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Master Directions
The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions.
The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made.
Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.
Master Directions
RBI/DOR/2025-26/320 DOR.AUT.REC.No.239/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Undertaking of Financial Services) Directions, 2025 Table of Contents Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter II – General Guidelines 5 A. Prudential Regulation for Investments 5 B. Procedure for Application 8 Chapter III – Financial Services 9 A. Relationship with subsidiaries 9 B. Operations of subsidiaries and branches in foreign jurisdictions and in International Financial Services Centers (IFSCs) 10 Chapter IV – Repeal and Other Provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12 Annex I 14 Annex II 15
RBI/DOR/2025-26/320 DOR.AUT.REC.No.239/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Undertaking of Financial Services) Directions, 2025 Table of Contents Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter II – General Guidelines 5 A. Prudential Regulation for Investments 5 B. Procedure for Application 8 Chapter III – Financial Services 9 A. Relationship with subsidiaries 9 B. Operations of subsidiaries and branches in foreign jurisdictions and in International Financial Services Centers (IFSCs) 10 Chapter IV – Repeal and Other Provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12 Annex I 14 Annex II 15
PDF (RBI/DOR/2025-26/321 DOR.CAP.REC.240/21-01-002/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions (AIFIs) - Prudential Norms on Capital Adequacy) Directions, 2025 Table of Contents Chapter I Preliminary 3 A Short title and commencement 3 B Applicability 3 C Definitions 3 Chapter II Board approved policies and scope of application 14 A Instructions regarding Board approved policies and documents to be reviewed by the Board 14 B Scope of application of capital adequacy framework 14 Chapter III Regulatory capital 17 A Composition of regulatory capital 17 B Common Equity Tier 1 (CET 1) capital 19 C Additional Tier 1 (AT 1) capital 23 D Tier 2 capital 41 E Minimum requirements to ensure loss absorbency of AT 1 instruments at pre-specified trigger and of all non-equity regulatory capital instruments at the point of non-viability 52 F Recognition of minority interest (i.e., non-controlling interest) and other capital issued out of consolidated subsidiaries that is held by third parties 63 G Regulatory adjustments / deductions 68 H Transitional arrangements for an AIFI 85 Chapter IV Risk weighted assets (RWAs) 86 A Capital charge for credit risk 86 B External credit assessments 165 C Credit risk mitigation 173 D Capital charge for market risk 195 E Capital Charge for Operational Risk 230 Chapter V Supervisory review and evaluation process (SREP) and market discipline 233 A Introduction to the SREP and ICAAP 233 B ICAAP of an AIFI 240 C Select operational aspects of the ICAAP 251 D Format of an ICAAP document 281 E Market discipline 292 Chapter VI Leverage ratio framework 302 A Minimum requirement and scope of application of the leverage ratio 302 B Scope of consolidation 302 C Capital measure 302 D Exposure measure 303 E Disclosure and reporting requirements 318 F Disclosure templates 320 Chapter VII Repeal and Other provisions 321 Annex I Reporting format for details of investments by FIIs and NRIs in PNCPS qualifying as AT 1 capital 323 Annex II Format for reporting of capital issuances 324 Annex III Pillar 3 Disclosure requirements for an AIFI 325
RBI/DOR/2025-26/321 DOR.CAP.REC.240/21-01-002/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions (AIFIs) - Prudential Norms on Capital Adequacy) Directions, 2025 Table of Contents Chapter I Preliminary 3 A Short title and commencement 3 B Applicability 3 C Definitions 3 Chapter II Board approved policies and scope of application 14 A Instructions regarding Board approved policies and documents to be reviewed by the Board 14 B Scope of application of capital adequacy framework 14 Chapter III Regulatory capital 17 A Composition of regulatory capital 17 B Common Equity Tier 1 (CET 1) capital 19 C Additional Tier 1 (AT 1) capital 23 D Tier 2 capital 41 E Minimum requirements to ensure loss absorbency of AT 1 instruments at pre-specified trigger and of all non-equity regulatory capital instruments at the point