{"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":"md13162","title":"Reserve Bank of India (Commercial Banks - Undertaking of Financial Services) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13162","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":"md13162","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/md13162.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13162","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:15:42 UTC","text_sha256":"a5683ee8d3ed7dc223fdaf84ec1970071d85d83d03f973b37a6122b75b38ba60","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":52,"points_naming_an_rbi_paragraph":52,"points_stored":52,"actions":0,"amendments":4},"points":[{"n":1,"claim":"md13162-059ea9c6","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Other business for banks","plain_english":"This document sets what other business the lender may take on.","rbi_paragraph":"Para 1","rbi_char_offset":3624,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p1","layer":"bankpulse"},{"n":2,"claim":"md13162-27e662d9","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"In force at once","plain_english":"The rules took effect the day they were issued. There was no grace period.","rbi_paragraph":"Para 1","rbi_char_offset":3761,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p2","layer":"bankpulse"},{"n":3,"claim":"md13162-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":3837,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p3","layer":"bankpulse"},{"n":4,"claim":"md13162-8ce21cc2","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Only regulated products","plain_english":"An agency agreement may cover only regulated financial products or services.","rbi_paragraph":"Para 4(1)","rbi_char_offset":5002,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p4","layer":"bankpulse"},{"n":5,"claim":"md13162-537f1ce3","page_group":"Chapter I. 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General Guidelines","stored_section":"THE CORE IDEA","heading":"One business, one entity","plain_english":"As a rule a form of business is carried on by one entity in the group.","rbi_paragraph":"Para 17(3)","rbi_char_offset":15167,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p11","layer":"bankpulse"},{"n":3,"claim":"md13162-8ae5d665","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Two entities need a reason","plain_english":"Using more than one group entity for the same business needs a stated reason.","rbi_paragraph":"Para 17(3)","rbi_char_offset":15248,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p12","layer":"bankpulse"},{"n":4,"claim":"md13162-35ca6ee1","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"New business needs approval","plain_english":"A business not listed in these rules needs the Reserve Bank's prior approval.","rbi_paragraph":"Para 17(6)","rbi_char_offset":16938,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p13","layer":"bankpulse"},{"n":5,"claim":"md13162-b9fcf35b","page_group":"Chapter III. General Guidelines","stored_section":"KEY DATES","heading":"April 2026 cut off","plain_english":"A bank not in line with these rules cannot take new business in that segment.","rbi_paragraph":"Para 17(7)","rbi_char_offset":17507,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p14","layer":"bankpulse"},{"n":6,"claim":"md13162-2cad2da3","page_group":"Chapter III. General Guidelines","stored_section":"KEY DATES","heading":"Report by March 2026","plain_english":"A compliance report on this is due by 31 March 2026.","rbi_paragraph":"Para 17(7)","rbi_char_offset":17593,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p15","layer":"bankpulse"},{"n":7,"claim":"md13162-dca4a4c8","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Old facilities run on","plain_english":"Facilities already given continue to be serviced until they mature.","rbi_paragraph":"Para 17(7)","rbi_char_offset":17665,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p16","layer":"bankpulse"},{"n":8,"claim":"md13162-ef75dc95","page_group":"Chapter III. General Guidelines","stored_section":"KEY DATES","heading":"Fifteen days to tell RBI","plain_english":"A holding company must tell the Reserve Bank within fifteen days of its resolution.","rbi_paragraph":"Para 17(5)","rbi_char_offset":17940,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"The Board passes the resolution on 1 September. RBI must be told within 15 days, so by 16 September. The clock runs from the resolution, not from the first day of business.","anchor":"https://bankpulse.ai/rule/md13162#p17","layer":"bankpulse"},{"n":9,"claim":"md13162-acfa879d","page_group":"Chapter III. 