EFFECTIVE DATE & APPLICABILITY
The Reserve Bank of India (“RBI”), on November 28, 2025, issued 244 consolidated Master Directions, subsuming more than 9,445 historical circulars, notifications, and guidelines issued over the past eight decades, dating back to 1944. This initiative establishes a comprehensive, streamlined, and user-friendly regulatory library, categorised across eleven (11) classes of regulated entities, thereby significantly enhancing regulatory clarity, accessibility, and compliance efficiency.
Presented below is the list of Master Directions that are effective for, or applicable to, Non-Banking Financial Companies (NBFCs), along with their respective effective dates and applicability.
| S. No. | Name of Direction | Effective Date | Applicability |
| 1. | Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025 | 28 November 2025 | NBFC-BL: Chapter I of the Directions, NBFC-ML or above: Chapter II and III, Chapter II and III: NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC Paragraph 6 to 22 and 24 to 27: HFC Paragraphs 6, 7, 14, 15, 25 and 26: MGC and NBFC-P2P Paragraphs 6, 7, 8, 14, 15, 25 and 26: SPD Paragraph 6, 7, 25 and 26: NBFC-AA Paragraph 6, 7, 9 to 20, and 25 to 27: CIC, Chapter IV: NBFC-Factor and NBFC-ICC, Chapter V: IDF-NBFC |
| 2. | Reserve Bank of India (Non-Operative Financial Holding Company) Directions, 2025 | 28 November 2025 | NBFC- Non-Operative Financial Holding Company (NOFHC) |
| 3. | Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025 | 28 November 2025 | NBFC-MFI (Micro Finance Institutions) |
| 4. | Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025 | 28 November 2025 | NBFC-Peer to Peer Lending Platform (NBFC-P2P) |
| 5. | Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025 | 28 November 2025 | Mortgage Guarantee Companies (MGCs) |
| 6. | Reserve Bank of India (Non-Banking Financial Companies – Account Aggregator) Directions, 2025 | 28 November 2025 | NBFC-Account Aggregators (AA) |
| 7. | Reserve Bank of India (Core Investment Companies) Directions, 2025 | 28 November 2025 | NBFC-Core Investment Company (CIC) |
| 8. | Reserve Bank of India (Standalone Primary Dealers) Directions, 2025 | 28 November 2025 | NBFC-Standalone Primary Dealers (SPDs) |
| 9. | Reserve Bank of India (Housing Finance Companies) Directions, 2025 | 28 November 2025 | Housing Finance Companies (except Chapter IX of the Directions: Applicable to auditors of HFCs) |
| 10. | Reserve Bank of India (Non-Banking Financial Companies – Managing Risks in Outsourcing) Directions, 2025 | 28 November 2025 For NBFCs with existing IT outsourcing agreements: Renewal date or 10 April 2026 (whichever is earlier)For NBFCs with NEW IT outsourcing agreements executed on or after 28 November 2025: Date of Agreement | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC, SPDs, CICs, NBFC-P2P, NBFC-AAChapter IV and Chapter II of the Directions (IT-specific provisions): Not applicable on NBFC-BLMGC- Paragraphs in Chapter IV and Chapter II (IT-specific paragraphs) |
| 11. | Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025 | 28 November 2025, unless indicated otherwise | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFCParagraph 98 to 100 of the Directions: NBFC-P2P |
| 12. | Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Directions, 2025 | 28 November 2025 | All NBFCs (except ‘NBFCs not having any customer interface’) |
| 13. | Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Declaration of Dividends) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, NBFC-IDF, HFC, MGC, SPDs, CIC, NBFC-P2P, NBFC-AA |
| 14. | Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC, CICSPD except Paragraph 13 to 15 and 20 of the DirectionsMGC except Paragraph 20NBFC-P2P except Paragraph 13 to 15 and 20NBFC-AA except Paragraph 13 to 15 and 20 |
| 15. | Reserve Bank of India (Non-Banking Financial Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 | 28 November 2025 | Applicable on ML and AboveNBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC, CIC |
| 16. | Reserve Bank of India (Non-Banking Financial Companies – Resolution of Stressed Assets) Directions, 2025 | 28 November 2025, unless indicated otherwise | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFCParagraphs 86 to 100 of the Directions: MGCParagraphs 86 to 101 and paragraphs 102 to 138: HFCPart A: NBFC [non-deposit taking NBFC with asset size of ₹500 crore or more, or a deposit taking NBFC].Part B: NBFC [which is a non-deposit taking NBFC with asset size of less than ₹500 crore]. |
| 17. | Reserve Bank of India (Non-Banking Financial Companies – Income Recognition, Asset Classification and Provisioning) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-IFC, IDF-NBFC, HFC [unless provisions not consistent with RBI (HFC) Directions, 2025], NBFC-MFI [unless provisions not consistent with RBI (NBFC-MFI) Directions, 2025], MGC [unless provisions not consistent with RBI (MGCs) Directions, 2025], CIC [unless provisions not consistent with RBI (CICs) Directions, 2025] |
| 18. | Reserve Bank of India (Non-Banking Financial Companies – Asset Liability Management) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC and CICs (except Chapter III of the Directions) |