of non-viability 52 F Recognition of minority interest (i.e., non-controlling interest) and other capital issued out of consolidated subsidiaries that is held by third parties 63 G Regulatory adjustments / deductions 68 H Transitional arrangements for an AIFI 85 Chapter IV Risk weighted assets (RWAs) 86 A Capital charge for credit risk 86 B External credit assessments 165 C Credit risk mitigation 173 D Capital charge for market risk 195 E Capital Charge for Operational Risk 230 Chapter V Supervisory review and evaluation process (SREP) and market discipline 233 A Introduction to the SREP and ICAAP 233 B ICAAP of an AIFI 240 C Select operational aspects of the ICAAP 251 D Format of an ICAAP document 281 E Market discipline 292 Chapter VI Leverage ratio framework 302 A Minimum requirement and scope of application of the leverage ratio 302 B Scope of consolidation 302 C Capital measure 302 D Exposure measure 303 E Disclosure and reporting requirements 318 F Disclosure templates 320 Chapter VII Repeal and Other provisions 321 Annex I Reporting format for details of investments by FIIs and NRIs in PNCPS qualifying as AT 1 capital 323 Annex II Format for reporting of capital issuances 324 Annex III Pillar 3 Disclosure requirements for an AIFI 325
RBI/DOR/2025-26/322 DoR.LRG.REC.No.241/13-10-005/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions - Resource Raising Norms) Directions, 2025 Table of Content Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 Chapter II – Resource Raising Norms 3 A. Umbrella Limit (UL) 3 B. Specified Instruments for Resource Raising 3 B.1 Term Deposits (TDs) 3 B.2 Term Money Borrowings 4 B.3 Certificates of Deposit (CDs) 4 B.4 Commercial Papers (CPs) 5 B.5 Bonds 6 Chapter III – Repeal and Other Provisions 7 A. Repeal and Saving 7 B. Application of other laws not barred 7 C. Interpretations 7
RBI/DOR/2025-26/322 DoR.LRG.REC.No.241/13-10-005/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions - Resource Raising Norms) Directions, 2025 Table of Content Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 Chapter II – Resource Raising Norms 3 A. Umbrella Limit (UL) 3 B. Specified Instruments for Resource Raising 3 B.1 Term Deposits (TDs) 3 B.2 Term Money Borrowings 4 B.3 Certificates of Deposit (CDs) 4 B.4 Commercial Papers (CPs) 5 B.5 Bonds 6 Chapter III – Repeal and Other Provisions 7 A. Repeal and Saving 7 B. Application of other laws not barred 7 C. Interpretations 7
RBI/DOR/2025-26/323 DOR.CRE.REC.No.242/ 07-01-007/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Credit Facilities) Directions, 2025 Table of Contents Introduction 3 Chapter I - Preliminary 4 A. Short Title and Commencement 4 B. Applicability 4 C. Definitions 4 Chapter II - Board Approved Policies 9 A. Role of Board 9 Chapter III - Digital Lending 10 A. General Requirements for AIFI-LSP Arrangements 10 B. Conduct and Customer Protection Requirements 11 C. Technology and Data Requirement 15 D. Reporting of Credit Information and DLAs 16 E. Loss sharing arrangement in case of default 18 F. General Provisions 22 Chapter IV - Project Finance 23 A. Phases of Projects 23 B. Prudential Conditions Related to Sanction 23 C. Prudential Conditions Related to Disbursement and Monitoring 25 D. Other Provisions 26 Chapter V - Non-Fund Based (NFB) Credit Facilities 27 A. General Conditions 27 B. Guarantees 28 C. Co-acceptances 31 D. Requirements for Other Specific Guarantees 31 E. Partial Credit Enhancement – Salient Features 32 F. Exclusions and Other Aspects 35 Chapter VI - Other Instructions on Credit Facilities 36 A. Restrictions on Finance to NBFCs 36 B. Restrictions on Infrastructure Financing 36 C. Other permissible exposures 40 D. Interest Rate on Export Credit 41 E. Other Instructions 41 F. Special Measures 41 Chapter VII - Repeal and other provisions 42 A. Repeal and saving 42 B. Application of other laws not barred 42 C. Interpretations 42 Annex I 44
