{"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":"md13150","title":"Reserve Bank of India (Commercial Banks – Securitisation Transactions) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13150","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":"md13150","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/md13150.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13150","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:15:20 UTC","text_sha256":"d222860a92d4ddee494fa90935bf1d938427179884f8a36031f2f7eca7456782","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":38,"points_naming_an_rbi_paragraph":38,"points_stored":38,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md13150-0e04c949","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Securitisation rules for banks","plain_english":"This document sets the rules a commercial bank follows when it securitises loans.","rbi_paragraph":"Para 1","rbi_char_offset":4397,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p1","layer":"bankpulse"},{"n":1,"claim":"md13150-60df18b1","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"365-day loan floor","plain_english":"Banks cannot securitise loans that have less than 365 days left to run.","rbi_paragraph":"Para 5(4)","rbi_char_offset":15014,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p2","layer":"bankpulse"},{"n":2,"claim":"md13150-b9bf3f52","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Overseas branches and FEMA","plain_english":"Securitising exposures of an overseas branch must not breach FEMA or its rules.","rbi_paragraph":"Para 6","rbi_char_offset":16048,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p3","layer":"bankpulse"},{"n":3,"claim":"md13150-39f87e63","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Five percent stake floor","plain_english":"For loans up to 24 months, banks must keep at least 5% of the loan value at stake.","rbi_paragraph":"Para 11(1)","rbi_char_offset":18037,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A bank securitises a pool of loans whose original maturity is 24 months. It must keep at least 5 per cent of the book value at stake. On a pool of one hundred crore rupees, that is five crore rupees.","anchor":"https://bankpulse.ai/rule/md13150#p4","layer":"bankpulse"},{"n":4,"claim":"md13150-1b016fbe","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Ten per cent retention","plain_english":"For loans of more than 24 months and bullet loans the originator keeps 10 per cent.","rbi_paragraph":"Para 11(2)","rbi_char_offset":18181,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p5","layer":"bankpulse"},{"n":5,"claim":"md13150-b0850e6e","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Ten percent stake floor","plain_english":"For longer loans or ones with bullet repayments, banks must keep at least 10% at stake.","rbi_paragraph":"Para 11(2)","rbi_char_offset":18333,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p6","layer":"bankpulse"},{"n":6,"claim":"md13150-ae66887d","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Housing keeps five per cent","plain_english":"For residential mortgage backed notes the originator keeps five per cent.","rbi_paragraph":"Para 12","rbi_char_offset":18467,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p7","layer":"bankpulse"},{"n":7,"claim":"md13150-8d68865e","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"No stake reduction","plain_english":"Banks cannot cut their required stake by hedging, selling or pledging it.","rbi_paragraph":"Para 15","rbi_char_offset":19626,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p8","layer":"bankpulse"},{"n":8,"claim":"md13150-91e3c6ec","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"20 percent deal cap","plain_english":"A bank's stake in one securitisation deal cannot exceed 20% of the notes issued.","rbi_paragraph":"Para 24","rbi_char_offset":23831,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p9","layer":"bankpulse"},{"n":9,"claim":"md13150-e1c060ae","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"One crore minimum ticket","plain_english":"The smallest securitisation note that may be issued is one crore rupees.","rbi_paragraph":"Para 27","rbi_char_offset":24495,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p10","layer":"bankpulse"},{"n":10,"claim":"md13150-f257ce57","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Minimum investor ticket","plain_english":"Each investor must put in at least Rs 1 crore to buy securitisation notes.","rbi_paragraph":"Para 27","rbi_char_offset":24499,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p11","layer":"bankpulse"},{"n":11,"claim":"md13150-df576593","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"No control over the trust","plain_english":"The originator must not control the special purpose entity or its trustees.","rbi_paragraph":"Para 