The Reserve Bank of India (RBI) on November 28, 2025, issued the Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions.
The following has been stated namely: -
• These Directions shall be applicable to Non-Banking Financial Companies (hereinafter collectively referred to as ‘NBFCs’ and individually as an ‘NBFC’) excluding Housing Finance Companies (HFCs).
• The applicability of the regulatory provisions under these Directions is aligned with the regulatory structure for NBFCs as set out in Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025. Accordingly, NBFCs classified under the Base Layer (NBFCs-BL) shall be required to comply with the provisions of Chapter III, NBFCs in the Middle Layer (NBFCs-ML) shall comply with Chapters III and IV, while NBFCs placed in the Upper Layer (NBFCs-UL) shall be governed by the provisions of Chapters III, IV, and V.
• The Board approved policy and review has been stated in the Directions.
• The Directions applicable for all NBFCs has been stated in the Directions.
This shall come into force on November 28, 2025
[Notification No. RBI/DOR/2025-26/344]