RBI/DOR/2025-26/323 DOR.CRE.REC.No.242/ 07-01-007/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Credit Facilities) Directions, 2025 Table of Contents Introduction 3 Chapter I - Preliminary 4 A. Short Title and Commencement 4 B. Applicability 4 C. Definitions 4 Chapter II - Board Approved Policies 9 A. Role of Board 9 Chapter III - Digital Lending 10 A. General Requirements for AIFI-LSP Arrangements 10 B. Conduct and Customer Protection Requirements 11 C. Technology and Data Requirement 15 D. Reporting of Credit Information and DLAs 16 E. Loss sharing arrangement in case of default 18 F. General Provisions 22 Chapter IV - Project Finance 23 A. Phases of Projects 23 B. Prudential Conditions Related to Sanction 23 C. Prudential Conditions Related to Disbursement and Monitoring 25 D. Other Provisions 26 Chapter V - Non-Fund Based (NFB) Credit Facilities 27 A. General Conditions 27 B. Guarantees 28 C. Co-acceptances 31 D. Requirements for Other Specific Guarantees 31 E. Partial Credit Enhancement – Salient Features 32 F. Exclusions and Other Aspects 35 Chapter VI - Other Instructions on Credit Facilities 36 A. Restrictions on Finance to NBFCs 36 B. Restrictions on Infrastructure Financing 36 C. Other permissible exposures 40 D. Interest Rate on Export Credit 41 E. Other Instructions 41 F. Special Measures 41 Chapter VII - Repeal and other provisions 42 A. Repeal and saving 42 B. Application of other laws not barred 42 C. Interpretations 42 Annex I 44
RBI/DOR/2025-26/324 DOR.FIN.REC.No.243/20.06.056/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Credit Information Reporting) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter II - Membership 4 Chapter III – Credit Information Reporting and Dissemination 5 A. Data formats 5 B. Reporting timelines and updation 5 C. Reporting guidelines 5 D. Rectification of rejected data and review of Data Quality Index (DQI) 10 E. Correction of Credit Information Report 11 F. Use of credit information reports in credit appraisal 11 G. Display of information 11 H. Applicability of other instructions issued by Department of Regulation 13 Chapter IV – Technical Working Group 14 Chapter V – Customer Service and Grievance Redressal 16 A. Strengthening of customer service 16 B. Framework for compensation to customers 17 Chapter VI – Best Practices 25 Chapter VII – Repeal and Other Provisions 26 A. Repeal and saving 26 B. Application of other laws not barred 26 C. Interpretations 27 Annex I 28 Annex II 58 Annex III 59 Annex IV 64 Annex V 65
RBI/DOR/2025-26/324 DOR.FIN.REC.No.243/20.06.056/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Credit Information Reporting) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter II - Membership 4 Chapter III – Credit Information Reporting and Dissemination 5 A. Data formats 5 B. Reporting timelines and updation 5 C. Reporting guidelines 5 D. Rectification of rejected data and review of Data Quality Index (DQI) 10 E. Correction of Credit Information Report 11 F. Use of credit information reports in credit appraisal 11 G. Display of information 11 H. Applicability of other instructions issued by Department of Regulation 13 Chapter IV – Technical Working Group 14 Chapter V – Customer Service and Grievance Redressal 16 A. Strengthening of customer service 16 B. Framework for compensation to customers 17 Chapter VI – Best Practices 25 Chapter VII – Repeal and Other Provisions 26 A. Repeal and saving 26 B. Application of other laws not barred 26 C. Interpretations 27 Annex I 28 Annex II 58 Annex III 59 Annex IV 64 Annex V 65
RBI/DOR/ 2025-26/325 DOR.CRE.REC.244/07-02-007/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Credit Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - Board Approved Policies 5 Chapter III - Connected Lending by all-India Financial Institutions (AIFIs) 6 Chapter IV - Legal Entity Identifier (LEI) for Borrowers 13 Chapter V - Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI 15 Chapter VI – Working Capital Finance and Revolving Facility 17 Chapter VII – Repeal and other provisions 18
RBI/DOR/ 2025-26/325 DOR.CRE.REC.244/07-02-007/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Credit Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - Board Approved Policies 5 Chapter III - Connected Lending by all-India Financial Institutions (AIFIs) 6 Chapter IV - Legal Entity Identifier (LEI) for Borrowers 13 Chapter V - Filing of Security Interest relating to Immovable (other than equitable mortgage), Movable, and Intangible Assets in CERSAI 15 Chapter VI – Working Capital Finance and Revolving Facility 17 Chapter VII – Repeal and other provisions 18
RBI/DOR/2025-26/326 DOR.CRE.REC.245/07-03-007/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions - Concentration Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 3 Chapter II - Large Exposures Framework 6 Chapter III – Other Permitted exposures and Prudential Limits 25 Chapter IV - Repeal and other provisions 29 Annex I 30
