{"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":"md13094","title":"Reserve Bank of India (Payments Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on May 18, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13094","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":"Payments banks","class_code":"PB","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md13094","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/md13094.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13094","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:16:58 UTC","text_sha256":"6ed000c3ccb2ad5a43933396086071394abc5fab3def285fb068e585b5bb5c8a","word_count":18709,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":65,"points_naming_an_rbi_paragraph":65,"points_stored":65,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md13094-a4fc4f16","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Rating letter within a month","plain_english":"The rating letter must be under one month old and the rationale under one year.","rbi_paragraph":"Para 4(6)","rbi_char_offset":7515,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p1","layer":"bankpulse"},{"n":2,"claim":"md13094-fae0d8b8","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Investments for payments banks","plain_english":"This paper sets how payments banks must class and value what they hold.","rbi_paragraph":"Para 1","rbi_char_offset":3893,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p2","layer":"bankpulse"},{"n":3,"claim":"md13094-3c9485f4","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(6)","rbi_char_offset":7412,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p3","layer":"bankpulse"},{"n":4,"claim":"md13094-9ce1e83d","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Overseas ratings named","plain_english":"For overseas paper the rating must come from the agencies named for capital work.","rbi_paragraph":"Para 4(6)","rbi_char_offset":7912,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p4","layer":"bankpulse"},{"n":5,"claim":"md13094-7b78bc30","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":4086,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p5","layer":"bankpulse"},{"n":6,"claim":"md13094-afed2258","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every payments bank.","rbi_paragraph":"Para 3","rbi_char_offset":4153,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p6","layer":"bankpulse"},{"n":7,"claim":"md13094-ff22043c","page_group":"Chapter I. 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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(6)","rbi_char_offset":7723,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p9","layer":"bankpulse"},{"n":10,"claim":"md13094-70c44f76","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"An exchange abroad","plain_english":"Abroad, an exchange means one the local securities regulator recognises.","rbi_paragraph":"Para 4(12)","rbi_char_offset":9113,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p10","layer":"bankpulse"},{"n":11,"claim":"md13094-d4627449","page_group":"Chapter I. 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Role of the Board","stored_section":"KEY DATES","heading":"Two months to report","plain_english":"The half-yearly book review must reach the Board within two months, by end May and end November.","rbi_paragraph":"Para 14","rbi_char_offset":18011,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p15","layer":"bankpulse"},{"n":2,"claim":"md13094-543742ea","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":16627,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p16","layer":"bankpulse"},{"n":3,"claim":"md13094-66a6bbb2","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Investment Committee","plain_english":"The Board must set up an Investment Committee to handle all equity and share investments.","rbi_paragraph":"Para 7","rbi_char_offset":16712,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p17","layer":"bankpulse"},{"n":4,"claim":"md13094-00d1d3c4","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board sets the impairment bar","plain_english":"The Board must set the bar for treating an investment in a group firm as impaired.","rbi_paragraph":"Para 8","rbi_char_offset":16971,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p18","layer":"bankpulse"},{"n":5,"claim":"md13094-3051c846","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 11","rbi_char_offset":17425,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p19","layer":"bankpulse"},{"n":6,"claim":"md13094-74812a14","page_group":"Chapter II. Role of the Board","stored_section":"KEY DATES","heading":"Non-SLR review each quarter","plain_english":"The Board must look at non-SLR investments at least once a quarter.","rbi_paragraph":"Para 12","rbi_char_offset":17603,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p20","layer":"bankpulse"},{"n":7,"claim":"md13094-133ce5e1","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board