{"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":"md13099","title":"Reserve Bank of India (Payments Banks - Governance) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13099","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":"md13099","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/md13099.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13099","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:17:06 UTC","text_sha256":"74bc6dce360ea1d0262a008586114cfe1bacbdc8ebe7f1543e4743af71e11a13","word_count":7820,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":51,"points_naming_an_rbi_paragraph":51,"points_stored":51,"actions":0,"amendments":2},"points":[{"n":1,"claim":"md13099-a2a8948e","page_group":"Chapter I. Preliminary Short title and commencement Applicability Definitions","stored_section":"KEY DATES","heading":"Starts at once","plain_english":"The rules start the moment RBI issues them.","rbi_paragraph":"Para 2","rbi_char_offset":3268,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p1","layer":"bankpulse"},{"n":2,"claim":"md13099-4646bdbe","page_group":"Chapter I. Preliminary Short title and commencement Applicability Definitions","stored_section":"WHO IT APPLIES TO","heading":"Who must follow this","plain_english":"These rules apply to every payments bank.","rbi_paragraph":"Para 3","rbi_char_offset":3347,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p2","layer":"bankpulse"},{"n":3,"claim":"md13099-033b0bd8","page_group":"Chapter I. Preliminary Short title and commencement Applicability Definitions","stored_section":"WHO IT APPLIES TO","heading":"Smaller banks are excused","plain_english":"A payments bank that is not scheduled need not appoint those three chiefs.","rbi_paragraph":"Para 3","rbi_char_offset":3496,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p3","layer":"bankpulse"},{"n":1,"claim":"md13099-1936d7fd","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"THE CORE IDEA","heading":"What being checked means","plain_english":"Criminal record, money position, court cases for personal debts, and past conduct all count.","rbi_paragraph":"Para 7","rbi_char_offset":6501,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p4","layer":"bankpulse"},{"n":2,"claim":"md13099-341114bb","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"Thirty five to seventy","plain_english":"A non-executive director must be at least 35 and must leave at 70.","rbi_paragraph":"Para 8","rbi_char_offset":7878,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p5","layer":"bankpulse"},{"n":3,"claim":"md13099-923e855d","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"A graduate at least","plain_english":"A director should be a graduate. This can be relaxed for farmers and small trades.","rbi_paragraph":"Para 8","rbi_char_offset":8111,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p6","layer":"bankpulse"},{"n":4,"claim":"md13099-659f5113","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"Half must know banking","plain_english":"At least 51 per cent of the board must have real knowledge of listed fields.","rbi_paragraph":"Para 8","rbi_char_offset":8371,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p7","layer":"bankpulse"},{"n":5,"claim":"md13099-57933e20","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"No trading interest for half","plain_english":"At least 51 per cent must have no big interest in a trading or industrial firm.","rbi_paragraph":"Para 8","rbi_char_offset":9091,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p8","layer":"bankpulse"},{"n":6,"claim":"md13099-0f232406","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"No politicians","plain_english":"A sitting member of Parliament or a State house may not be a director.","rbi_paragraph":"Para 8","rbi_char_offset":9721,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p9","layer":"bankpulse"},{"n":7,"claim":"md13099-affe9cfd","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"A finance company director","plain_english":"A director of a finance company may join only if he does not own or run it.","rbi_paragraph":"Para 8","rbi_char_offset":9998,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p10","layer":"bankpulse"},{"n":8,"claim":"md13099-2b051e03","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"One family member only","plain_english":"As good practice, only one person from a family should sit on the board.","rbi_paragraph":"Para 8","rbi_char_offset":10292,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p11","layer":"bankpulse"},{"n":9,"claim":"md13099-a30003bd","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"Eight years is the most","plain_english":"No non-executive director may serve more than eight years in total.","rbi_paragraph":"Para 8","rbi_char_offset":10448,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A payments bank appoints an outside director in 2018 and he serves four years. He leaves, and comes back in 2024. Those first four years still count. He may serve four more and no longer, because the eight years are counted together and not one stretch at a