RBI/DOR/2025-26/326 DOR.CRE.REC.245/07-03-007/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions - Concentration Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 3 Chapter II - Large Exposures Framework 6 Chapter III – Other Permitted exposures and Prudential Limits 25 Chapter IV - Repeal and other provisions 29 Annex I 30
RBI/DOR/ 2025-26/327 DOR.STR.REC.246/21.04.048/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions- Transfer and Distribution of Credit Risk) Directions, 2025 Table of Contents Chapter I - Preliminary 2 PART A - TRANSFER OF LOAN EXPOSURES 4 Chapter I- Scope and Definitions 4 Chapter II- General Conditions applicable for all loan transfers 8 Chapter III-Transfer of Loans which are not in default 12 Chapter IV- Transfer of stressed loans 18 PART B: CO-LENDING ARRANGEMENTS 30 Chapter I- Scope and Definitions 30 Chapter II- Prudential Norms 31 PART C - OTHER TYPES OF LENDING AND RISK TRANSFER ARRANGEMENTS 36 Chapter I- Lending under Consortium/ Multiple Banking Arrangements 36 PART D: REPEAL AND OTHER PROVISIONS 37 Annex I 39 Annex II 42 Annex III 49
RBI/DOR/ 2025-26/327 DOR.STR.REC.246/21.04.048/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions- Transfer and Distribution of Credit Risk) Directions, 2025 Table of Contents Chapter I - Preliminary 2 PART A - TRANSFER OF LOAN EXPOSURES 4 Chapter I- Scope and Definitions 4 Chapter II- General Conditions applicable for all loan transfers 8 Chapter III-Transfer of Loans which are not in default 12 Chapter IV- Transfer of stressed loans 18 PART B: CO-LENDING ARRANGEMENTS 30 Chapter I- Scope and Definitions 30 Chapter II- Prudential Norms 31 PART C - OTHER TYPES OF LENDING AND RISK TRANSFER ARRANGEMENTS 36 Chapter I- Lending under Consortium/ Multiple Banking Arrangements 36 PART D: REPEAL AND OTHER PROVISIONS 37 Annex I 39 Annex II 42 Annex III 49
RBI/DOR/2025-26/328 DOR.STR.REC.247/21.04.177/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Securitisation Transactions) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 3 Chapter II - General requirements for securitisation 9 A. Assets eligible for securitisation 9 B. Minimum Retention Requirement (MRR) 10 C. Origination Standards 12 D. Payment priorities and observability 12 E. Limit on Total Retained Exposures by Originators 13 F. Issuance and Listing 13 G. Conditions to be satisfied by the special purpose entity 14 H. Representations and Warranties 15 I. Accounting Provisions 16 Chapter III - Simple, transparent and comparable (STC) securitisations 18 A. STC Securitisations- Criteria for regulatory capital purposes 18 B. Disclosure and Prudential Oversight for STC Securitisations 27 Chapter IV - Provision of facilities supporting securitisation structures 29 A. General Conditions 29 B. Credit Enhancement Facilities 30 C. Reset of credit enhancements 31 D. Liquidity Facilities 34 E. Underwriting Facilities 35 F. Servicing Facilities 35 Chapter V- Requirements to be met by an AIFI who is an investor in securitisation exposures 37 A. Due Diligence Requirements 37 B. Stress Testing 38 C. Credit monitoring and valuation 38 Chapter VI - Capital requirements for securitisation exposures and Disclosures Norms 40 A. Capital requirements for securitisation exposures 40 B. Disclosures 40 Chapter VII - Repeal and Other Provisions 42 A. Repeal and saving 42 B. Application of other laws not barred 42 C. Interpretations 42 Annex I 44
RBI/DOR/2025-26/328 DOR.STR.REC.247/21.04.177/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Securitisation Transactions) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 3 Chapter II - General requirements for securitisation 9 A. Assets eligible for securitisation 9 B. Minimum Retention Requirement (MRR) 10 C. Origination Standards 12 D. Payment priorities and observability 12 E. Limit on Total Retained Exposures by Originators 13 F. Issuance and Listing 13 G. Conditions to be satisfied by the special purpose entity 14 H. Representations and Warranties 15 I. Accounting Provisions 16 Chapter III - Simple, transparent and comparable (STC) securitisations 18 A. STC Securitisations- Criteria for regulatory capital purposes 18 B. Disclosure and Prudential Oversight for STC Securitisations 27 Chapter IV - Provision of facilities supporting securitisation structures 29 A. General Conditions 29 B. Credit Enhancement Facilities 30 C. Reset of credit enhancements 31 D. Liquidity Facilities 34 E. Underwriting Facilities 35 F. Servicing Facilities 35 Chapter V- Requirements to be met by an AIFI who is an investor in securitisation exposures 37 A. Due Diligence Requirements 37 B. Stress Testing 38 C. Credit monitoring and valuation 38 Chapter VI - Capital requirements for securitisation exposures and Disclosures Norms 40 A. Capital requirements for securitisation exposures 40 B. Disclosures 40 Chapter VII - Repeal and Other Provisions 42 A. Repeal and saving 42 B. Application of other laws not barred 42 C. Interpretations 42 Annex I 44