told after a breach","plain_english":"The Board must be told after the total limit for one broker is crossed.","rbi_paragraph":"Para 13","rbi_char_offset":17746,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p21","layer":"bankpulse"},{"n":8,"claim":"md13094-2b43ea74","page_group":"Chapter II. Role of the Board","stored_section":"KEY DATES","heading":"Half-yearly portfolio review","plain_english":"The Board must review the whole book twice a year, at 31 March and 30 September.","rbi_paragraph":"Para 14","rbi_char_offset":17894,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p22","layer":"bankpulse"},{"n":9,"claim":"md13094-eac32e0b","page_group":"Chapter II. Role of the Board","stored_section":"WHAT CHANGES","heading":"Category moves need Board","plain_english":"Moving an investment between HTM, AFS and FVTPL needs Board approval.","rbi_paragraph":"Para 9","rbi_char_offset":17119,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p23","layer":"bankpulse"},{"n":10,"claim":"md13094-4adf930e","page_group":"Chapter II. Role of the Board","stored_section":"WHAT CHANGES","heading":"HTM sale policy","plain_english":"Selling investments out of the Held to Maturity category needs a Board-approved policy.","rbi_paragraph":"Para 10","rbi_char_offset":17268,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p24","layer":"bankpulse"},{"n":1,"claim":"md13094-e2f3fc25","page_group":"Chapter III. General Guidelines","stored_section":"THE CORE IDEA","heading":"Invest only as told here","plain_english":"Investment work must stay within the terms these Directions set.","rbi_paragraph":"Para 15","rbi_char_offset":18236,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p25","layer":"bankpulse"},{"n":2,"claim":"md13094-66e7a4e7","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 16","rbi_char_offset":18348,"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/md13094#p26","layer":"bankpulse"},{"n":3,"claim":"md13094-202dba24","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 19","rbi_char_offset":19381,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p27","layer":"bankpulse"},{"n":4,"claim":"md13094-1e2df323","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 20","rbi_char_offset":19477,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p28","layer":"bankpulse"},{"n":5,"claim":"md13094-8c69b752","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 22","rbi_char_offset":20056,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p29","layer":"bankpulse"},{"n":6,"claim":"md13094-346680e1","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 22","rbi_char_offset":20157,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p30","layer":"bankpulse"},{"n":7,"claim":"md13094-f92a9484","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 23","rbi_char_offset":20430,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p31","layer":"bankpulse"},{"n":8,"claim":"md13094-77c362b5","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 25","rbi_char_offset":20732,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p32","layer":"bankpulse"},{"n":9,"claim":"md13094-3ece13fd","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Do your own rating","plain_english":"Own credit work must be done even on rated paper; outside ratings are not enough.","rbi_paragraph":"Para 26","rbi_char_offset":21006,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p33","layer":"bankpulse"},{"n":10,"claim":"md13094-6aa1505f","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 27","rbi_char_offset":21230,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p34","layer":"bankpulse"},{"n":11,"claim":"md13094-890dd05b","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 28","rbi_char_offset":21371,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p35","layer":"bankpulse"},{"n":12,"claim":"md13094-96b35993","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Demat holding only","plain_english":"Banks must hold all their investment securities only in demat form.","rbi_paragraph":"Para 29","rbi_char_offset":21493,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p36","layer":"bankpulse"},{"n":13,"claim":"md13094-092bc1fb","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Dealer work in the policy","plain_english":"Where primary dealer work is done in-house, the policy must cover it.","rbi_paragraph":"Para 30","rbi_char_offset":21659,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p37","layer":"bankpulse"},{"n":14,"claim":"md13094-e1a558f5","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Rating gates for bonds","plain_english":"Bond buying needs entry level ratings and limits by industry, maturity and issuer.","rbi_paragraph":"Para 21","rbi_char_offset":19806,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p38","layer":"bankpulse"},{"n":1,"claim":"md13094-ebe5c8b4","page_group":"Chapter