| 19. | Reserve Bank of India (Non-Banking Financial Companies – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC, CICNBFC-BL: Comply with Chapter II of the DirectionsNBFC-ML & UL: Comply with Chapters II & IIIParagraph 11 to 13 and Paragraph 28 to 29: Applicable to ‘NBFCs not having any public funds and not having any customer interface’ and ‘NBFCs-BL having customer interface but not availing public funds’. |
| 20. | Reserve Bank of India (Non-Banking Financial Companies – Securitisation Transactions) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC |
| 21. | Reserve Bank of India (Non-Banking Financial Companies – Transfer and Distribution of Credit Risk) Directions, 2025 | 28 November 2025 Part B: 1 January 2026 or Date chosen by NBFC- Effective Date (whichever is earlier) | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC |
| 22. | Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFCHFC: Except paragraph 7, 14, 16, 19, 22 and 23 of the DirectionsMGC: Chapter IVSPD: Paragraph 24 |
| 23. | Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFCParagraph 6 to 13 of the Directions: NBFCs in all layersParagraphs 6-8: ‘Notified NBFCs’ defined in Chapter IIIParagraph 13: NBFCs-BL onlyParagraph 9-12: NBFCs- ML and above |
| 24. | Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025 | 28 November 2025, unless indicated otherwise | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC, NBFC-P2P, Core Investment Company |
| 25. | Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025 | 28 November 2025 | NBFC-ICC, NBFC-Factor, NBFC-MFI, HFC |
| 26. | Reserve Bank of India (Non-Banking Financial Companies– Credit Facilities) Directions, 2025 | 28 November 2025, unless indicated otherwise | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFCPartial Applicability of the Directions:Conduct-related regulations shall be applicable for NBFCs-BL having customer interface but not availing public fundsPrudential regulations not applicable for NBFCs-BL having customer interface but not availing public funds.Paragraphs 105, 106 and 107 of Chapter VIII, but no other provision of these Directions, shall be applicable to CICParagraph 21(2) of Chapter III, but no other provision of these Directions, shall be applicable to NBFC-P2P. |
| 27. | Reserve Bank of India (Non-Banking Financial Companies – Acceptance of Public Deposits) Directions, 2025 | 28 November 2025 | NBFC-D, Deposit taking HFC (Except Paragraph 10, 11, 30, 40, 50 to 52, 62 and 63 of the Directions), NBFC being a Government Company. |
| 28. | Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025 | 28 November 2025 | NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-IFC, IDF-NBFC, NBFC-MFI [Paragraphs 6(1), 6(2), and 17 of the Directions, not applicable],Paragraphs 6(4), 7, 8, 11, 15, 16, 18(2)(iv), 18(3) to 18(11), and paragraphs 19 to 54: HFCParagraphs 6(4), 7, 8, 11, 15, 16, and 54: MGCParagraph 15, 16, and 54: CICParagraph 16 and 54: SPD |
| 29. | Reserve Bank of India (Non-Banking Financial Companies – Governance) Directions | 28 November 2025 | NBFC-BL: Provisions of Chapter III of the DirectionsNBFC-ML: Provisions of Chapters II, III and IVNBFC-UL: Chapter II, III, IV and VParagraph 7 to 43: NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFCParagraph 7 to 15, 18 to 39, and 41 to 43- CICParagraph 7(2), 7(3), 8, 9, 16 to 18, 25 to 39, and 41 to 43- MGCParagraph 7 to 9, 12 to 18, and 25 to 40- SPDParagraphs 8, 10 to 13, 17(1) and 18-NBFC-AAParagraphs 8 to 13- NBFC-P2P |
| 30. | Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025 | 28 November 2025 Para 7 to 12: 1 January 2026 or Date chosen by NBFC (whichever is earlier) | Paragraphs 6 to19, Paragraphs 23 to 33, Paragraphs 50 to 51 and Paragraphs 53 to 57 of the Directions: NBFC-DParagraphs 6 to19, Paragraphs 23 to 33 and Paragraphs 50 to 57:NBFC-ICC [Paragraphs 7 to 14: Not applicable on NBFC-BL having customer interface but not availing public funds and Paragraphs 6 to 14, Paragraphs 20 to 22, Paragraph 34 to 57 are not applicable for NBFC not availing public funds and not having any customer interface].NBFC-Factor [paragraphs 6 to 19, paragraphs 23 to 33 and paragraphs 50 to 52: For all layers and paragraphs 53 to 57: For ML and aboveNBFC-MFINBFC-IFCNBFC-IDF: Paragraph 58 to 60HFC: Paragraph 6, Paragraphs 7 to 14 and Paragraphs 40 to 49NBFC-SPD: Paragraphs 26 to 33 and Paragraphs 50 to 51NBFC-CIC: Paragraphs 7 to 14, Paragraphs 20 to 22 and Paragraphs 34 to 39 |
| 31. | Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025 | 28 November 2025 | NBFCs including Housing Finance Companies (HFCs), for all layers |
| 32. | Reserve Bank of India (Non-Banking Financial Companies – Voluntary Amalgamation) Directions, 2025 | 28 November 2025 | All NBFCs (All Layers) (unless specified otherwise) |
| 33. | Reserve Bank of India (Non-Banking Financial Companies – Acquisition of Shareholding or Control) Directions, 2025 | 28 November 2025 | Paragraph 6 to 13, except 6(3) and 6(4) of the Directions: NBFC-D, NBFC-ICC, NBFC-Factor, NBFC-MFI, NBFC-IFC, IDF-NBFC, HFC, CIC, NBFC-P2P, NBFC-AAParagraph 6(3): HFCsParagraph 6(4), 11, 12 & 13: SPD |
| 34. | Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 | 28 November 2025 | All NBFCs (unless specified otherwise) |