RBI/DOR/2025-26/329 DOR.MRG.REC.No.248/00-00-017/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025 Table of Contents Chapter I: Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II: Role of the Board 7 Chapter III: General Guidelines 8 A. Investment Policy Framework 8 Chapter IV: Classification of Investments 10 A. Held to Maturity (HTM) 10 B. Available for Sale (AFS) & Held for Trading (HFT) 11 C. Shifting among Categories 11 Chapter V: Valuation of Investments 14 A. Held to Maturity (HTM) 14 B. Available for Sale (AFS) 15 C. Held for Trading (HFT) 15 Chapter VI: Market Value 16 A. Quoted Securities 16 B. Unquoted Securities 16 Chapter VII: Investments in Government Securities 23 A. Transactions through SGL Account 23 B. Government Securities on When Issued Basis 23 C. Value Free Transfer (VFT) of Government Securities 23 D. Separate Trading of Registered Interest and Principal Securities (STRIPS) 23 E. Repo in Government Securities 25 F. Settlement of transactions in Government Securities 25 Chapter VIII: Investments in Non-Government Securities 27 A. Investment in unlisted Non-Government Securities 27 B. Repo in Corporate Bonds: 30 C. OTC Transactions in CDs, CPs and NCDs (original maturity up to one year): 30 D. Trading and Settlement in Corporate Bonds and Securitised Debt Instruments 30 E. Other requirements 31 F. Role of Boards 31 Chapter IX: Prudential System / Controls 33 A. Internal Control System 33 B. Engagement of Brokers 34 Chapter X: Audit, Review and Reporting 37 Chapter XI: Accounting and Provisioning 39 A. Income recognition 39 B. Accounting for Broken Period Interest 39 C. Investment Reserve Account (IRA) 39 D. Non-Performing Investments (NPI) 41 Chapter XIII: Repeal and Other Provisions 43 A. Repeal and saving 43 B. Application of other laws not barred 43 C. Interpretations 44 Annex I: Reconciliation Statement 45
RBI/DOR/2025-26/329 DOR.MRG.REC.No.248/00-00-017/2025-26 November 28, 2025 Reserve Bank of India (All India Financial Institutions – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025 Table of Contents Chapter I: Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II: Role of the Board 7 Chapter III: General Guidelines 8 A. Investment Policy Framework 8 Chapter IV: Classification of Investments 10 A. Held to Maturity (HTM) 10 B. Available for Sale (AFS) & Held for Trading (HFT) 11 C. Shifting among Categories 11 Chapter V: Valuation of Investments 14 A. Held to Maturity (HTM) 14 B. Available for Sale (AFS) 15 C. Held for Trading (HFT) 15 Chapter VI: Market Value 16 A. Quoted Securities 16 B. Unquoted Securities 16 Chapter VII: Investments in Government Securities 23 A. Transactions through SGL Account 23 B. Government Securities on When Issued Basis 23 C. Value Free Transfer (VFT) of Government Securities 23 D. Separate Trading of Registered Interest and Principal Securities (STRIPS) 23 E. Repo in Government Securities 25 F. Settlement of transactions in Government Securities 25 Chapter VIII: Investments in Non-Government Securities 27 A. Investment in unlisted Non-Government Securities 27 B. Repo in Corporate Bonds: 30 C. OTC Transactions in CDs, CPs and NCDs (original maturity up to one year): 30 D. Trading and Settlement in Corporate Bonds and Securitised Debt Instruments 30 E. Other requirements 31 F. Role of Boards 31 Chapter IX: Prudential System / Controls 33 A. Internal Control System 33 B. Engagement of Brokers 34 Chapter X: Audit, Review and Reporting 37 Chapter XI: Accounting and Provisioning 39 A. Income recognition 39 B. Accounting for Broken Period Interest 39 C. Investment Reserve Account (IRA) 39 D. Non-Performing Investments (NPI) 41 Chapter XIII: Repeal and Other Provisions 43 A. Repeal and saving 43 B. Application of other laws not barred 43 C. Interpretations 44 Annex I: Reconciliation Statement 45
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