{"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":"md13133","title":"Reserve Bank of India (Small Finance Banks - Voluntary Amalgamation) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13133","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":"Small finance banks","class_code":"SFB","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md13133","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/md13133.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13133","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:16:42 UTC","text_sha256":"2a8bac78173861a80602eb8508f1d7fba2ee910b3f96fe9570860d12691fe999","word_count":1750,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":26,"points_naming_an_rbi_paragraph":26,"points_stored":26,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md13133-1840df20","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"In force at once","plain_english":"These Directions came into force with immediate effect.","rbi_paragraph":"Para 2","rbi_char_offset":3031,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p1","layer":"bankpulse"},{"n":2,"claim":"md13133-05c364f7","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every small finance bank.","rbi_paragraph":"Para 3","rbi_char_offset":3122,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p2","layer":"bankpulse"},{"n":3,"claim":"md13133-424973a6","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Two sides of a merger","plain_english":"The amalgamated entity transfers its business; the amalgamating entity acquires it.","rbi_paragraph":"Para 4","rbi_char_offset":3398,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p3","layer":"bankpulse"},{"n":4,"claim":"md13133-b46aa7b2","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Three kinds of merger","plain_english":"The rules cover a merger of two banks, a bank with a banking company, or a finance company with a bank.","rbi_paragraph":"Para 6","rbi_char_offset":4427,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p4","layer":"bankpulse"},{"n":5,"claim":"md13133-ce1aff9b","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Foreign banks excluded","plain_english":"A merger with a foreign bank is outside these Directions.","rbi_paragraph":"Para 6","rbi_char_offset":4620,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p5","layer":"bankpulse"},{"n":1,"claim":"md13133-52650fc7","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHAT CHANGES","heading":"Two thirds of every board","plain_english":"Both boards must approve by a two-third majority of ALL board members, not merely those present and voting.","rbi_paragraph":"Para 7","rbi_char_offset":4874,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A board has 12 members. Approval needs 2 of every 3 of them, counting all 12 and not just those present. That is 8 members. 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Approval by Board of Directors and Shareholders","stored_section":"WHO SHOULD ACT","heading":"Due diligence weighed","plain_english":"The boards must weigh whether due diligence was done on the entity being absorbed.","rbi_paragraph":"Para 8","rbi_char_offset":5403,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"The board of the acquiring bank asks one question before it votes. Was due diligence undertaken in respect of the entity being absorbed? If nobody can answer, the board is not ready to vote.","anchor":"https://bankpulse.ai/rule/md13133#p8","layer":"bankpulse"},{"n":4,"claim":"md13133-40cb6b20","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHO SHOULD ACT","heading":"A fair swap ratio","plain_english":"The swap ratio must come from independent valuers and the board must judge it fair and proper.","rbi_paragraph":"Para 8","rbi_char_offset":5889,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"The two banks agree a swap ratio. It must come from independent valuers with the required competence and experience. The board must then form its own opinion that the ratio is fair and proper. A ratio the board has not examined does not meet the rule.","anchor":"https://bankpulse.ai/rule/md13133#p9","layer":"bankpulse"},{"n":5,"claim":"md13133-408fd8a1","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHO SHOULD ACT","heading":"Ownership caps watched","plain_english":"The boards must check no holder crosses an RBI shareholding limit through the swap.","rbi_paragraph":"Para 8","rbi_char_offset":6183,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p10","layer":"bankpulse"},{"n":6,"claim":"md13133-34c6fff6","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHO SHOULD ACT","heading":"No hidden revaluation","plain_english":"The boards must check the merger books do not revalue assets upwards or book unrealised gains.","rbi_paragraph":"Para 8","rbi_char_offset":6638,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p11","layer":"bankpulse"},{"n":7,"claim":"md13133-4e47f21d","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHO SHOULD ACT","heading":"Capital impact examined","plain_english":"The boards must weigh the merger's effect on profitability and the capital adequacy ratio.","rbi_paragraph":"Para 8","rbi_char_offset":6729,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p12","layer":"bankpulse"},{"n":8,"claim":"md13133-d2052f64","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHAT CHANGES","heading":"Extra finance company checks","plain_english":"Merging with a finance company adds