{"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":"md13148","title":"Reserve Bank of India (Commercial Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13148","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":"Commercial banks","class_code":"SCB","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md13148","mode":"four_dates_v1","published":{"label":"Published","value":"November 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/md13148.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13148","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:15:17 UTC","text_sha256":"f8bc8096d02d62296b2d10fa14ddebcf02b145ad64271eff631df39110e5d0dc","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":73,"points_naming_an_rbi_paragraph":73,"points_stored":73,"actions":0,"amendments":2},"points":[{"n":1,"claim":"md13148-e8e9f775","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":7588,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p1","layer":"bankpulse"},{"n":2,"claim":"md13148-100082e6","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Investment rules for banks","plain_english":"This paper sets how commercial banks must class and value what they hold.","rbi_paragraph":"Para 1","rbi_char_offset":3920,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p2","layer":"bankpulse"},{"n":3,"claim":"md13148-7c25c07e","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":7485,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p3","layer":"bankpulse"},{"n":4,"claim":"md13148-9ce1e83d","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":7981,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p4","layer":"bankpulse"},{"n":5,"claim":"md13148-7b78bc30","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":4115,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p5","layer":"bankpulse"},{"n":6,"claim":"md13148-c06c1ef6","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every commercial bank.","rbi_paragraph":"Para 3","rbi_char_offset":4182,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p6","layer":"bankpulse"},{"n":7,"claim":"md13148-a6247511","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Meaning of Commercial Banks","plain_english":"Commercial Banks here means normal banks and SBI, not Small Finance or Payment Banks.","rbi_paragraph":"Para 3","rbi_char_offset":4368,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"The word banks on this page has a narrow meaning. It covers banking companies, the corresponding new banks and the State Bank of India. It leaves out small finance banks, payment banks and local area banks.","anchor":"https://bankpulse.ai/rule/md13148#p7","layer":"bankpulse"},{"n":8,"claim":"md13148-ff22043c","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Thin trading is no market","plain_english":"A share barely traded on an exchange is not treated as having an active market.","rbi_paragraph":"Para 4(1)","rbi_char_offset":5250,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p8","layer":"bankpulse"},{"n":9,"claim":"md13148-5124a94b","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Influence is not control","plain_english":"Significant influence is a say in policy, not control over it.","rbi_paragraph":"Para 4(3)","rbi_char_offset":5844,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p9","layer":"bankpulse"},{"n":10,"claim":"md13148-ec3956ac","page_group":"Chapter I. 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":7792,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p10","layer":"bankpulse"},{"n":11,"claim":"md13148-70c44f76","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":9176,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p11","layer":"bankpulse"},{"n":12,"claim":"md13148-d4627449","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Low coupon bonds defined","plain_english":"A low coupon bond pays little and is redeemed with a large premium at the end.","rbi_paragraph":"Para 4(24)","rbi_char_offset":12097,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p12","layer":"bankpulse"},{"n":13,"claim":"md13148-beb0e7a0","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Rated means a live rating","plain_english":"A rated security is one rated by a SEBI registered agency and carrying a valid rating.","rbi_paragraph":"Para 4(30)","rbi_char_offset":13126,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p13","layer":"bankpulse"},{"n":14,"claim":"md13148-0a9476d5","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Inputs nobody can see","plain_english":"Unobservable inputs are used where market prices and curves are not available.","rbi_paragraph":"Para 4(43)","rbi_char_offset":16588,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p14","layer":"bankpulse"},{"n":15,"claim":"md13148-d3b7d41a","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Unrated means no rating","plain_english":"An unrated security is one with no current and valid rating.","rbi_paragraph":"Para 4(44)","rbi_char_offset":16843,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p15","layer":"bankpulse"},{"n":1,"claim":"md13148-1576ee5b","page_group":"Chapter II. 