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General Guidelines","stored_section":"WHO SHOULD ACT","heading":"More equity needs approval","plain_english":"Putting more equity into a group entity needs prior approval.","rbi_paragraph":"Para 29(1)","rbi_char_offset":21700,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p20","layer":"bankpulse"},{"n":12,"claim":"md13162-456935db","page_group":"Chapter III. General Guidelines","stored_section":"KEY DATES","heading":"Thirty days for a plan","plain_english":"Where shares come to a bank by default, a disposal plan is due in thirty days.","rbi_paragraph":"Para 29(1)","rbi_char_offset":22603,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p21","layer":"bankpulse"},{"n":13,"claim":"md13162-088ceb02","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"One reconstruction company","plain_english":"A bank cannot sponsor more than one asset reconstruction company.","rbi_paragraph":"Para 29(2)","rbi_char_offset":22681,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p22","layer":"bankpulse"},{"n":14,"claim":"md13162-f65598cf","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Group stake under twenty","plain_english":"The group's holding in a reconstruction company must stay below twenty per cent.","rbi_paragraph":"Para 29(2)","rbi_char_offset":22883,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p23","layer":"bankpulse"},{"n":15,"claim":"md13162-610fda5a","page_group":"Chapter III. General Guidelines","stored_section":"WHO SHOULD ACT","heading":"Policy must cover funds","plain_english":"The investment policy must carry provisions on investing in such funds.","rbi_paragraph":"Para 30","rbi_char_offset":23307,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A lender that has never invested in such a fund still needs the words in its investment policy. The policy must carry provisions governing its investments in a scheme of that kind. Writing them only when the first investment is proposed is too late.","anchor":"https://bankpulse.ai/rule/md13162#p24","layer":"bankpulse"},{"n":16,"claim":"md13162-22211ef0","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Ten per cent alone","plain_english":"A lender alone cannot put more than ten per cent into an alternative investment fund.","rbi_paragraph":"Para 30","rbi_char_offset":23502,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p25","layer":"bankpulse"},{"n":17,"claim":"md13162-c879c523","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Twenty per cent from all","plain_english":"All regulated lenders together cannot hold more than twenty per cent of a fund.","rbi_paragraph":"Para 32","rbi_char_offset":23622,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p26","layer":"bankpulse"},{"n":18,"claim":"md13162-00a8bdf0","page_group":"Chapter III. General Guidelines","stored_section":"WHAT CHANGES","heading":"Subordinated units deducted","plain_english":"A holding in subordinated units of such a fund is deducted from capital in full.","rbi_paragraph":"Para 34","rbi_char_offset":24580,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"A lender puts ₹10 crore into such a fund, as subordinated units. The whole ₹10 crore comes off capital funds. It is taken proportionately from Tier-1 and Tier-2 capital.","anchor":"https://bankpulse.ai/rule/md13162#p27","layer":"bankpulse"},{"n":19,"claim":"md13162-598d263a","page_group":"Chapter III. 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General Guidelines","stored_section":"WHAT CHANGES","heading":"Subsidiary has no account access","plain_english":"A subsidiary cannot have online access to customers' accounts at the bank.","rbi_paragraph":"Para 40(5)","rbi_char_offset":29168,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p34","layer":"bankpulse"},{"n":26,"claim":"md13162-8bcaac3d","page_group":"Chapter III. General Guidelines","stored_section":"THE CORE IDEA","heading":"No favours to the subsidiary","plain_english":"A subsidiary gets no better treatment than any other party of the same risk.","rbi_paragraph":"Para 40(7)","rbi_char_offset":29562,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p35","layer":"bankpulse"},{"n":1,"claim":"md13162-be9fba3a","page_group":"Chapter IV. 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Financial Services","stored_section":"WHO SHOULD ACT","heading":"Primary dealer registers","plain_english":"A subsidiary for primary dealership must be registered as a finance company.","rbi_paragraph":"Para 45","rbi_char_offset":32889,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p38","layer":"bankpulse"},{"n":4,"claim":"md13162-ba879620","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Fund business through a company","plain_english":"Mutual fund business with risk is done only through a subsidiary or joint venture.","rbi_paragraph":"Para 48","rbi_char_offset":33722,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p39","layer":"bankpulse"},{"n":5,"claim":"md13162-b888c000","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Portfolio service via group","plain_english":"Portfolio management is offered only through a group entity with prior approval.","rbi_paragraph":"Para 54(2)","rbi_char_offset":36853,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p40","layer":"bankpulse"},{"n":6,"claim":"md13162-49919526","page_group":"Chapter IV. Financial Services","stored_section":"THE CORE IDEA","heading":"Client gets a