checks: its rule breaches must be cured before the scheme is approved.","rbi_paragraph":"Para 9","rbi_char_offset":7015,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p13","layer":"bankpulse"},{"n":9,"claim":"md13133-6aad4a27","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHAT CHANGES","heading":"Shareholders decide by value","plain_english":"Shareholders must approve by a majority in number holding two-thirds in value, present in person or by proxy.","rbi_paragraph":"Para 10","rbi_char_offset":7821,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p14","layer":"bankpulse"},{"n":10,"claim":"md13133-bfd1b6bc","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHAT CHANGES","heading":"One in the local language","plain_english":"One of the two newspapers must be in a language the locality commonly understands.","rbi_paragraph":"Para 11","rbi_char_offset":8554,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p15","layer":"bankpulse"},{"n":11,"claim":"md13133-46d90c85","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHAT CHANGES","heading":"The voting ceiling holds","plain_english":"The Banking Regulation Act's ceiling on voting rights applies in any poll on the resolution.","rbi_paragraph":"Para 10","rbi_char_offset":7997,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p16","layer":"bankpulse"},{"n":12,"claim":"md13133-138edc3d","page_group":"Chapter II. Approval by Board of Directors and Shareholders","stored_section":"WHAT CHANGES","heading":"Three weeks of notices","plain_english":"Meeting notices run weekly for three consecutive weeks in at least two local newspapers.","rbi_paragraph":"Para 11","rbi_char_offset":8335,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p17","layer":"bankpulse"},{"n":1,"claim":"md13133-9b50f84e","page_group":"Chapter III. Approval or sanction by RBI","stored_section":"WHAT CHANGES","heading":"RBI's no-objection first","plain_english":"RBI's no-objection certificate must be in hand before approaching any court or tribunal.","rbi_paragraph":"Para 12","rbi_char_offset":9117,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p18","layer":"bankpulse"},{"n":2,"claim":"md13133-190ed97a","page_group":"Chapter III. Approval or sanction by RBI","stored_section":"WHAT CHANGES","heading":"Then RBI decides","plain_english":"After the shareholders approve, the scheme goes to RBI for approval or sanction.","rbi_paragraph":"Para 12","rbi_char_offset":8802,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p19","layer":"bankpulse"},{"n":3,"claim":"md13133-d6361c11","page_group":"Chapter III. Approval or sanction by RBI","stored_section":"WHAT CHANGES","heading":"Tribunal for mixed mergers","plain_english":"A merger between a bank and a finance company needs the Tribunal's approval under the Companies Act.","rbi_paragraph":"Para 12","rbi_char_offset":8974,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p20","layer":"bankpulse"},{"n":4,"claim":"md13133-f679927d","page_group":"Chapter III. Approval or sanction by RBI","stored_section":"WHAT CHANGES","heading":"One portal for papers","plain_english":"All information and documents go to RBI through the PRAVAAH portal, as the annex lists.","rbi_paragraph":"Para 13","rbi_char_offset":9285,"weight":"BACKGROUND","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p21","layer":"bankpulse"},{"n":1,"claim":"md13133-a1a2501b","page_group":"Chapter IV. Entitlement of dissenting shareholders","stored_section":"WHAT CHANGES","heading":"A dissenter can exit","plain_english":"A dissenting shareholder may claim the RBI-determined value of the shares within three months of sanction.","rbi_paragraph":"Para 14(3)","rbi_char_offset":9898,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p22","layer":"bankpulse"},{"n":2,"claim":"md13133-82ca97e2","page_group":"Chapter IV. Entitlement of dissenting shareholders","stored_section":"WHAT CHANGES","heading":"RBI's price is final","plain_english":"RBI's determination of that share value is final for all purposes.","rbi_paragraph":"Para 14(3)","rbi_char_offset":10097,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p23","layer":"bankpulse"},{"n":1,"claim":"md13133-36398b64","page_group":"Chapter V. Norms for buying / selling of shares by promoters","stored_section":"WHAT CHANGES","heading":"Unlisted follow in spirit","plain_english":"Even unlisted companies must follow the SEBI rules in spirit and to the extent applicable.","rbi_paragraph":"Para 15","rbi_char_offset":10552,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p24","layer":"bankpulse"},{"n":2,"claim":"md13133-a2895baf","page_group":"Chapter V. Norms for buying / selling of shares by promoters","stored_section":"WHAT CHANGES","heading":"Insider rules bind listed","plain_english":"For listed companies, the SEBI insider trading rules apply: merger information is price sensitive.","rbi_paragraph":"Para 15","rbi_char_offset":10313,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p25","layer":"bankpulse"},{"n":1,"claim":"md13133-7da94921","page_group":"Chapter VI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"What it replaces","plain_english":"Earlier voluntary amalgamation instructions for this class of bank stand repealed by these Directions.","rbi_paragraph":"Para 16","rbi_char_offset":10757,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13133#p26","layer":"bankpulse"}],"actions":[],"amendments":[],"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."}