Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025
About This Direction
This master direction lays down the regulatory framework for NBFC registration under the Scale Based Regulation (SBR) approach. It classifies NBFCs into four layers — Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and Top Layer (NBFC-TL) — with progressively stringent regulatory requirements. It also specifies exemptions from certain provisions of the RBI Act, 1934.
Chapter-wise Structure
Source & Attribution: This document is issued by the Reserve Bank of India under reference RBI/DOR/2025-26/339 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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