{"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":"md13621","title":"Reserve Bank of India (Payments Banks – Statutory Audit) Directions, 2026","document_kind":"Directions","page":"https://bankpulse.ai/rule/md13621","status":"In force","importance":{"code":"MR","label":"MUST READ","weight":"Must read","why":"Binding RBI Directions naming this institution class in the title","layer":"bankpulse_inference"},"applies_to":{"shown":"Payments banks","class_code":"PB","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md13621","mode":"four_dates_v1","published":{"label":"Published","value":"Jul 31, 2026","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/md13621.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13621","document_date":"Jul 31, 2026","read_by_bankpulse":"2026-08-21 16:24:54 UTC","text_sha256":"88d242b9a5bf5d47a09cb1fa575804cb25285fa719931aaa77cb7309af65feb3","word_count":7072,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":50,"points_naming_an_rbi_paragraph":50,"points_stored":50,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md13621-7cf4a3a9","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"Audit for payments banks","plain_english":"This paper sets who may audit payments banks and for how long.","rbi_paragraph":"Para 1","rbi_char_offset":3209,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p1","layer":"bankpulse"},{"n":2,"claim":"md13621-0e747d72","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Start date","plain_english":"These Directions came into effect immediately upon issuance.","rbi_paragraph":"Para 2","rbi_char_offset":3335,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"There is no gap here between issue and effect. The Directions come into effect immediately upon issuance. A bank cannot wait for a separate start date, because there is none.","anchor":"https://bankpulse.ai/rule/md13621#p2","layer":"bankpulse"},{"n":3,"claim":"md13621-ad803f10","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every payments bank.","rbi_paragraph":"Para 3","rbi_char_offset":3405,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p3","layer":"bankpulse"},{"n":1,"claim":"md13621-5304b9e0","page_group":"Chapter II. 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The statutory audit must then be a joint audit by at least two firms.","anchor":"https://bankpulse.ai/rule/md13621#p11","layer":"bankpulse"},{"n":2,"claim":"md13621-c1261d5c","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Joint auditors must be separate","plain_english":"Joint auditors must share no partners and must not be in the same network.","rbi_paragraph":"Para 11","rbi_char_offset":9170,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p12","layer":"bankpulse"},{"n":3,"claim":"md13621-2991ea2b","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Not employed elsewhere","plain_english":"Such a partner must not be employed elsewhere, full time or part time.","rbi_paragraph":"Para 14(2)","rbi_char_offset":11783,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p13","layer":"bankpulse"},{"n":4,"claim":"md13621-4772e891","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Not in separate practice","plain_english":"Such a partner must not practise in his own name or otherwise be in practice.","rbi_paragraph":"Para 14(3)","rbi_char_offset":11848,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p14","layer":"bankpulse"},{"n":5,"claim":"md13621-d1c6b222","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Merger waits two years","plain_english":"A merger of audit firms counts only after two years; a demerger counts at once.","rbi_paragraph":"Para 14(4)","rbi_char_offset":12911,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p15","layer":"bankpulse"},{"n":6,"claim":"md13621-0afe53b6","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"One year for the staff","plain_english":"Professional staff must have been with the firm a year to be counted.","rbi_paragraph":"Para 14(4)","rbi_char_offset":13302,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p16","layer":"bankpulse"},{"n":7,"claim":"md13621-26c39c17","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"No debarred firm","plain_english":"A firm debarred by any government agency, the reporting authority or RBI is out.","rbi_paragraph":"Para 15(2)","rbi_char_offset":13729,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p17","layer":"bankpulse"},{"n":8,"claim":"md13621-3c4d92f9","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"And bars the whole group","plain_english":"If a partner is a director in a bank, the firm cannot audit that bank's group entities.","rbi_paragraph":"Para 15(4)","rbi_char_offset":14145,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p18","layer":"bankpulse"},{"n":9,"claim":"md13621-08a1f79a","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"No concurrent auditor","plain_english":"A concurrent auditor of the bank must not be made its statutory auditor.","rbi_paragraph":"Para 18","rbi_char_offset":16785,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p19","layer":"bankpulse"},{"n":10,"claim":"md13621-653cc7f1","page_group":"Chapter III. Guidelines for Appointment","stored_section":"KEY DATES","heading":"Three continuous