statement","plain_english":"The account holder is entitled to a statement of his portfolio account.","rbi_paragraph":"Para 56(6)","rbi_char_offset":38224,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p41","layer":"bankpulse"},{"n":7,"claim":"md13162-999b2be7","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Client money kept apart","plain_english":"The bank's own investments and the client's portfolio must be kept distinct.","rbi_paragraph":"Para 56(7)","rbi_char_offset":38315,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p42","layer":"bankpulse"},{"n":8,"claim":"md13162-0a21678c","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Deals at market rates","plain_english":"Dealings between the bank's own account and a client portfolio are at market rates.","rbi_paragraph":"Para 56(7)","rbi_char_offset":38416,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p43","layer":"bankpulse"},{"n":9,"claim":"md13162-dc3beca3","page_group":"Chapter IV. Financial Services","stored_section":"WHAT CHANGES","heading":"Only permitted products","plain_english":"Agency business is allowed only in products the lender may itself deal in.","rbi_paragraph":"Para 58","rbi_char_offset":39561,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p44","layer":"bankpulse"},{"n":10,"claim":"md13162-03a95edd","page_group":"Chapter IV. Financial Services","stored_section":"THE CORE IDEA","heading":"Fee only, no risk","plain_english":"The service is given for a fee. The lender carries none of the risk.","rbi_paragraph":"Para 59","rbi_char_offset":39721,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p45","layer":"bankpulse"},{"n":11,"claim":"md13162-5659de10","page_group":"Chapter IV. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Pay must not push sales","plain_english":"Staff assessment and incentives cannot breach the law on commission.","rbi_paragraph":"Para 61(4)","rbi_char_offset":42010,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p46","layer":"bankpulse"},{"n":12,"claim":"md13162-e2434a41","page_group":"Chapter IV. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Insurer must handle complaints","plain_english":"The insurer whose products are sold must itself have a working complaints system.","rbi_paragraph":"Para 61(6)","rbi_char_offset":43014,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p47","layer":"bankpulse"},{"n":13,"claim":"md13162-afc1bb61","page_group":"Chapter IV. Financial Services","stored_section":"WHO SHOULD ACT","heading":"Lender helps the customer","plain_english":"The lender must help the customer get a complaint settled.","rbi_paragraph":"Para 61(6)","rbi_char_offset":43137,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p48","layer":"bankpulse"},{"n":1,"claim":"md13162-8ddcca61","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old rules stay repealed","plain_english":"Rules repealed before this document was issued remain repealed.","rbi_paragraph":"Para 82","rbi_char_offset":57188,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p49","layer":"bankpulse"},{"n":2,"claim":"md13162-1079c38d","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Past acts still stand","plain_english":"Anything done under the old rules is still judged by the old rules.","rbi_paragraph":"Para 83","rbi_char_offset":57307,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p50","layer":"bankpulse"},{"n":3,"claim":"md13162-562eb172","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Old approvals carry over","plain_english":"Approvals given under the repealed rules are now read under these rules.","rbi_paragraph":"Para 83","rbi_char_offset":57490,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p51","layer":"bankpulse"},{"n":4,"claim":"md13162-ed77acc3","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"THE CORE IDEA","heading":"Added to other law","plain_english":"These rules sit on top of every other law and rule already in force.","rbi_paragraph":"Para 84","rbi_char_offset":58382,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13162#p52","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13209","title":"Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) (Amendment) Directions, 2025","date":"Dec 05, 2025","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13209&Mode=0","order":1,"layer":"rbi_source"},{"id":"nt13350","title":"Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) – Amendment Directions, 2026 (Revised)","date":"Mar 30, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13350&Mode=0","order":2,"layer":"rbi_source"},{"id":"nt13398","title":"Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) – Second Amendment Directions, 2026","date":"Apr 27, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13398&Mode=0","order":3,"layer":"rbi_source"},{"id":"nt13495","title":"Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) Third Amendment Directions, 2026","date":"Jun 15, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13495&Mode=0","order":4,"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."}