IV. Classification of Investments","stored_section":"THE CORE IDEA","heading":"Equity cannot be HTM","plain_english":"Equity shares fail the cash flow test and cannot sit in held to maturity.","rbi_paragraph":"Para 35(4)","rbi_char_offset":26394,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p39","layer":"bankpulse"},{"n":2,"claim":"md13094-1670afe0","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Three investment categories","plain_english":"Banks must sort every investment into one of three categories: HTM, AFS or FVTPL.","rbi_paragraph":"Para 32","rbi_char_offset":22191,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p40","layer":"bankpulse"},{"n":3,"claim":"md13094-da1800c9","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Category fixed before buying","plain_english":"The category must be fixed before or at purchase and the choice written down.","rbi_paragraph":"Para 32","rbi_char_offset":22558,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p41","layer":"bankpulse"},{"n":4,"claim":"md13094-c776e286","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"A trading sub-book","plain_english":"A held for trading sub-book must be made inside fair value through profit.","rbi_paragraph":"Para 40","rbi_char_offset":30697,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p42","layer":"bankpulse"},{"n":5,"claim":"md13094-776d6691","page_group":"Chapter IV. Classification of Investments","stored_section":"KEY DATES","heading":"Value the trading book daily","plain_english":"Trading book instruments must be fair valued every day and the change taken to profit.","rbi_paragraph":"Para 40(2)","rbi_char_offset":31068,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p43","layer":"bankpulse"},{"n":6,"claim":"md13094-ae00bb77","page_group":"Chapter IV. Classification of Investments","stored_section":"WHO SHOULD ACT","heading":"RBI must clear a deviation","plain_english":"Leaving the set list needs a written request to RBI and its clear approval.","rbi_paragraph":"Para 40(7)","rbi_char_offset":34853,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p44","layer":"bankpulse"},{"n":7,"claim":"md13094-16de1cff","page_group":"Chapter IV. Classification of Investments","stored_section":"WHO SHOULD ACT","heading":"Write down every deviation","plain_english":"Every departure from the set list must be written down as it happens.","rbi_paragraph":"Para 40(3)","rbi_char_offset":35189,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p45","layer":"bankpulse"},{"n":8,"claim":"md13094-2fad3bd4","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Held for Trading placement","plain_english":"Held for Trading is now a sub-category inside Fair Value through Profit and Loss.","rbi_paragraph":"Para 32","rbi_char_offset":22442,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p46","layer":"bankpulse"},{"n":9,"claim":"md13094-f8331ba3","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Two tests for HTM","plain_english":"Held to maturity needs both a plain cash flow and the aim of holding to the end.","rbi_paragraph":"Para 36(3)","rbi_char_offset":27384,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p47","layer":"bankpulse"},{"n":10,"claim":"md13094-13aab7b4","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"A put looks like selling","plain_english":"Using a put option before maturity is normally treated as a sale out of the book.","rbi_paragraph":"Para 36(3)","rbi_char_offset":27666,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p48","layer":"bankpulse"},{"n":11,"claim":"md13094-927cd960","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Unless the credit turns","plain_english":"A put used after a downgrade or a default does not spoil the holding aim.","rbi_paragraph":"Para 36(3)","rbi_char_offset":27853,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p49","layer":"bankpulse"},{"n":12,"claim":"md13094-8880eb59","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Two tests for AFS","plain_english":"Available for sale needs both the aim of collecting cash flows and of selling.","rbi_paragraph":"Para 37(1)","rbi_char_offset":28197,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p50","layer":"bankpulse"},{"n":13,"claim":"md13094-3f071a23","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"A one-time equity election","plain_english":"At first entry a one-time choice may put non-trading equity into available for sale.","rbi_paragraph":"Para 37(2)","rbi_char_offset":28472,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p51","layer":"bankpulse"},{"n":14,"claim":"md13094-9f2133cb","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"The rest is fair valued","plain_english":"A security that fits neither of the first two books goes to fair value through profit.","rbi_paragraph":"Para 