{"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":"md13100","title":"Reserve Bank of India (Payments Banks – Undertaking of Financial Services) Directions, 2025 (Updated as on December 05, 2025)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13100","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":"md13100","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":"December 05, 2025","stated":true,"why":"The day this rule starts to apply, as RBI's own text states it."},"transition":{"label":"Time to get ready","value":"7 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/md13100.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=13100","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:17:08 UTC","text_sha256":"976116c0a0566669809bb18e260fde6b07a6fb9895f95a5d80a0b941949dcd50","word_count":2225,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":27,"points_naming_an_rbi_paragraph":27,"points_stored":27,"actions":0,"amendments":2},"points":[{"n":1,"claim":"md13100-a2a8948e","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"In force at once","plain_english":"The rules took effect the day RBI issued them. There is no lead time.","rbi_paragraph":"Para 2","rbi_char_offset":3000,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p1","layer":"bankpulse"},{"n":2,"claim":"md13100-4646bdbe","page_group":"Chapter I. Preliminary","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":3082,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p2","layer":"bankpulse"},{"n":3,"claim":"md13100-c780da90","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"What agency business means","plain_english":"Agency business is selling another firm's product to your customers for a fee. The bank takes no risk.","rbi_paragraph":"Para 4(1)","rbi_char_offset":3366,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p3","layer":"bankpulse"},{"n":1,"claim":"md13100-afd2d76d","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"Board policy for selling insurance","plain_english":"The board must approve the policy for selling insurance.","rbi_paragraph":"Para 7","rbi_char_offset":7238,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p4","layer":"bankpulse"},{"n":2,"claim":"md13100-555110a8","page_group":"Chapter II. Role of the Board","stored_section":"WHO SHOULD ACT","heading":"An in-house complaints route","plain_english":"The board must see that a complaints process is running for insurance sales.","rbi_paragraph":"Para 8","rbi_char_offset":7773,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p5","layer":"bankpulse"},{"n":1,"claim":"md13100-9ec1a7ce","page_group":"Chapter III. General Guidelines","stored_section":"THE CORE IDEA","heading":"Inside the bank only","plain_english":"A payments bank must run a permitted business inside the bank itself.","rbi_paragraph":"Para 9","rbi_char_offset":8014,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p6","layer":"bankpulse"},{"n":2,"claim":"md13100-2b5a3f43","page_group":"Chapter III. General Guidelines","stored_section":"THE CORE IDEA","heading":"No subsidiary for these services","plain_english":"A payments bank cannot set up a subsidiary for these services.","rbi_paragraph":"Para 10","rbi_char_offset":8205,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p7","layer":"bankpulse"},{"n":3,"claim":"md13100-469fa89c","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"KYC rules still apply","plain_english":"The bank's usual KYC and money laundering rules apply here too.","rbi_paragraph":"Para 10","rbi_char_offset":8629,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p8","layer":"bankpulse"},{"n":4,"claim":"md13100-ac94e2d3","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Customer rights charter applies","plain_english":"The customer rights charter RBI issued applies to this business as well.","rbi_paragraph":"Para 10","rbi_char_offset":8756,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p9","layer":"bankpulse"},{"n":5,"claim":"md13100-eb273a78","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Other regulators apply too","plain_english":"SEBI, IRDAI and pension rules apply on top of RBI's own.","rbi_paragraph":"Para 10","rbi_char_offset":8862,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p10","layer":"bankpulse"},{"n":6,"claim":"md13100-b6eb091d","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"A written policy first","plain_english":"Each business needs a written policy. It must name the risks, how you hold them down, and the capital you set aside.","rbi_paragraph":"Para 10","rbi_char_offset":8397,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p11","layer":"bankpulse"},{"n":7,"claim":"md13100-3491fb3c","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Anything else needs RBI first","plain_english":"Any other financial work needs RBI's approval first.","rbi_paragraph":"Para 10","rbi_char_offset":9085,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p12","layer":"bankpulse"},{"n":8,"claim":"md13100-4d29aafd","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Applications go through Pravaah","plain_english":"Apply on the Pravaah portal. It goes to the Department of Regulation.","rbi_paragraph":"Para 11","rbi_char_offset":9378,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p13","layer":"bankpulse"},{"n":1,"claim":"md13100-a7970440","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Only products the Act permits","plain_english":"You may act as agent only for products the law lets the bank deal in.","rbi_paragraph":"Para 