29(5)","rbi_char_offset":26150,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p12","layer":"bankpulse"},{"n":12,"claim":"md13150-1b07b603","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"No support for losses","plain_english":"The originator must not carry the losses of the special purpose entity.","rbi_paragraph":"Para 29(6)","rbi_char_offset":27300,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p13","layer":"bankpulse"},{"n":13,"claim":"md13150-dec235ca","page_group":"Chapter II. General requirements for securitisation","stored_section":"KEY DATES","heading":"One hundred twenty days","plain_english":"A warranty to replace an asset must be used within 120 days of the transfer.","rbi_paragraph":"Para 31(5)","rbi_char_offset":29127,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p14","layer":"bankpulse"},{"n":14,"claim":"md13150-8c07ae54","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Hold before you sell","plain_english":"The originator must have met the minimum holding period before securitising.","rbi_paragraph":"Para 8","rbi_char_offset":16508,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p15","layer":"bankpulse"},{"n":15,"claim":"md13150-b31a60ab","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHO SHOULD ACT","heading":"Tell the investors everything","plain_english":"Legal and financial risk information must be open to investors, on demand.","rbi_paragraph":"Para 21","rbi_char_offset":22641,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p16","layer":"bankpulse"},{"n":16,"claim":"md13150-cf11167a","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Listing threshold","plain_english":"Banks must list securitisation notes if fifty or more investors buy into one issue.","rbi_paragraph":"Para 28","rbi_char_offset":24895,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p17","layer":"bankpulse"},{"n":17,"claim":"md13150-a42a81d0","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Arm's length dealing","plain_english":"Deals between a bank and its securitisation entity must be strictly at arm's length.","rbi_paragraph":"Para 29(1)","rbi_char_offset":25449,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p18","layer":"bankpulse"},{"n":18,"claim":"md13150-aad703a1","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"No interest in the trustees","plain_english":"The originator must hold no ownership or beneficial interest in the trustees.","rbi_paragraph":"Para 29(5)","rbi_char_offset":26299,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p19","layer":"bankpulse"},{"n":19,"claim":"md13150-e85f151d","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHO IT APPLIES TO","heading":"Bought loans carry the rule","plain_english":"Where the originator bought the loans, the rule also binds the lender it bought from.","rbi_paragraph":"Para 30","rbi_char_offset":27724,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p20","layer":"bankpulse"},{"n":20,"claim":"md13150-7a669e26","page_group":"Chapter II. General requirements for securitisation","stored_section":"WHAT CHANGES","heading":"Sell only for cash","plain_english":"The originator may sell assets to the entity only for cash, paid by transfer time.","rbi_paragraph":"Para 32","rbi_char_offset":29961,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p21","layer":"bankpulse"},{"n":1,"claim":"md13150-012a5e4e","page_group":"Chapter III. Simple, transparent and comparable (STC) securitisations","stored_section":"KEY DATES","heading":"Seven years of history","plain_english":"Non-retail exposures need at least seven years of performance history.","rbi_paragraph":"Para 40","rbi_char_offset":35674,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p22","layer":"bankpulse"},{"n":2,"claim":"md13150-afcd7135","page_group":"Chapter III. Simple, transparent and comparable (STC) securitisations","stored_section":"WHAT CHANGES","heading":"One per cent per obligor","plain_english":"At the cut-off date no single borrower may be more than 1 per cent of the pool.","rbi_paragraph":"Para 73","rbi_char_offset":53336,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p23","layer":"bankpulse"},{"n":3,"claim":"md13150-52ea3847","page_group":"Chapter III. Simple, transparent and comparable (STC) securitisations","stored_section":"WHAT CHANGES","heading":"Originator needs experience","plain_english":"The originator must have real experience of lending of the kind being securitised.","rbi_paragraph":"Para 40","rbi_char_offset":35350,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p24","layer":"bankpulse"},{"n":4,"claim":"md13150-19f3a76a","page_group":"Chapter III. Simple, transparent and comparable (STC) securitisations","stored_section":"WHAT CHANGES","heading":"Sound underwriting throughout","plain_english":"Every claim in the pool must have been written on sound and prudent standards.","rbi_paragraph":"Para 45","rbi_char_offset":37755,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p25","layer":"bankpulse"},{"n":5,"claim":"md13150-8c60dcb2","page_group":"Chapter