time.","anchor":"https://bankpulse.ai/rule/md13099#p12","layer":"bankpulse"},{"n":10,"claim":"md13099-d686f644","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"Then a two year gap","plain_english":"The person may come back only after a gap of two years.","rbi_paragraph":"Para 8","rbi_char_offset":10609,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p13","layer":"bankpulse"},{"n":11,"claim":"md13099-f4f19802","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"Six months for big owners","plain_english":"For certain promoter directors the gap is only six months.","rbi_paragraph":"Para 8","rbi_char_offset":10827,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p14","layer":"bankpulse"},{"n":12,"claim":"md13099-8c6f2e09","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"Chairman and head are separate","plain_english":"The bank must have a part-time Chairman and a separate managing director.","rbi_paragraph":"Para 10","rbi_char_offset":12090,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p15","layer":"bankpulse"},{"n":13,"claim":"md13099-708f167f","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"WHAT CHANGES","heading":"The head leaves at seventy","plain_english":"No managing director or whole-time director may stay past 70.","rbi_paragraph":"Para 11","rbi_char_offset":12337,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p16","layer":"bankpulse"},{"n":14,"claim":"md13099-1415428a","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"THE CORE IDEA","heading":"Check the person first","plain_english":"Before anyone joins the board the bank must check them properly.","rbi_paragraph":"Para 6","rbi_char_offset":5537,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p17","layer":"bankpulse"},{"n":15,"claim":"md13099-33a9b7a7","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"THE CORE IDEA","heading":"Nobody checks himself","plain_english":"The board itself checks the members of the appointing committee.","rbi_paragraph":"Para 7","rbi_char_offset":6875,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p18","layer":"bankpulse"},{"n":16,"claim":"md13099-a691bed0","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"THE CORE IDEA","heading":"Whoever proposed steps aside","plain_english":"A member who proposed a candidate may not take part in checking that candidate.","rbi_paragraph":"Para 7","rbi_char_offset":7185,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p19","layer":"bankpulse"},{"n":17,"claim":"md13099-7caff731","page_group":"Chapter II. Constitution of Board and Appointment of Directors","stored_section":"KEY DATES","heading":"Papers signed every March","plain_english":"Each director signs the deed and a fresh declaration as on March 31 every year.","rbi_paragraph":"Para 9","rbi_char_offset":11624,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p20","layer":"bankpulse"},{"n":1,"claim":"md13099-c8efc195","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"THE CORE IDEA","heading":"Solvent, liquid, profitable","plain_english":"The bank must stay able to pay, able to find cash, and reasonably profitable.","rbi_paragraph":"Para 12","rbi_char_offset":12710,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p21","layer":"bankpulse"},{"n":2,"claim":"md13099-868bd273","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"THE CORE IDEA","heading":"The board has four jobs","plain_english":"Watch the risk, guard the controls, keep good management, and serve the owners.","rbi_paragraph":"Para 13","rbi_char_offset":12984,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p22","layer":"bankpulse"},{"n":3,"claim":"md13099-72778168","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"WHO SHOULD ACT","heading":"A director acts alone never","plain_english":"A director is not an employee and may not act alone for the bank.","rbi_paragraph":"Para 19","rbi_char_offset":15375,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p23","layer":"bankpulse"},{"n":4,"claim":"md13099-bd45c7b6","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"WHO SHOULD ACT","heading":"No orders to staff","plain_english":"A director may not send instructions to any officer of the bank.","rbi_paragraph":"Para 19","rbi_char_offset":15538,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p24","layer":"bankpulse"},{"n":5,"claim":"md13099-c5671302","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"WHO SHOULD ACT","heading":"No pushing for staff","plain_english":"A director may not push a case for anyone's job, transfer or promotion.","rbi_paragraph":"Para 19","rbi_char_offset":16896,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p25","layer":"bankpulse"},{"n":6,"claim":"md13099-85cd38b2","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"WHO SHOULD ACT","heading":"Keep customer matters secret","plain_english":"Nobody may give out anything about a customer except as the law allows.","rbi_paragraph":"Para 19","rbi_char_offset":17374,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p26","layer":"bankpulse"},{"n":7,"claim":"md13099-8da219a6","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"WHO SHOULD