12","rbi_char_offset":9670,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p14","layer":"bankpulse"},{"n":2,"claim":"md13100-07748a6e","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Fees only, no risk taken","plain_english":"Agency work is paid by fee. The bank carries none of the risk.","rbi_paragraph":"Para 13","rbi_char_offset":9822,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p15","layer":"bankpulse"},{"n":3,"claim":"md13100-ec2693b2","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"No promised return","plain_english":"The customer buys units at their own risk. The bank promises no return.","rbi_paragraph":"Para 14","rbi_char_offset":10417,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["trade-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p16","layer":"bankpulse"},{"n":4,"claim":"md13100-4c13b8aa","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"No buying units back","plain_english":"You cannot buy units from the market, or from one customer to sell to another.","rbi_paragraph":"Para 14","rbi_char_offset":10521,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p17","layer":"bankpulse"},{"n":5,"claim":"md13100-b2eee70c","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Treat the customer fairly","plain_english":"The bank must deal with customers fairly, honestly and openly.","rbi_paragraph":"Para 15(4)","rbi_char_offset":12209,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p18","layer":"bankpulse"},{"n":6,"claim":"md13100-811b5563","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Referrals, but not for insurance","plain_english":"You may refer customers for other products, but not insurance. Ask RBI first.","rbi_paragraph":"Para 16","rbi_char_offset":13583,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p19","layer":"bankpulse"},{"n":7,"claim":"md13100-baf7fb9a","page_group":"Chapter IV. Financial Services","stored_section":"WHO SHOULD ACT","heading":"RBI approval for fund units","plain_english":"Get RBI's approval first, share no risk, and put none of the bank's own money in.","rbi_paragraph":"Para 14","rbi_char_offset":10026,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p20","layer":"bankpulse"},{"n":8,"claim":"md13100-2f7c5523","page_group":"Chapter IV. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Forms go to the fund","plain_english":"Send a customer's buy or sell form on to the fund, its registrar or its transfer agent.","rbi_paragraph":"Para 14","rbi_char_offset":10277,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p21","layer":"bankpulse"},{"n":9,"claim":"md13100-b39d1737","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Customer units kept apart","plain_english":"Keep units held for customers apart from the bank's own.","rbi_paragraph":"Para 14","rbi_char_offset":10653,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p22","layer":"bankpulse"},{"n":10,"claim":"md13100-aaaa1373","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Broker deposit sits elsewhere","plain_english":"The broker deposit must sit with another bank, not with your own.","rbi_paragraph":"Para 15","rbi_char_offset":11365,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p23","layer":"bankpulse"},{"n":11,"claim":"md13100-3e5738d2","page_group":"Chapter IV. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Staff need the IRDAI qualification","plain_english":"Staff who sell insurance must hold the qualification IRDAI sets.","rbi_paragraph":"Para 15(4)","rbi_char_offset":11672,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p24","layer":"bankpulse"},{"n":12,"claim":"md13100-cb745309","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Need check before selling","plain_english":"Check what the customer needs before you sell a policy that invests. Pure term cover needs no check.","rbi_paragraph":"Para 15(4)","rbi_char_offset":11959,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A payments bank counter sells a pure risk term policy in the morning. It has no investment or growth component, so these directions deem it universally suitable and the sale needs no customer need assessment. In the afternoon the same counter sells a policy with an investment component. Here the bank must undertake a customer need assessment before the sale.","anchor":"https://bankpulse.ai/rule/md13100#p25","layer":"bankpulse"},{"n":1,"claim":"md13100-bf74821f","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"KEY DATES","heading":"The old instructions are gone","plain_english":"Every earlier instruction to payments banks on this subject stands repealed.","rbi_paragraph":"Para 17","rbi_char_offset":13848,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p26","layer":"bankpulse"},{"n":2,"claim":"md13100-1f001e30","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"WHAT CHANGES","heading":"RBI has the last word","plain_english":"Where a provision is unclear, RBI may clarify it and its reading is final.","rbi_paragraph":"Para 20","rbi_char_offset":15779,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13100#p27","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13211","title":"Reserve Bank of India (Payments Banks – Undertaking of Financial Services) (Amendment) Directions, 2025","date":"Dec 05, 2025","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13211&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13497","title":"Reserve Bank of India (Payments Banks – Undertaking of Financial Services) Amendment Directions, 2026","date":"Jun 15, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13497&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."}