III. Simple, transparent and comparable (STC) securitisations","stored_section":"WHAT CHANGES","heading":"Retained tranches lose relief","plain_english":"A tranche the originator keeps does not get the simple and transparent treatment.","rbi_paragraph":"Para 73","rbi_char_offset":53759,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p26","layer":"bankpulse"},{"n":1,"claim":"md13150-2e0d1d1a","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"Half repaid before reset","plain_english":"Before the first reset at least 50 per cent of the principal must have been repaid.","rbi_paragraph":"Para 85","rbi_char_offset":63971,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p27","layer":"bankpulse"},{"n":2,"claim":"md13150-3a76fc20","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"A quarter for home loans","plain_english":"For residential mortgage backed deals the figure is 25 per cent.","rbi_paragraph":"Para 86","rbi_char_offset":64396,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":["housing-loan"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p28","layer":"bankpulse"},{"n":3,"claim":"md13150-b1511be4","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"Write down when it draws","plain_english":"The facility papers must say clearly when the facility may and may not be drawn.","rbi_paragraph":"Para 89(2)","rbi_char_offset":67309,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p29","layer":"bankpulse"},{"n":4,"claim":"md13150-ab187d37","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"Not the originator's shortfall","plain_english":"The originator must not cover a shortfall in liquidity support given by a third party.","rbi_paragraph":"Para 89(8)","rbi_char_offset":68577,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p30","layer":"bankpulse"},{"n":5,"claim":"md13150-840cd4cf","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHO SHOULD ACT","heading":"Facility provider must be regulated","plain_english":"A facility provider must be regulated by at least one financial sector regulator.","rbi_paragraph":"Para 80","rbi_char_offset":56822,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p31","layer":"bankpulse"},{"n":6,"claim":"md13150-8c4eeccd","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"Keep the cash flows apart","plain_english":"The servicer must hold the cash flows in trust and not mix them with its own.","rbi_paragraph":"Para 95(3)","rbi_char_offset":71567,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p32","layer":"bankpulse"},{"n":7,"claim":"md13150-008daeaf","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"Same agency re-rates","plain_english":"Only the agency that first rated the deal may re-rate it for a reset.","rbi_paragraph":"Para 84(1)","rbi_char_offset":62134,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p33","layer":"bankpulse"},{"n":8,"claim":"md13150-5dcee31f","page_group":"Chapter IV. Provision of facilities supporting securitisation structures","stored_section":"WHAT CHANGES","heading":"Liquidity provider ranks first","plain_english":"Once a liquidity facility is drawn its provider ranks ahead of the senior tranche.","rbi_paragraph":"Para 89(7)","rbi_char_offset":68417,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p34","layer":"bankpulse"},{"n":1,"claim":"md13150-14eba2ee","page_group":"Chapter VI. Capital requirements for Securitisation exposures and Disclosures Norms","stored_section":"WHAT CHANGES","heading":"Third party data certified","plain_english":"Data taken from a third party must be certified by its auditors.","rbi_paragraph":"Para 110","rbi_char_offset":79884,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p35","layer":"bankpulse"},{"n":2,"claim":"md13150-0a77775a","page_group":"Chapter VI. Capital requirements for Securitisation exposures and Disclosures Norms","stored_section":"WHAT CHANGES","heading":"Capital rules apply","plain_english":"Capital for securitisation exposures follows the capital adequacy Directions.","rbi_paragraph":"Para 109","rbi_char_offset":79385,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p36","layer":"bankpulse"},{"n":3,"claim":"md13150-1eb22342","page_group":"Chapter VI. Capital requirements for Securitisation exposures and Disclosures Norms","stored_section":"WHAT CHANGES","heading":"Disclosure follows the accounts","plain_english":"Disclosure follows the financial statements Directions.","rbi_paragraph":"Para 115","rbi_char_offset":81690,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p37","layer":"bankpulse"},{"n":1,"claim":"md13150-30fee77a","page_group":"Chapter VII. Repeal and other provisions","stored_section":"WHAT IT REPLACES","heading":"Old actions preserved","plain_english":"Action already started under the old rules stays governed by those old rules.","rbi_paragraph":"Para 118","rbi_char_offset":82724,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13150#p38","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."}