What is the RBI reference number for this direction?

The RBI reference number is RBI/DOR/2025-26/344, issued on November 28, 2025. This direction contains 6 chapters covering: Preliminary, Board Approved Policy and Review, Directions Applicable to All NBFCs, Directions Applicable to NBFCs-ML and NBFCs-UL, Directions Applicable to NBFCs-UL, Repeal and Other Provisions.

Governance & Compliance#06 of 35

Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions

RBI Reference

RBI/DOR/2025-26/344

Date of Issue

November 28, 2025

Chapters

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Overview

About This Direction

Comprehensive governance framework for NBFCs under the Scale Based Regulation regime. Covers board composition, risk management committees, appointment of CRO and CCO, independent directors, KMP compensation, and internal governance guidelines — with progressively stringent requirements from Base Layer to Upper Layer.

Table of Contents

Chapter-wise Structure

01Preliminary

02Board Approved Policy and Review

03Directions Applicable to All NBFCs

04Directions Applicable to NBFCs-ML and NBFCs-UL

05Directions Applicable to NBFCs-UL

06Repeal and Other Provisions

Source & Attribution: This document is issued by the Reserve Bank of India under reference RBI/DOR/2025-26/344 dated November 28, 2025. It is a public regulatory document reproduced here for informational and compliance purposes. For the authoritative version, please refer to rbi.org.in.

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02Acquisition of Shareholding or ControlRBI/DOR/2025-26/340 22Prudential Norms on Declaration of DividendsRBI/DOR/2025-26/360 35Miscellaneous DirectionsRBI/DOR/2025-26/373

Previous Direction

05. Undertaking of Financial Services

Next Direction

07. Prudential Norms on Capital Adequacy

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