored unless a statute allows it.","rbi_paragraph":"Para 15(3)","rbi_char_offset":27119,"weight":"MUST KNOW","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p13","layer":"bankpulse"},{"n":7,"claim":"md12981-2b35cc99","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Data back in a day","plain_english":"Data processed abroad must be deleted there and brought back within 24 hours.","rbi_paragraph":"Para 15(4)","rbi_char_offset":27407,"weight":"MUST KNOW","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p14","layer":"bankpulse"},{"n":8,"claim":"md12981-dc9e180c","page_group":"Chapter III. Digital Lending","stored_section":"THE CORE IDEA","heading":"A guarantee is not underwriting","plain_english":"A default loss guarantee cannot stand in place of proper credit appraisal.","rbi_paragraph":"Para 21(2)","rbi_char_offset":32596,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p15","layer":"bankpulse"},{"n":9,"claim":"md12981-d799d714","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Not on revolving credit","plain_english":"Default loss guarantees are barred on revolving credit and on credit cards.","rbi_paragraph":"Para 22(1)","rbi_char_offset":33551,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["credit-card"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p16","layer":"bankpulse"},{"n":10,"claim":"md12981-0d96af89","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Default guarantee cap","plain_english":"The guarantee cover agreed up front cannot be more than 5 percent of the money paid out of that loan pool.","rbi_paragraph":"Para 25(1)","rbi_char_offset":34682,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p17","layer":"bankpulse"},{"n":11,"claim":"md12981-089928f9","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Guarantee cover capped","plain_english":"The guarantee giver cannot carry the risk of more than five per cent of the loan pool.","rbi_paragraph":"Para 25(1)","rbi_char_offset":34919,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p18","layer":"bankpulse"},{"n":12,"claim":"md12981-c9a46307","page_group":"Chapter III. Digital Lending","stored_section":"KEY DATES","heading":"Monthly disclosure, seven days","plain_english":"The guarantee disclosure is monthly and is due within seven working days of the month end.","rbi_paragraph":"Para 29(1)","rbi_char_offset":39976,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p19","layer":"bankpulse"},{"n":13,"claim":"md12981-944bec37","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"Review the provider's conduct","plain_english":"The service provider's conduct against the contract must be reviewed from time to time.","rbi_paragraph":"Para 6(3)","rbi_char_offset":14790,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p20","layer":"bankpulse"},{"n":14,"claim":"md12981-be758214","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"Watch the loans they source","plain_english":"The policy must set out how loan books sourced through service providers are monitored.","rbi_paragraph":"Para 6(4)","rbi_char_offset":15023,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p21","layer":"bankpulse"},{"n":15,"claim":"md12981-c52f8542","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Show every matching offer","plain_english":"The borrower must be shown a digital view of every matching loan offer.","rbi_paragraph":"Para 7(2)","rbi_char_offset":16301,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p22","layer":"bankpulse"},{"n":16,"claim":"md12981-4df38a98","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Same treatment for like borrowers","plain_english":"Borrowers in the same position must be matched to lenders by a consistent method.","rbi_paragraph":"Para 7(3)","rbi_char_offset":16629,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p23","layer":"bankpulse"},{"n":17,"claim":"md12981-db2658ba","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"What the offer must state","plain_english":"Each offer must name the lender and state the amount, the tenor, the annual rate and the monthly outgo.","rbi_paragraph":"Para 7(4)","rbi_char_offset":16825,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p24","layer":"bankpulse"},{"n":18,"claim":"md12981-d96febbc","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Key Fact Statement","plain_english":"A Key Fact Statement must be given to the borrower.","rbi_paragraph":"Para 9(1)","rbi_char_offset":18492,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p25","layer":"bankpulse"},{"n":19,"claim":"md12981-644a76aa","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"Publish the lending details","plain_english":"The lender must keep a public website carrying its digital lending details in one place.","rbi_paragraph":"Para 9(4)","rbi_char_offset":19460,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p26","layer":"bankpulse"},{"n":20,"claim":"md12981-b2cfacd8","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Money moves directly","plain_english":"Repayments must reach the lender's account directly, with no pass-through or pool account in between.","rbi_paragraph":"Para 11(2)","rbi_char_offset":22076,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p27","layer":"bankpulse"},{"n":21,"claim":"md12981-4264bf57","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"A named grievance officer","plain_english":"A nodal grievance redressal officer must be named for digital lending complaints.","rbi_paragraph":"Para 