Reserve Bank of India (All India Financial Institutions– Resource Raising Norms) Directions, 2025
UR
- Applies toAll India financial institutions
- StatusIn force
- IssuedNov 28, 2025
- Amendmentsnone tracked
- Length26 points in 5 sections · 3 min read
The four dates on this rule
- PublishedNov 28, 2025The day RBI put this document out. This is the same day as the Issued date on this rule.
- Starts to applyNov 28, 2025The day this rule starts to apply, as RBI's own text states it.
- Time to get readyNoneIt starts to apply on the day it was published.
- Last date to actNot statedNo date to act by was found in this document. Other dates may sit inside single paragraphs.
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What it says
How firm is each point
Stated by RBI — RBI’s own paragraph says this. We have only made it plainer.
Our reading — BankPulse read RBI’s paragraph and shortened it. The paragraph is the authority, not this line.
Needs judgement — RBI leaves this to the bank to settle, so nobody can give you a fixed number here.
Chapter I. Preliminary
1. Starts once posted online
The rules start the day RBI puts them on its own website.
2. Covers EXIM Bank and NABARD
These rules cover the RBI-regulated All India Financial Institutions, starting with EXIM Bank and NABARD.
3. Also covers NaBFID, NHB, SIDBI
The list also names NaBFID, the National Housing Bank and SIDBI.
Chapter II. Resource Raising Norms
Must know
1. The umbrella limit continues
The Umbrella Limit itself still binds every AIFI, even though the old ceiling is gone.
2. Borrowings capped at own funds
Total borrowings under the Umbrella Limit may never exceed 100 per cent of the AIFI's own funds.
BankPulse example. An AIFI's own funds are Rs 2,000 crore. Its Umbrella Limit borrowings may not cross Rs 2,000 crore, 100 per cent of that.
3. Four instruments make the limit
The Umbrella Limit is built from term deposits, term money, certificates of deposit and commercial paper.
4. Brokerage limit, one per cent
Brokerage on a term deposit may never exceed one per cent of the amount taken in.
BankPulse example. TDs raised in a quarter total Rs 50 crore. Brokerage on them may not cross Rs 50 lakh, one per cent of that.
5. TDs must carry a rating
Every term deposit must carry a rating from a SEBI-approved credit rating agency.
6. No loans against own deposits
An AIFI may not lend against its own term deposits without RBI's permission.
7. Term money, banks only
Term money may be borrowed only from scheduled commercial banks and co-operative banks.
8. Primary issuance reported by evening
Details of a new certificate of deposit must reach the trade repository by 5:30 PM that day.
9. Reported within 15 minutes
A secondary market trade in a certificate of deposit must be reported within 15 minutes of execution.
10. Bonds need no RBI approval
An AIFI may raise resources through bonds without needing RBI's prior approval.
11. Bonds, no early exit
A bond may not carry any call, put or exit option before one year from issue.
Do it
12. Deposits, one to five years
A term deposit must run for at least one year and no more than five years.
13. Minimum deposit, ten thousand
Each term deposit must be for at least ₹10,000.
14. No exit before a year
A term deposit may not be withdrawn early before it completes one year.
15. Term money, three to six
Term money borrowing must run for at least three months and no more than six.
16. Certificates issued electronically only
A certificate of deposit must be issued only in electronic, dematerialised form.
17. Five lakh minimum, in steps
A certificate of deposit starts at ₹5 lakh and rises only in steps of ₹5 lakh.
BankPulse example. An AIFI planning Rs 47 lakh through one certificate finds a problem: Rs 47 lakh is not a multiple of Rs 5 lakh. The nearest multiples are Rs 45 lakh and Rs 50 lakh.
18. One to three years
A certificate of deposit must run for at least a year and no more than three.
19. Bonds, three-year minimum
A bond issued under this book must have a minimum maturity of three years.
Background
20. The old limit is gone
The Overall Borrowing Limit was dropped when the Leverage Ratio began on April 1, 2024.
Chapter III. Repeal and Other Provisions
1. Old resource-raising rules are gone
All earlier RBI rules on resource raising for these institutions now stand repealed.
2. Past actions still stand
Anything done under the old rules stays governed by those old rules.
3. This adds to other law
These rules sit on top of other laws, and take nothing away from them.