39","rbi_char_offset":29679,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p52","layer":"bankpulse"},{"n":15,"claim":"md13094-f4520f55","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"No legal bar to selling","plain_english":"Only an instrument free to be sold or hedged may go into the trading book.","rbi_paragraph":"Para 40(1)","rbi_char_offset":30999,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p53","layer":"bankpulse"},{"n":16,"claim":"md13094-b82c7424","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"No approval means trading","plain_english":"Where approval is not given, the instrument stays in the trading book.","rbi_paragraph":"Para 40(3)","rbi_char_offset":35108,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p54","layer":"bankpulse"},{"n":17,"claim":"md13094-a0b72291","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"RBI can push it back","plain_english":"RBI may order an instrument moved out of the trading book if the case is weak.","rbi_paragraph":"Para 40(3)","rbi_char_offset":35719,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p55","layer":"bankpulse"},{"n":1,"claim":"md13094-6e291f97","page_group":"Chapter X. Operational Guidelines","stored_section":"KEY DATES","heading":"Fifteen minutes to report","plain_english":"An over the counter corporate bond trade must be reported within fifteen minutes.","rbi_paragraph":"Para 96(10)","rbi_char_offset":91753,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p56","layer":"bankpulse"},{"n":2,"claim":"md13094-76ed7fed","page_group":"Chapter X. Operational Guidelines","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 99(7)","rbi_char_offset":104080,"weight":"DO IT","role":"Board","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p57","layer":"bankpulse"},{"n":1,"claim":"md13094-4320c93a","page_group":"Chapter XI. Income Recognition, Asset Classification and Provisioning","stored_section":"WHAT CHANGES","heading":"90-day non-performing test","plain_english":"A bond or debenture becomes non-performing if interest stays unpaid for over 90 days.","rbi_paragraph":"Para 105(1)","rbi_char_offset":106896,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"Interest on a debenture falls due on 1 June and is not paid. The holding stays healthy for 90 days. On the 91st day it becomes non-performing.","anchor":"https://bankpulse.ai/rule/md13094#p58","layer":"bankpulse"},{"n":2,"claim":"md13094-8550cadf","page_group":"Chapter XI. Income Recognition, Asset Classification and Provisioning","stored_section":"WHAT CHANGES","heading":"No income on NPIs","plain_english":"Banks cannot book any income on a non-performing investment.","rbi_paragraph":"Para 108","rbi_char_offset":110873,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p59","layer":"bankpulse"},{"n":3,"claim":"md13094-711007f2","page_group":"Chapter XI. Income Recognition, Asset Classification and Provisioning","stored_section":"WHAT CHANGES","heading":"Government securities protected","plain_english":"Banks cannot mark Central or State Government securities as non-performing investments.","rbi_paragraph":"Para 111(1)","rbi_char_offset":112467,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p60","layer":"bankpulse"},{"n":4,"claim":"md13094-31736983","page_group":"Chapter XI. Income Recognition, Asset Classification 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 101(1)","rbi_char_offset":105490,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p61","layer":"bankpulse"},{"n":5,"claim":"md13094-98595d24","page_group":"Chapter XI. Income Recognition, Asset Classification and Provisioning","stored_section":"WHAT CHANGES","heading":"Broken-period interest","plain_english":"Interest paid to a seller for part of a period is booked as an expense, not added to cost.","rbi_paragraph":"Para 104","rbi_char_offset":106071,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p62","layer":"bankpulse"},{"n":1,"claim":"md13094-c65743de","page_group":"Chapter XIII. Repeal and Other Provisions","stored_section":"KEY DATES","heading":"Later update","plain_english":"RBI updated these Directions again on May 18, 2026.","rbi_paragraph":"Para 122","rbi_char_offset":118731,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p63","layer":"bankpulse"},{"n":2,"claim":"md13094-b8079af9","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 119","rbi_char_offset":116561,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p64","layer":"bankpulse"},{"n":3,"claim":"md13094-30fee77a","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 120","rbi_char_offset":117029,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13094#p65","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13452","title":"Reserve Bank of India (Payments Banks - Classification, Valuation, and Operation of Investment Portfolio) Amendment Directions, 2026","date":"May 18, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13452&Mode=0","order":1,"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."}