13(1)","rbi_char_offset":24001,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p28","layer":"bankpulse"},{"n":22,"claim":"md12981-d27b4335","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Show the officer's contact","plain_english":"The officer's contact details must appear on the website, the app and the Key Fact Statement.","rbi_paragraph":"Para 13(2)","rbi_char_offset":24159,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p29","layer":"bankpulse"},{"n":23,"claim":"md12981-82ff5fd5","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Complain from the app","plain_english":"A complaint must be capable of being lodged from the lending app itself.","rbi_paragraph":"Para 13(3)","rbi_char_offset":24334,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p30","layer":"bankpulse"},{"n":24,"claim":"md12981-3e10f7a8","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Collect only what is needed","plain_english":"Data collection must be need-based, with the borrower's prior explicit consent and an audit trail.","rbi_paragraph":"Para 14(1)","rbi_char_offset":25171,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p31","layer":"bankpulse"},{"n":25,"claim":"md12981-e9138db0","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Data stays in India","plain_english":"All data must sit on servers located in India.","rbi_paragraph":"Para 15(4)","rbi_char_offset":27259,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p32","layer":"bankpulse"},{"n":26,"claim":"md12981-9a9f9d25","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"A published privacy policy","plain_english":"A comprehensive privacy policy must be published on the website and the app.","rbi_paragraph":"Para 16(1)","rbi_char_offset":27633,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p33","layer":"bankpulse"},{"n":27,"claim":"md12981-3acc29c3","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Name the data collectors","plain_english":"The privacy policy must name the third parties allowed to collect data through the app.","rbi_paragraph":"Para 16(2)","rbi_char_offset":27905,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p34","layer":"bankpulse"},{"n":28,"claim":"md12981-2e078b42","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Guarantor must be a company","plain_english":"A service provider giving a default loss guarantee must be a company under the Companies Act.","rbi_paragraph":"Para 20(1)","rbi_char_offset":32029,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p35","layer":"bankpulse"},{"n":29,"claim":"md12981-3643fef6","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"Test the guarantor's capacity","plain_english":"Before each guarantee arrangement or renewal, the guarantor's ability to pay must be established.","rbi_paragraph":"Para 21(3)","rbi_char_offset":32859,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p36","layer":"bankpulse"},{"n":30,"claim":"md12981-b1cef124","page_group":"Chapter III. Digital Lending","stored_section":"KEY DATES","heading":"Guarantee outlives the loans","plain_english":"The guarantee agreement must run at least as long as the longest loan it covers.","rbi_paragraph":"Para 28(2)","rbi_char_offset":39400,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p37","layer":"bankpulse"},{"n":31,"claim":"md12981-39793e2b","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Contract before any lending","plain_english":"Digital lending through a service provider needs a written contract setting out each side's duties.","rbi_paragraph":"Para 6(1)","rbi_char_offset":14254,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p38","layer":"bankpulse"},{"n":32,"claim":"md12981-b9cba198","page_group":"Chapter III. Digital Lending","stored_section":"WHO SHOULD ACT","heading":"Know the borrower's means","plain_english":"Creditworthiness must be assessed from the borrower's own economic profile before any loan.","rbi_paragraph":"Para 8(1)","rbi_char_offset":18086,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p39","layer":"bankpulse"},{"n":33,"claim":"md12981-227816e1","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Lender pays the provider","plain_english":"Fees due to a service provider are paid by the lender, not collected from the borrower.","rbi_paragraph":"Para 11(4)","rbi_char_offset":22412,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p40","layer":"bankpulse"},{"n":34,"claim":"md12981-4bf17bac","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Free exit window","plain_english":"A borrower may leave a digital loan during the cooling-off period without paying a penalty.","rbi_paragraph":"Para 12(1)","rbi_char_offset":23157,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p41","layer":"bankpulse"},{"n":35,"claim":"md12981-ac04d103","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Consent can be withdrawn","plain_english":"The borrower may refuse, restrict or withdraw consent and ask for the data to be deleted.","rbi_paragraph":"Para 14(2)","rbi_char_offset":25779,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p42","layer":"bankpulse"},{"n":36,"claim":"md12981-a0d7220d","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Ask before sharing","plain_english":"Personal information goes to a third party only with explicit consent or under law.","rbi_paragraph":"Para 14(4)","rbi_char_offset":26016,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p43","layer":"bankpulse"},{"n":37,"claim":"md12981-c092d01d","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Providers store almost nothing","plain_english":"A service provider may hold only basic contact data about the borrower.","rbi_paragraph":"Para 