years","plain_english":"An auditor is appointed for a continuous term of three years, eligibility permitting.","rbi_paragraph":"Para 22","rbi_char_offset":19417,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p20","layer":"bankpulse"},{"n":11,"claim":"md13621-b4257bfc","page_group":"Chapter III. Guidelines for Appointment","stored_section":"KEY DATES","heading":"Six years out","plain_english":"After a term, a firm cannot return to the same bank for six years.","rbi_paragraph":"Para 23","rbi_char_offset":20369,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p21","layer":"bankpulse"},{"n":12,"claim":"md13621-3564a1b8","page_group":"Chapter III. Guidelines for Appointment","stored_section":"THE CORE IDEA","heading":"Part term counts as full","plain_english":"A part term also starts the six year rest; it is not a fresh chance.","rbi_paragraph":"Para 23","rbi_char_offset":20628,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p22","layer":"bankpulse"},{"n":13,"claim":"md13621-872345a6","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"No sub-contracting","plain_english":"Sharing or sub-contracting the audit to another firm in the network is not allowed.","rbi_paragraph":"Para 24","rbi_char_offset":21773,"weight":"MUST KNOW","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p23","layer":"bankpulse"},{"n":14,"claim":"md13621-bfa29d5f","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Split the work first","plain_english":"Work must be split between the auditors before the audit starts, in consultation with them.","rbi_paragraph":"Para 11(3)","rbi_char_offset":9350,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p24","layer":"bankpulse"},{"n":15,"claim":"md13621-babb0a39","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Check the partner's income","plain_english":"The Board must satisfy itself that the partner earns enough from the firm to count as a full-time partner.","rbi_paragraph":"Para 14(4)","rbi_char_offset":12072,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p25","layer":"bankpulse"},{"n":16,"claim":"md13621-68a21083","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Follow the code of ethics","plain_english":"The appointment must follow the institute's code of ethics and raise no clash of interest.","rbi_paragraph":"Para 15(3)","rbi_char_offset":13980,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p26","layer":"bankpulse"},{"n":17,"claim":"md13621-4791b6e7","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Regain eligibility before starting","plain_english":"A firm that loses eligibility must regain it before the annual audit begins.","rbi_paragraph":"Para 16(1)","rbi_char_offset":15822,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p27","layer":"bankpulse"},{"n":18,"claim":"md13621-6bc3ccdf","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Go to the committee first","plain_english":"Where the management blocks the audit, the auditor must approach the audit committee.","rbi_paragraph":"Para 17","rbi_char_offset":16478,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p28","layer":"bankpulse"},{"n":19,"claim":"md13621-69c07178","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Follow the standards","plain_english":"The auditor must follow the professional standards with the highest diligence.","rbi_paragraph":"Para 20","rbi_char_offset":18796,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p29","layer":"bankpulse"},{"n":20,"claim":"md13621-334b7178","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Incoming must be unconnected","plain_english":"The incoming firm is ineligible if it is tied to the outgoing one or its network.","rbi_paragraph":"Para 24","rbi_char_offset":21901,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p30","layer":"bankpulse"},{"n":21,"claim":"md13621-38be953c","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"No shared partners on change","plain_english":"On a change of branch auditors there must be no common partners with the retiring firm.","rbi_paragraph":"Para 25","rbi_char_offset":22137,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p31","layer":"bankpulse"},{"n":22,"claim":"md13621-20cf174b","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Sister firms rest too","plain_english":"Sister and associate firms of a rested auditor must also wait out the rest period.","rbi_paragraph":"Para 25","rbi_char_offset":22402,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p32","layer":"bankpulse"},{"n":23,"claim":"md13621-d4b08869","page_group":"Chapter III. Guidelines for Appointment","stored_section":"THE CORE IDEA","heading":"Fee must fit the work","plain_english":"The fee must be reasonable and match the size, spread and complexity of the audit.","rbi_paragraph":"Para 28","rbi_char_offset":23228,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p33","layer":"bankpulse"},{"n":24,"claim":"md13621-8990df91","page_group":"Chapter III. Guidelines for Appointment","stored_section":"KEY DATES","heading":"Apply before 31 July","plain_english":"The application must reach RBI before 31 July of the reference year.","rbi_paragraph":"Para 29(1)","rbi_char_offset":23764,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p34","layer":"bankpulse"},{"n":25,"claim":"md13621-8db0ee41","page_group":"Chapter III. 