ACT","heading":"No bank logo on cards","plain_english":"A director may say he is a director but may not put the bank logo on his card.","rbi_paragraph":"Para 20","rbi_char_offset":20878,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p27","layer":"bankpulse"},{"n":8,"claim":"md13099-8e1f19a9","page_group":"Chapter IV. Role of the Board and Individual Directors","stored_section":"WHO SHOULD ACT","heading":"Speak up about your interest","plain_english":"A director with an interest in a matter must say so and must not vote on it.","rbi_paragraph":"Para 19","rbi_char_offset":16585,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p28","layer":"bankpulse"},{"n":1,"claim":"md13099-bb85afcc","page_group":"Chapter V. Calendar of Reviews and Board Meeting Procedures","stored_section":"WHO SHOULD ACT","heading":"Seven things on the agenda","plain_english":"The board agenda must cover strategy, risk, accounts, rules, customers, inclusion and staff.","rbi_paragraph":"Para 22","rbi_char_offset":21908,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p29","layer":"bankpulse"},{"n":2,"claim":"md13099-1293df49","page_group":"Chapter V. Calendar of Reviews and Board Meeting Procedures","stored_section":"WHO SHOULD ACT","heading":"Old points stay listed","plain_english":"Any pending point stays on the agenda until the board is satisfied.","rbi_paragraph":"Para 24","rbi_char_offset":23978,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p30","layer":"bankpulse"},{"n":3,"claim":"md13099-7ff453d8","page_group":"Chapter V. Calendar of Reviews and Board Meeting Procedures","stored_section":"WHO SHOULD ACT","heading":"RBI letters reach the board","plain_english":"Every RBI and Government circular must be placed before the board.","rbi_paragraph":"Para 25","rbi_char_offset":24073,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p31","layer":"bankpulse"},{"n":4,"claim":"md13099-2a865873","page_group":"Chapter V. Calendar of Reviews and Board Meeting Procedures","stored_section":"WHO SHOULD ACT","heading":"Write down who disagreed","plain_english":"The minutes must show what each director said, including any disagreement.","rbi_paragraph":"Para 27","rbi_char_offset":25106,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p32","layer":"bankpulse"},{"n":1,"claim":"md13099-20bcbb31","page_group":"Chapter VI. Committees of the Board","stored_section":"WHO SHOULD ACT","heading":"Who sits on it","plain_english":"The appointing committee needs three or more non-executive directors, half of them independent.","rbi_paragraph":"Para 28","rbi_char_offset":25474,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p33","layer":"bankpulse"},{"n":1,"claim":"md13099-3ab8e1b4","page_group":"Chapter VII. Appointment of Chief Risk Officer","stored_section":"WHO SHOULD ACT","heading":"The risk chief stands alone","plain_english":"The risk chief reports straight to the top and gets no sales targets.","rbi_paragraph":"Para 32","rbi_char_offset":26810,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p34","layer":"bankpulse"},{"n":2,"claim":"md13099-472d3126","page_group":"Chapter VII. Appointment of Chief Risk Officer","stored_section":"WHO SHOULD ACT","heading":"No second hat","plain_english":"The risk chief may not also be the audit, finance or operations chief.","rbi_paragraph":"Para 32","rbi_char_offset":26981,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p35","layer":"bankpulse"},{"n":3,"claim":"md13099-83485eb1","page_group":"Chapter VII. Appointment of Chief Risk Officer","stored_section":"WHO SHOULD ACT","heading":"Meet him without the boss","plain_english":"The risk committee must meet the risk chief without the managing director every quarter.","rbi_paragraph":"Para 32","rbi_char_offset":26715,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p36","layer":"bankpulse"},{"n":4,"claim":"md13099-897b9eb6","page_group":"Chapter VII. Appointment of Chief Risk Officer","stored_section":"IMPACT","heading":"Removing the risk chief","plain_english":"Moving or removing the risk chief early needs the board and must be told to RBI.","rbi_paragraph":"Para 33","rbi_char_offset":27374,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p37","layer":"bankpulse"},{"n":5,"claim":"md13099-e46454fe","page_group":"Chapter VII. Appointment of Chief Risk Officer","stored_section":"IMPACT","heading":"Listed banks tell the exchange","plain_english":"A listed bank must also tell the stock exchanges when the risk chief changes.","rbi_paragraph":"Para 33","rbi_char_offset":27490,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p38","layer":"bankpulse"},{"n":1,"claim":"md13099-ed56fb12","page_group":"Chapter VIII. Appointment of Chief Financial Officer and Chief Technical Officer","stored_section":"WHAT CHANGES","heading":"Finance chief is an accountant","plain_english":"The finance chief must be a qualified Chartered Accountant with fifteen years behind him.","rbi_paragraph":"Para 34","rbi_char_offset":28055,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p39","layer":"bankpulse"},{"n":2,"claim":"md13099-f9087320","page_group":"Chapter VIII. Appointment of Chief