15(1)","rbi_char_offset":26284,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p44","layer":"bankpulse"},{"n":38,"claim":"md12981-1e106707","page_group":"Chapter III. Digital Lending","stored_section":"THE CORE IDEA","heading":"Listing is not approval","plain_english":"Appearing on the Reserve Bank's list confers no registration, authorisation or endorsement.","rbi_paragraph":"Para 19(6)","rbi_char_offset":31574,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p45","layer":"bankpulse"},{"n":39,"claim":"md12981-faae869f","page_group":"Chapter III. Digital Lending","stored_section":"THE CORE IDEA","heading":"Borrower still owes the loan","plain_english":"Invoking the guarantee does not reduce what the borrower owes on the underlying loan.","rbi_paragraph":"Para 26(2)","rbi_char_offset":38359,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p46","layer":"bankpulse"},{"n":40,"claim":"md12981-3fd3f274","page_group":"Chapter III. Digital Lending","stored_section":"WHAT CHANGES","heading":"Invoked cover is not restored","plain_english":"Once a default loss guarantee is invoked, the cover is not reinstated even after recovery.","rbi_paragraph":"Para 26(4)","rbi_char_offset":38630,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p47","layer":"bankpulse"},{"n":1,"claim":"md12981-366154fe","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Repayment against project life","plain_english":"The repayment period cannot cross 85 per cent of the economic life of the project.","rbi_paragraph":"Para 36(3)","rbi_char_offset":43541,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A project has an economic life of 20 years. The repayment period, moratorium included, may not exceed 85 per cent of that. Eighty-five per cent of 20 years is 17 years.","anchor":"https://bankpulse.ai/rule/md12981#p48","layer":"bankpulse"},{"n":2,"claim":"md12981-048d0ff0","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Smaller project share","plain_english":"In a project loan pool up to ₹1,500 crore, each all India financial institution must hold at least 10 per cent.","rbi_paragraph":"Para 38","rbi_char_offset":43819,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"Suppose four lenders together put ₹1,000 crore into an under-construction project. That pool is up to ₹1,500 crore, so no single lender may sit below 10 per cent of it. Ten per cent of ₹1,000 crore is ₹100 crore.","anchor":"https://bankpulse.ai/rule/md12981#p49","layer":"bankpulse"},{"n":3,"claim":"md12981-5d7dc21c","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Larger project share","plain_english":"Above ₹1,500 crore, the floor is 5 per cent of the pool or ₹150 crore, whichever is higher.","rbi_paragraph":"Para 38","rbi_char_offset":44018,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"Suppose the pool is ₹4,000 crore. The floor is 5 per cent or ₹150 crore, whichever is higher. Five per cent of ₹4,000 crore is ₹200 crore, so that is the number.","anchor":"https://bankpulse.ai/rule/md12981#p50","layer":"bankpulse"},{"n":4,"claim":"md12981-2845563b","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Minimum funding share","plain_english":"Each lender must fund at least 5 per cent of the exposure or ₹150 crore, whichever is higher.","rbi_paragraph":"Para 38","rbi_char_offset":44098,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p51","layer":"bankpulse"},{"n":5,"claim":"md12981-12087ef8","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Viability study needed","plain_english":"A project loan pool of ₹100 crore or more needs a techno-economic viability study.","rbi_paragraph":"Para 43","rbi_char_offset":47544,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p52","layer":"bankpulse"},{"n":6,"claim":"md12981-b4f38ac8","page_group":"Chapter IV. Project Finance","stored_section":"KEY DATES","heading":"Three months for systems","plain_english":"The system that keeps those project records must be ready within three months.","rbi_paragraph":"Para 46","rbi_char_offset":50251,"weight":"MUST KNOW","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p53","layer":"bankpulse"},{"n":7,"claim":"md12981-365458dc","page_group":"Chapter IV. Project Finance","stored_section":"WHO SHOULD ACT","heading":"Credit policy covers project loans","plain_english":"The credit policy must carry its own clauses for sanctioning project finance.","rbi_paragraph":"Para 35","rbi_char_offset":42932,"weight":"DO IT","role":"Compliance","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p54","layer":"bankpulse"},{"n":8,"claim":"md12981-626693d5","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Closure and a dated completion","plain_english":"Funds are released only after financial closure, with the completion date documented.","rbi_paragraph":"Para 36(1)","rbi_char_offset":43167,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p55","layer":"bankpulse"},{"n":9,"claim":"md12981-7e978ad3","page_group":"Chapter IV. Project Finance","stored_section":"WHAT CHANGES","heading":"Land readiness rule","plain_english":"PPP projects need 50% of land ready, other projects need 75%, before money is paid out.","rbi_paragraph":"Para 41(1)","rbi_char_offset":46106,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p56","layer":"bankpulse"},{"n":1,"claim":"md12981-6e8e4dba","page_group":"Chapter V. Non-Fund Based (NFB) Credit Facilities","stored_section":"WHAT CHANGES","heading":"Watch how guarantees are used","plain_english":"The all India financial institution must track that guaranteed money is used for the business need