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":18854,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p16","layer":"bankpulse"},{"n":2,"claim":"md13148-543742ea","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":17452,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p17","layer":"bankpulse"},{"n":3,"claim":"md13148-5ae34520","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":17537,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p18","layer":"bankpulse"},{"n":4,"claim":"md13148-323123bd","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":17796,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p19","layer":"bankpulse"},{"n":5,"claim":"md13148-5a705c65","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":18264,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p20","layer":"bankpulse"},{"n":6,"claim":"md13148-4e3a8e91","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":18442,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p21","layer":"bankpulse"},{"n":7,"claim":"md13148-71d02f78","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":18585,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p22","layer":"bankpulse"},{"n":8,"claim":"md13148-51a55392","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":18733,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p23","layer":"bankpulse"},{"n":9,"claim":"md13148-98115ef5","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":17958,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p24","layer":"bankpulse"},{"n":10,"claim":"md13148-a2b9bea2","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":18107,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p25","layer":"bankpulse"},{"n":1,"claim":"md13148-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":19079,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p26","layer":"bankpulse"},{"n":2,"claim":"md13148-66e7a4e7","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":19191,"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/md13148#p27","layer":"bankpulse"},{"n":3,"claim":"md13148-202dba24","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 18","rbi_char_offset":20045,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p28","layer":"bankpulse"},{"n":4,"claim":"md13148-1e2df323","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 19","rbi_char_offset":20141,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p29","layer":"bankpulse"},{"n":5,"claim":"md13148-8c69b752","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 21","rbi_char_offset":20716,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p30","layer":"bankpulse"},{"n":6,"claim":"md13148-346680e1","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 21","rbi_char_offset":20817,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p31","layer":"bankpulse"},{"n":7,"claim":"md13148-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 22","rbi_char_offset":21090,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p32","layer":"bankpulse"},{"n":8,"claim":"md13148-8846ba42","page_group":"Chapter III. General Guidelines","stored_section":"THE CORE IDEA","heading":"Same test as a loan","plain_english":"An investment proposal must face the same credit test as a loan proposal.","rbi_paragraph":"Para 23","rbi_char_offset":21285,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p33","layer":"bankpulse"},{"n":9,"claim":"md13148-77c362b5","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 24","rbi_char_offset":21373,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p34","layer":"bankpulse"},{"n":10,"claim":"md13148-3ece13fd","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 25","rbi_char_offset":21647,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p35","layer":"bankpulse"},{"n":11,"claim":"md13148-6aa1505f","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 26","rbi_char_offset":21984,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p36","layer":"bankpulse"},{"n":12,"claim":"md13148-890dd05b","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 27","rbi_char_offset":22125,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p37","layer":"bankpulse"},{"n":13,"claim":"md13148-96b35993","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 28","rbi_char_offset":22247,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p38","layer":"bankpulse"},{"n":14,"claim":"md13148-7ff5c218","page_group":"Chapter III. General Guidelines","stored_section":"WHO IT APPLIES TO","heading":"Offshore branch follows policy","plain_english":"An overseas branch must invest under the Board approved policy.","rbi_paragraph":"Para 29","rbi_char_offset":22372,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p39","layer":"bankpulse"},{"n":15,"claim":"md13148-0a1c1964","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"What that policy holds","plain_english":"That policy must cover risk, least rating, limits, approvals and host country rules.","rbi_paragraph":"Para 29","rbi_char_offset":22504,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p40","layer":"bankpulse"},{"n":16,"claim":"md13148-092bc1fb","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":22710,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p41","layer":"bankpulse"},{"n":17,"claim":"md13148-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 20","rbi_char_offset":20470,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p42","layer":"bankpulse"},{"n":18,"claim":"md13148-72e86eba","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Harder look at outsiders","plain_english":"Paper issued by a firm that is not a borrower needs a harder look.","rbi_paragraph":"Para 25","rbi_char_offset":21745,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p43","layer":"bankpulse"},{"n":1,"claim":"md13148-3e38c486","page_group":"Chapter IV. Classification of Investments","stored_section":"WHAT CHANGES","heading":"Five per cent test","plain_english":"Selling more than five per cent of the opening held to maturity book is significant.","rbi_paragraph":"Para 35(2)","rbi_char_offset":28258,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p44","layer":"bankpulse"},{"n":2,"claim":"md13148-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 36(4)","rbi_char_offset":29286,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p45","layer":"bankpulse"},{"n":3,"claim":"md13148-c18cbc15","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 33","rbi_char_offset":23767,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p46","layer":"bankpulse"},{"n":4,"claim":"md13148-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 33","rbi_char_offset":24149,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p47","layer":"bankpulse"},{"n":5,"claim":"md13148-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 41","rbi_char_offset":33914,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p48","layer":"bankpulse"},{"n":6,"claim":"md13148-776d6691","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 