Lendstack is a free publication for people who run NBFCs and MFIs: field-tested essays on credit and operations, and a plain-language tracker of the RBI directions that affect you. Written by the team that builds Finpage.
NBFCs grew in the gaps banks left behind. Those gaps are being formalised. Four shifts, from ECL and co-lending to cash-flow underwriting and AI, will decide who thrives, and all of them run on a connected core.
Most coverage focused on the largest NBFCs. The compliance shift for the middle layer is the part worth reading closely, because it changes how credit and operations teams should be staffed this year.
18 September 2026, 9 minute readAlternative data is not a nice-to-have anymore for MFI-adjacent lending. It is becoming the difference between growing a book and watching it stagnate.
4 September 2026, 7 minute readMost NBFCs still stitch these together with manual reconciliation. Here is what that actually costs in delayed disbursals, audit friction and quiet data drift.
28 August 2026, 8 minute readA field-level look at what changed in their verification workflow, and what did not need to change at all.
19 August 2026, 6 minute readThe partnership model is scaling faster than the back-office processes built to support it. A look at where the friction sits and what good operating design looks like.
6 August 2026, 6 minute readNo articles on this topic yet.
RBI directions and circulars that matter for NBFCs and NBFC-MFIs, summarised in plain language. Always check the original notification on rbi.org.in before acting on it.
RBI/2026-2027/253, DOR.AML.REC.219/14.06.001/2026-27
Routine but mandatory sanctions-list update circular applicable to NBFCs among other regulated entities, requiring screening against amended UNSC designated-entity lists.
RBI/2026-27/230, DOR.MCS.REC.No.199/01-01-039/2026-27. Effective 1 Jan 2027
A single framework for recovering loan dues and engaging recovery agents. Requires a board-approved recovery policy, call recording retained for six months, IIBF-certified agents, a dedicated channel for recovery complaints, and tight limits on device locking outside device finance.
RBI/DoS/2026-27/461, DoS.CO.CSITEG.55/31.01.015/2026-27. In force immediately
Replaces the earlier IT Framework and IT Governance directions for NBFCs with one consolidated rulebook. Cyber incidents must be reported to the RBI on the DAKSH platform within six hours of detection. Board-level ownership of cyber risk, resilience testing that covers vendors and partners, and obligations that scale with the NBFC's layer.
RBI/2026-27/197, DOR.STR.REC.162/21-04-048/2026-27. In force from 1 Oct 2026. Issued with the Resolution of Stressed Assets Second Amendment
Prudential norms for Specified Non-Financial Assets: property an NBFC acquires from a borrower to settle a loan. Unrealised income already booked on such assets must be reversed through P&L by 30 September 2027, and future income from them counts as other income only when received. Details go to the CIMS portal (HFCs report to NHB).
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Lendstack is published by Twinline Business Solutions, the Gurugram company that builds Finpage, a loan origination, loan management and accounting platform used by NBFCs and microfinance institutions across India.
We write about what we see while implementing Finpage with lenders: how credit, operations and compliance teams actually work, and how RBI changes land on the ground. The views are ours, not our clients'.