it was given for.","rbi_paragraph":"Para 81","rbi_char_offset":61381,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p57","layer":"bankpulse"},{"n":1,"claim":"md12981-a996626f","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHAT CHANGES","heading":"Barred NBFC financing","plain_english":"All India financial institutions cannot finance NBFCs for a list of activities named in this rule.","rbi_paragraph":"Para 109","rbi_char_offset":69369,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["vehicle-loan","working-capital"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p58","layer":"bankpulse"},{"n":2,"claim":"md12981-66e6a085","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHAT CHANGES","heading":"Not for the budget gap","plain_english":"Loans to a special purpose vehicle must not end up financing a government budget deficit.","rbi_paragraph":"Para 110(3)","rbi_char_offset":71134,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p59","layer":"bankpulse"},{"n":3,"claim":"md12981-3a773565","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHAT CHANGES","heading":"Not while a unit struggles","plain_english":"Lending to a trust is barred where an underlying company with bank loans is in financial difficulty.","rbi_paragraph":"Para 124","rbi_char_offset":80228,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p60","layer":"bankpulse"},{"n":4,"claim":"md12981-c21d9764","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHO SHOULD ACT","heading":"Cash must cover the debt","plain_english":"The trust's cash flows must be tested as sufficient to service the debt on time.","rbi_paragraph":"Para 123","rbi_char_offset":79694,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p61","layer":"bankpulse"},{"n":5,"claim":"md12981-74a2c622","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"KEY DATES","heading":"Audit Committee reviews it","plain_english":"The Audit Committee of the Board must review compliance twice a year.","rbi_paragraph":"Para 126","rbi_char_offset":80634,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p62","layer":"bankpulse"},{"n":6,"claim":"md12981-07e227a8","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHO SHOULD ACT","heading":"Expertise before infrastructure","plain_english":"Infrastructure lending needs the appraisal expertise for it.","rbi_paragraph":"Para 110(1)","rbi_char_offset":70262,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":["infrastructure-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p63","layer":"bankpulse"},{"n":7,"claim":"md12981-f5ffca85","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHAT CHANGES","heading":"Only corporate public entities","plain_english":"Term loans to public sector units go only to bodies incorporated under a statute or the Companies Act.","rbi_paragraph":"Para 110(2)","rbi_char_offset":70519,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p64","layer":"bankpulse"},{"n":8,"claim":"md12981-111e575d","page_group":"Chapter VI. Other Instructions on Credit Facilities","stored_section":"WHAT CHANGES","heading":"Named and trackable projects","plain_english":"Funding a special purpose vehicle requires a specific monitorable project.","rbi_paragraph":"Para 110(5)","rbi_char_offset":71673,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p65","layer":"bankpulse"},{"n":1,"claim":"md12981-6502eed5","page_group":"Chapter VII. Repeal and other provisions","stored_section":"KEY DATES","heading":"Later update","plain_english":"RBI updated these Directions again on July 15, 2026.","rbi_paragraph":"Para 134","rbi_char_offset":83765,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p66","layer":"bankpulse"},{"n":2,"claim":"md12981-30fee77a","page_group":"Chapter VII. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions preserved","plain_english":"Anything already done under the old rules stays governed by those old rules.","rbi_paragraph":"Para 132","rbi_char_offset":82065,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p67","layer":"bankpulse"},{"n":3,"claim":"md12981-562eb172","page_group":"Chapter VII. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Approvals carried over","plain_english":"Approvals given under the cancelled rules are now treated as given under these rules.","rbi_paragraph":"Para 132","rbi_char_offset":82244,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12981#p68","layer":"bankpulse"},{"n":4,"claim":"md12981-2a25746e","page_group":"Chapter VII. Repeal and other provisions","stored_section":"IMPACT","heading":"Other laws still apply","plain_english":"These Directions add to other laws. They do not replace any of them.","rbi_paragraph":"Para 133","rbi_char_offset":83143,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A bank follows these Directions and thinks the matter is closed. It is not. Any other laws, rules, regulations or directions in force still apply on top. Where another one asks for more, the bank does the more.","anchor":"https://bankpulse.ai/rule/md12981#p69","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13482","title":"Reserve Bank of India (All India Financial Institutions – Credit Facilities) Amendment Directions, 2026","date":"Jun 10, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13482&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13562","title":"Reserve Bank of India (All India Financial Institutions – Credit Facilities) Second Amendment Directions, 2026","date":"Jul 15, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13562&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."}