Regulations tracker
RBI master directions, amendment directions and circulars relevant to NBFCs and NBFC-MFIs, summarised in plain language. Maintained by the Finpage team at Twinline.
This list is curated by hand and updated periodically. It is not a substitute for the RBI's official circular index or Master Directions page. Verify against the original notification before making compliance decisions.
Implementation of Section 51A of UAPA, 1967 – UNSC Sanctions List Updates
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.
Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Third Amendment Directions, 2026
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.
Reserve Bank of India (Non-Banking Financial Companies – Cybersecurity, Technology: Risk, Resilience and Assurance Framework) Directions, 2026
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.
Reserve Bank of India (Non-Banking Financial Companies – Income Recognition, Asset Classification and Provisioning) Third Amendment Directions, 2026
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).
Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Second Amendment Directions, 2026
RBI/2026-27/183, DOR.STR.REC.156/21-04-048/2026-27. In force immediately
For project finance: where a project can run as several independent viable units, an NBFC may finance each unit as a separate project with its own financial closure, provided each is appraised for standalone viability. Also clarifies right-of-way requirements for power projects that include transmission.
RBI cancels Certificates of Registration of 135 NBFCs
Press release. Cancellations under Section 45-IA(6) of the RBI Act, 1934, ordered between 6 Apr and 26 May 2026
125 of the 135 were in West Bengal. A further 13 NBFCs surrendered their registrations, and 150 others were cancelled in May. Continued enforcement against NBFCs that fail registration conditions or directions; borrowers of these entities still owe valid dues.
Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026
RBI/2026-27/43, DOR.FIN.REC.No.67/03.10.001/2026-27. In force from 1 Jul 2026
Creates the 'Unregistered Type I NBFC' category: NBFCs under ₹1,000 crore (counted at group level) with no public funds and no customer interface are exempt from registration. Eligible existing NBFCs can apply to deregister through PRAVAAH by 31 December 2026, using the revised form announced on 30 June 2026.
Expected Credit Loss directions for commercial banks
Final directions issued 27 Apr 2026. Effective 1 Apr 2027
Does not apply to NBFCs. Commercial banks move from incurred-loss to expected-loss provisioning from April 2027. Worth tracking because bank co-lending and funding partners will reprice risk on the loans they share with NBFCs.
NBFC Income Recognition, Asset Classification and Provisioning (IRACP) Amendment Directions
Notified alongside the Credit Facilities amendment
Amends asset classification and provisioning norms applicable to NBFCs, part of a wider package tightening the link between reported asset quality and the underlying loan book.
NBFC Credit Facilities Amendment Directions
Notified alongside the IRACP amendment
Revises directions governing credit facilities extended by NBFCs, issued alongside the IRACP amendment as part of the same regulatory update cycle.
Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025
Notified November 28, 2025
Introduces a new NBFC registration category, exemptions for entities with no public funds and no customer interface, and revises the base framework later amended in 2026.
Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022
Notified 14 Mar 2022, updated 17 Jul 2025
The core microfinance regulation: defines a microfinance loan as collateral-free credit to households earning up to ₹3,00,000 annually, caps household repayment obligations at 50% of monthly income, removes NBFC-MFI-specific margin caps, and mandates a standardised factsheet for pricing disclosure.
Review of Qualifying Assets Criteria for NBFC-MFIs
RBI/2025-26/44. Effective immediately
Qualifying assets, now aligned with the definition of microfinance loans, must be at least 60% of total assets net of intangibles (down from 75%). An NBFC-MFI that falls short for four consecutive quarters must submit a remediation plan to the RBI.
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023
RBI/DoR/2023-24/106
The consolidated master direction governing NBFC classification into Base, Middle, Upper and Top layers by asset size and activity. The core regulatory reference for NBFC prudential and governance norms.
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About Lendstack
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'.