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Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Meet the eligibility rules","plain_english":"Only an audit firm meeting the eligibility rules may be appointed.","rbi_paragraph":"Para 14","rbi_char_offset":10366,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p37","layer":"bankpulse"},{"n":28,"claim":"md13621-2a20c828","page_group":"Chapter III. Guidelines for Appointment","stored_section":"THE CORE IDEA","heading":"What counts as experience","plain_english":"Audit experience means work as a central or branch auditor of a bank or institution.","rbi_paragraph":"Para 14(4)","rbi_char_offset":12684,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p38","layer":"bankpulse"},{"n":29,"claim":"md13621-8f8ad80b","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Board only in two cases","plain_english":"The auditor goes straight to the Board only where there is no committee, or a member is involved.","rbi_paragraph":"Para 17","rbi_char_offset":16634,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p39","layer":"bankpulse"},{"n":30,"claim":"md13621-3642b58f","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Tax work is allowed","plain_english":"Tax audit, tax representation and tax advice do not normally create a clash.","rbi_paragraph":"Para 18(1)","rbi_char_offset":17593,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p40","layer":"bankpulse"},{"n":31,"claim":"md13621-428a56d6","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO IT APPLIES TO","heading":"Bars reach the network","plain_english":"These bars also apply to any firm in the same network or sharing a partner.","rbi_paragraph":"Para 19","rbi_char_offset":18556,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p41","layer":"bankpulse"},{"n":32,"claim":"md13621-14f3db2c","page_group":"Chapter III. Guidelines for Appointment","stored_section":"THE CORE IDEA","heading":"A network counts as one","plain_english":"Firms in one network or sharing partners are treated as a single firm for allotment.","rbi_paragraph":"Para 24","rbi_char_offset":21670,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p42","layer":"bankpulse"},{"n":33,"claim":"md13621-9c012bee","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHAT CHANGES","heading":"Fee follows the statute","plain_english":"The audit fee is decided under the relevant statutory and regulatory provisions.","rbi_paragraph":"Para 27","rbi_char_offset":23091,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p43","layer":"bankpulse"},{"n":34,"claim":"md13621-31288e33","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"RBI approves each year","plain_english":"RBI's prior approval is needed every year to appoint or reappoint the auditor.","rbi_paragraph":"Para 29(1)","rbi_char_offset":23574,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p44","layer":"bankpulse"},{"n":35,"claim":"md13621-e22c0f40","page_group":"Chapter III. Guidelines for Appointment","stored_section":"WHO SHOULD ACT","heading":"Names in order of choice","plain_english":"Shortlisted firms go before the audit committee in order of preference.","rbi_paragraph":"Para 29(3)","rbi_char_offset":24508,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p45","layer":"bankpulse"},{"n":1,"claim":"md13621-ea309663","page_group":"Chapter IV. Long Form Audit Report","stored_section":"WHO SHOULD ACT","heading":"Get the long form report","plain_english":"The bank must see that the long form audit report arrives on time.","rbi_paragraph":"Para 30","rbi_char_offset":26280,"weight":"DO IT","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p46","layer":"bankpulse"},{"n":2,"claim":"md13621-315468a7","page_group":"Chapter IV. Long Form Audit Report","stored_section":"WHO SHOULD ACT","heading":"Widening scope needs notice","plain_english":"Adding materially to the audit scope needs written reasons and notice to the committee.","rbi_paragraph":"Para 37","rbi_char_offset":28553,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p47","layer":"bankpulse"},{"n":3,"claim":"md13621-7e46677f","page_group":"Chapter IV. Long Form Audit Report","stored_section":"WHO SHOULD ACT","heading":"Branch auditors report upward","plain_english":"A branch auditor submits the long form report to the central auditors.","rbi_paragraph":"Para 64","rbi_char_offset":42324,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p48","layer":"bankpulse"},{"n":1,"claim":"md13621-b053e786","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"THE CORE IDEA","heading":"Old repeals stand","plain_english":"Anything repealed before these Directions stays repealed.","rbi_paragraph":"Para 68","rbi_char_offset":44021,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p49","layer":"bankpulse"},{"n":2,"claim":"md13621-b6c42903","page_group":"Chapter V. Repeal and Other Provisions","stored_section":"THE CORE IDEA","heading":"These add to other law","plain_english":"These Directions add to any other law and do not cut it down.","rbi_paragraph":"Para 70","rbi_char_offset":45172,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md13621#p50","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."}