41(2)","rbi_char_offset":34283,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p49","layer":"bankpulse"},{"n":7,"claim":"md13148-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 41(7)","rbi_char_offset":38626,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p50","layer":"bankpulse"},{"n":8,"claim":"md13148-16de1cff","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 41(3)","rbi_char_offset":38962,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p51","layer":"bankpulse"},{"n":9,"claim":"md13148-2fad3bd4","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 33","rbi_char_offset":24033,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p52","layer":"bankpulse"},{"n":10,"claim":"md13148-bdec0ba0","page_group":"Chapter IV. Classification of Investments","stored_section":"THE CORE IDEA","heading":"Repo does not break it","plain_english":"A repo of a security does not clash with holding it to maturity.","rbi_paragraph":"Para 35(2)","rbi_char_offset":28028,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p53","layer":"bankpulse"},{"n":11,"claim":"md13148-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 37(3)","rbi_char_offset":30273,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p54","layer":"bankpulse"},{"n":12,"claim":"md13148-13aab7b4","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 37(3)","rbi_char_offset":30556,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p55","layer":"bankpulse"},{"n":13,"claim":"md13148-927cd960","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 37(3)","rbi_char_offset":30743,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p56","layer":"bankpulse"},{"n":14,"claim":"md13148-7250b57d","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 38(1)","rbi_char_offset":31086,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p57","layer":"bankpulse"},{"n":15,"claim":"md13148-b6d01e65","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 38(2)","rbi_char_offset":31360,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p58","layer":"bankpulse"},{"n":16,"claim":"md13148-9f2133cb","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 40","rbi_char_offset":32886,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p59","layer":"bankpulse"},{"n":17,"claim":"md13148-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 41(1)","rbi_char_offset":34215,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p60","layer":"bankpulse"},{"n":18,"claim":"md13148-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 41(3)","rbi_char_offset":38881,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p61","layer":"bankpulse"},{"n":19,"claim":"md13148-0905f60d","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 41(3)","rbi_char_offset":39491,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p62","layer":"bankpulse"},{"n":1,"claim":"md13148-6e291f97","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 90(10)","rbi_char_offset":96198,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p63","layer":"bankpulse"},{"n":2,"claim":"md13148-7a3914d7","page_group":"Chapter X. Operational Guidelines","stored_section":"KEY DATES","heading":"Market exposure every meeting","plain_english":"The Audit Committee must review the whole capital market exposure at every meeting.","rbi_paragraph":"Para 93(6)","rbi_char_offset":108269,"weight":"DO IT","role":"Audit","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p64","layer":"bankpulse"},{"n":3,"claim":"md13148-f6a0693b","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 93(7)","rbi_char_offset":108618,"weight":"DO IT","role":"Board","team":null,"products_covered":["advance-against-securities"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p65","layer":"bankpulse"},{"n":1,"claim":"md13148-4320c93a","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 99(1)","rbi_char_offset":111425,"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/md13148#p66","layer":"bankpulse"},{"n":2,"claim":"md13148-8550cadf","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 101","rbi_char_offset":115739,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p67","layer":"bankpulse"},{"n":3,"claim":"md13148-711007f2","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 104(1)","rbi_char_offset":117330,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p68","layer":"bankpulse"},{"n":4,"claim":"md13148-7d6db1d3","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 95(1)","rbi_char_offset":110025,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p69","layer":"bankpulse"},{"n":5,"claim":"md13148-98595d24","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 98","rbi_char_offset":110601,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p70","layer":"bankpulse"},{"n":1,"claim":"md13148-c2af6c20","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 115","rbi_char_offset":122661,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p71","layer":"bankpulse"},{"n":2,"claim":"md13148-d6ee41aa","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 112","rbi_char_offset":120491,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p72","layer":"bankpulse"},{"n":3,"claim":"md13148-30fee77a","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 113","rbi_char_offset":120962,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13148#p73","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13391","title":"Reserve Bank of India (Commercial Banks – Classification, Valuation, and Operation of Investment Portfolio)- Amendment Directions, 2026","date":"Apr 27, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13391&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13450","title":"Reserve Bank of India (Commercial Banks - Classification, Valuation, and Operation of Investment Portfolio) Second Amendment Directions, 2026","date":"May 18, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13450&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."}