Financial Officer and Chief Technical Officer","stored_section":"WHAT CHANGES","heading":"The technology chief","plain_english":"The technology chief must be an engineering graduate or hold an MCA.","rbi_paragraph":"Para 34","rbi_char_offset":28430,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p40","layer":"bankpulse"},{"n":1,"claim":"md13099-7d293195","page_group":"Chapter IX. Remuneration of NEDs, WTDs, MD&CEO, Material Risk Takers, and Control Function staff","stored_section":"WHAT CHANGES","heading":"Thirty lakh a year","plain_english":"A non-executive director may be paid up to ₹30 lakh a year, apart from the Chair.","rbi_paragraph":"Para 35","rbi_char_offset":29547,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p41","layer":"bankpulse"},{"n":2,"claim":"md13099-f4ab1041","page_group":"Chapter IX. Remuneration of NEDs, WTDs, MD&CEO, Material Risk Takers, and Control Function staff","stored_section":"WHAT CHANGES","heading":"Sixty per cent held back","plain_english":"At least 60 per cent of variable pay must be held back for later.","rbi_paragraph":"Para 37(6)","rbi_char_offset":35182,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p42","layer":"bankpulse"},{"n":3,"claim":"md13099-9cb3cc9f","page_group":"Chapter IX. Remuneration of NEDs, WTDs, MD&CEO, Material Risk Takers, and Control Function staff","stored_section":"WHAT CHANGES","heading":"Small bonus paid at once","plain_english":"If the cash part of the bonus is under ₹25 lakh, nothing need be held back.","rbi_paragraph":"Para 37(6)","rbi_char_offset":35395,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p43","layer":"bankpulse"},{"n":4,"claim":"md13099-685ccdb7","page_group":"Chapter IX. Remuneration of NEDs, WTDs, MD&CEO, Material Risk Takers, and Control Function staff","stored_section":"WHAT CHANGES","heading":"Bonus can be taken back","plain_english":"The bank must list the cases where it will stop or take back a bonus.","rbi_paragraph":"Para 37(6)","rbi_char_offset":37901,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p44","layer":"bankpulse"},{"n":1,"claim":"md13099-d7edeac0","page_group":"Chapter X. Regulatory approvals and Reporting","stored_section":"KEY DATES","heading":"Four months before the end","plain_english":"A new managing director must be proposed to RBI four months before the old term ends.","rbi_paragraph":"Para 39","rbi_char_offset":46931,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p45","layer":"bankpulse"},{"n":2,"claim":"md13099-56c7c037","page_group":"Chapter X. Regulatory approvals and Reporting","stored_section":"KEY DATES","heading":"Six months to reappoint","plain_english":"To reappoint the same person, the bank must apply six months before.","rbi_paragraph":"Para 39","rbi_char_offset":47044,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p46","layer":"bankpulse"},{"n":3,"claim":"md13099-1b24594f","page_group":"Chapter X. Regulatory approvals and Reporting","stored_section":"IMPACT","heading":"Board changes are reported","plain_english":"Every change in who sits on the board must be reported to RBI as it happens.","rbi_paragraph":"Para 42","rbi_char_offset":48013,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p47","layer":"bankpulse"},{"n":1,"claim":"md13099-db4a6206","page_group":"Chapter XI. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"The old rules are gone","plain_english":"All earlier governance instructions for payments banks stand repealed.","rbi_paragraph":"Para 45","rbi_char_offset":48868,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p48","layer":"bankpulse"},{"n":2,"claim":"md13099-1079c38d","page_group":"Chapter XI. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions still stand","plain_english":"Anything already done under the old rules is still judged by them.","rbi_paragraph":"Para 46","rbi_char_offset":49246,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p49","layer":"bankpulse"},{"n":3,"claim":"md13099-a1664389","page_group":"Chapter XI. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Other laws still apply","plain_english":"These rules sit on top of other laws. They do not take the place of them.","rbi_paragraph":"Para 47","rbi_char_offset":50289,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p50","layer":"bankpulse"},{"n":4,"claim":"md13099-1f001e30","page_group":"Chapter XI. Repeal and other provisions","stored_section":"IMPACT","heading":"RBI's reading is final","plain_english":"Where the wording is unclear, RBI's own reading of it is final.","rbi_paragraph":"Para 48","rbi_char_offset":50796,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13099#p51","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13558","title":"Reserve Bank of India (Payments Banks – Governance)  Amendment Directions, 2026","date":"Jul 14, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13558&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13650","title":"Reserve Bank of India (Payments Banks – Governance) Third Amendment Directions, 2026","date":"Jul 30, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13650&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."}