{"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":"md12984","title":"Reserve Bank of India (All India Financial Institutions – Undertaking of Financial Services) Directions, 2025 (Updated as on April 27, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12984","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":"md12984","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 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":"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/md12984.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=12984","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:43 UTC","text_sha256":"3a6c215fff0500fc1d61463f8210e2fa747d980b237867d5ef78ad39fe6266b8","word_count":2915,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":31,"points_naming_an_rbi_paragraph":31,"points_stored":31,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md12984-42f27543","page_group":"Chapter I. 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General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Policy must cover funds","plain_english":"The investment policy must carry provisions on investing in such funds.","rbi_paragraph":"Para 11","rbi_char_offset":11134,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A lender that has never invested in such a fund still needs the words in its investment policy. The policy must carry provisions governing its investments in a scheme of that kind. Writing them only when the first investment is proposed is too late.","anchor":"https://bankpulse.ai/rule/md12984#p9","layer":"bankpulse"},{"n":6,"claim":"md12984-2768ef2b","page_group":"Chapter II. 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General Guidelines","stored_section":"WHAT CHANGES","heading":"Subordinated units deducted","plain_english":"A holding in subordinated units of such a fund is deducted from capital in full.","rbi_paragraph":"Para 15","rbi_char_offset":12406,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A lender puts ₹10 crore into such a fund, as subordinated units. The whole ₹10 crore comes off capital funds. It is taken proportionately from Tier-1 and Tier-2 capital.","anchor":"https://bankpulse.ai/rule/md12984#p12","layer":"bankpulse"},{"n":9,"claim":"md12984-be3a164e","page_group":"Chapter II. General Guidelines","stored_section":"WHAT CHANGES","heading":"Some funds are exempt","plain_english":"The Reserve Bank may exempt named funds from these rules by notification.","rbi_paragraph":"Para 15","rbi_char_offset":12881,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p13","layer":"bankpulse"},{"n":10,"claim":"md12984-4d3dd541","page_group":"Chapter II. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Apply through Pravaah","plain_english":"An application needing the Reserve Bank's approval goes through the Pravaah portal.","rbi_paragraph":"Para 20","rbi_char_offset":13212,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p14","layer":"bankpulse"},{"n":1,"claim":"md12984-b52137bf","page_group":"Chapter III. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Inspect the subsidiary","plain_english":"The parent must inspect or audit its subsidiaries' books from time to time.","rbi_paragraph":"Para 21(2)","rbi_char_offset":13719,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p15","layer":"bankpulse"},{"n":2,"claim":"md12984-b28fc5a0","page_group":"Chapter III. Financial Services","stored_section":"WHAT CHANGES","heading":"No grandchild company","plain_english":"A subsidiary cannot set up another company or start new business without approval.","rbi_paragraph":"Para 21(3)","rbi_char_offset":13830,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p16","layer":"bankpulse"},{"n":3,"claim":"md12984-84eebcbf","page_group":"Chapter III. 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Financial Services","stored_section":"WHAT CHANGES","heading":"No account access","plain_english":"A subsidiary cannot have online access to customers' accounts at the institution.","rbi_paragraph":"Para 21(5)","rbi_char_offset":14416,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p19","layer":"bankpulse"},{"n":6,"claim":"md12984-813a13a1","page_group":"Chapter III. Financial Services","stored_section":"WHAT CHANGES","heading":"Sharing at arm's length","plain_english":"Information may pass between the two only on an arm's length footing.","rbi_paragraph":"Para 21(5)","rbi_char_offset":14514,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p20","layer":"bankpulse"},{"n":7,"claim":"md12984-a491a577","page_group":"Chapter III. Financial Services","stored_section":"WHAT CHANGES","heading":"No unsecured loan","plain_english":"No unsecured advance may be given to the subsidiary without prior approval.","rbi_paragraph":"Para 21(6)","rbi_char_offset":14638,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p21","layer":"bankpulse"},{"n":8,"claim":"md12984-1675a8ea","page_group":"Chapter III. Financial Services","stored_section":"THE CORE IDEA","heading":"Deals at arm's length","plain_english":"Every transaction between the institution and its subsidiary is at arm's length.","rbi_paragraph":"Para 21(7)","rbi_char_offset":14734,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p22","layer":"bankpulse"},{"n":9,"claim":"md12984-42653623","page_group":"Chapter III. Financial Services","stored_section":"THE CORE IDEA","heading":"No favours to the subsidiary","plain_english":"A subsidiary gets no better treatment than any other party of the same risk.","rbi_paragraph":"Para 21(7)","rbi_char_offset":14808,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p23","layer":"bankpulse"},{"n":10,"claim":"md12984-6951b1ec","page_group":"Chapter III. Financial Services","stored_section":"WHAT CHANGES","heading":"Foreign products carry norms","plain_english":"Products sold by foreign branches carry the capital and exposure norms too.","rbi_paragraph":"Para 26","rbi_char_offset":17525,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p24","layer":"bankpulse"},{"n":11,"claim":"md12984-3dff1ec5","page_group":"Chapter III. Financial Services","stored_section":"WHAT CHANGES","heading":"Stricter rule abroad","plain_english":"An overseas branch follows whichever rule is stricter, the host's or India's.","rbi_paragraph":"Para 26","rbi_char_offset":17786,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p25","layer":"bankpulse"},{"n":12,"claim":"md12984-bbc15ae4","page_group":"Chapter III. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Ask when unclear","plain_english":"Where the Indian rules say nothing about a product, guidance must be sought.","rbi_paragraph":"Para 27","rbi_char_offset":17926,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p26","layer":"bankpulse"},{"n":13,"claim":"md12984-2c5cb927","page_group":"Chapter III. Financial Services","stored_section":"THE CORE IDEA","heading":"Indian law follows abroad","plain_english":"Work of foreign branches stays subject to Indian law unless the law exempts it.","rbi_paragraph":"Para 28","rbi_char_offset":18082,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p27","layer":"bankpulse"},{"n":1,"claim":"md12984-8ddcca61","page_group":"Chapter IV. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old rules stay repealed","plain_english":"Rules repealed before this document was issued remain repealed.","rbi_paragraph":"Para 29","rbi_char_offset":18632,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12984#p28","layer":"bankpulse"},{"n":2,"claim":"md12984-1079c38d","page_group":"Chapter IV. 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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."}