Alerts & Updates 23rd Jan 2026
| Regulatory Updates in the Banking Sector: Significant Developments During 2025 |
As part of its ongoing thought leadership initiative, Economic Laws Practice (ELP) regularly tracks and analyses key legal and regulatory developments affecting the banking and financial sector. The year 2025, extending into early 2026, witnessed a series of regulatory changes led by the Reserve Bank of India and the Government of India, impacting areas such as banking governance, digital lending, customer protection, stressed asset resolution, fintech, KYC, outsourcing, climate finance, and foreign exchange regulation. This update sets out a concise overview of the important directions, circulars, legislative amendments, and policy initiatives issued during this period, with the objective of providing practitioners, banks, financial institutions, and other stakeholders with a practical reference to the evolving regulatory landscape.
In 2025, the Reserve Bank of India (RBI) completed a major consolidation of regulatory instructions, repealing thousands of older circulars and replacing them with 244 consolidated Master Directions across regulated entities, significantly improving clarity, consistency, and ease of compliance. Building on this momentum, RBI continued to strengthen grievance redressal, raising the Banking Ombudsman compensation cap to ₹30 lakh and 3 lakh for harassment on 16 January 2026 which comes into effect from July 01 this year. Earlier, in October 2025, RBI expanded the Ombudsman framework to State Co-operative Banks and District Central Co-operative Banks, thereby extending formal redress mechanisms to a much wider depositor and borrower base. RBI also refined Priority Sector Lending (PSL) norms by recognising lending to the National Cooperative Development Corporation (NCDC) as PSL-eligible, while simultaneously mandating external auditor certification (January 2026) to curb duplicate or inflated PSL claims. In parallel, RBI reinforced digital payments security, prescribing enhanced safeguards such as mandatory two-factor authentication effective April 2026 under the Authentication Mechanisms Directions, 2025, reflecting the regulator’s focus on trust and resilience in the expanding digital ecosystem.
On the prudential front, RBI recalibrated capital and risk norms to better reflect evolving credit risks. Risk weights on bank exposures to NBFCs were revised from 1 April 2025, aligning capital requirements more closely with external credit ratings and risk profiles. In the microfinance sector, loans categorised as consumer credit attracted higher risk weights (generally 100%), with calibrated relief for certain qualifying retail portfolios. Monetary policy through 2025 remained cautious and data-driven, with decisions anchored in inflation dynamics and financial stability considerations rather than aggressive easing.
Complementing these measures, RBI has, in recent years, reshaped its stance on penal charges to promote fair lending and transparency. Under the “Fair Lending Practice – Penal Charges in Loan Accounts” framework, effective 1 January 2024 for both existing and new loans, RBI mandated that penalties for non-compliance with loan terms must be levied strictly as penal charges, and not capitalised or treated as penal interest, reinforcing borrower protection and improving disclosure discipline across regulated entities.
During 2025, the Government also shared draft bill on banning of unregulated lending activities in India. ELP published a detailed write-up “Balancing Regulation and Accessibility: Addressing Unregulated Lending in India with a Comprehensive Approach” on the bill, highlighting the challenge posed by unregulated lending in India, where informal and unregistered digital lenders have proliferated, particularly in rural and semi-urban areas, often deploying exploitative practices, exorbitant interest rates, coercive recovery, and data privacy violations while filling credit gaps left by formal institutions. It examines the role of informal credit in bridging financial exclusion for vulnerable borrowers such as MSMEs, small traders, and rural households, but notes that lack of oversight has led to significant consumer harm. The proposed Banning of Unregulated Lending Activities Bill is analysed as a potential framework to prohibit predatory lending outside formal regulation, including digital platforms not authorised under existing laws, with provisions for borrower protection, transparency, enforcement powers, centralised databases, redress mechanisms, and significant penalties. Write up can be accessed here.
On 19 January 2026, RBI issued a circular providing operational guidance for implementing the Government of India’s Interest Subvention Scheme for pre- and post-shipment export credit under the Export Promotion Mission (EPM) – Niryat Protsahan[1] , aimed at reducing interest costs for eligible exporters and enhancing export competitiveness. Under the scheme, eligible exporters, especially MSMEs, are to receive subsidised interest (base rate approx. 2.75%) on pre- and post-shipment rupee export credit extended by lending institutions in accordance with RBI’s credit directions, reducing the cost of export working capital and enhancing competitiveness. Lending institutions are required to ensure strict eligibility checks, extend benefits only for export credit covered under the scheme, and submit claims as per prescribed procedures, with operational clarity and adjustments introduced through DGFT Trade Notice No. 22/2025-26[2] to streamline qualification, reimbursement, and compliance processes.
Below we provide a summary of various direction and regulatory directions issued by the Reserve Bank of India during the year 2025 as also some important development concerning banking sector:
The Banking Laws (Amendment) Act, 2025[3] , implemented in phases during 2025, introduced important reforms to strengthen depositor protection and bank governance. A key change is the introduction of enhanced nomination facilities, allowing depositors to nominate up to four persons for bank accounts and lockers, with flexibility for simultaneous or successive nominations, aimed at easing transmission of assets. The amendments also addressed governance issues in co-operative
banks, including rationalisation of director tenure to align with constitutional and regulatory norms, and empowered Public Sector Banks to fix remuneration of statutory auditors, reducing administrative delays. Separately, procedures relating to unclaimed amounts were streamlined through coordination with the Investor Education and Protection Fund (IEPF) framework under the Companies Act, improving efficiency in transfer and disclosure of unclaimed funds.
For detailed review please access ELP updates here.
The Digital Lending Directions, 2025, which repealed and replaced the 2022 guidelines, strengthened transparency and consumer protection in digital lending. A major reform is the mandatory issuance of a Key Fact Statement (KFS) before execution of a loan contract, clearly disclosing the Annual Percentage Rate (APR) and all-inclusive costs. The Directions also introduced a cooling-off / look-up period, enabling borrowers to exit digital loans without penalty within a prescribed time. Further, tighter norms on data governance were prescribed, including restrictions on data collection, storage, and sharing, with an emphasis on domestic data storage and enhanced borrower consent, reinforcing RBI’s broader data-protection objectives.
The RBI direction framework permits regulated entities (REs) to enter into Loss Sharing / Default Loss Guarantee (DLG) arrangements only with eligible Loan Service Providers (LSPs) or other REs incorporated under the Companies Act, 2013, subject to a board-approved policy, robust due diligence, and strict governance safeguards. DLG cannot substitute credit appraisal, is prohibited for revolving credit, credit cards, P2P loans, and loans covered by government credit guarantee schemes, and must be supported by a legally enforceable contract specifying coverage, form, invocation timeline, and disclosures. DLG is allowed only in limited forms (cash, lien-marked fixed deposits, or bank guarantees) and is capped at 5% of the disbursed loan portfolio, which must be fixed and identifiable. Importantly, asset classification and provisioning remain the RE’s responsibility, DLG once invoked cannot be reinstated, and regulatory capital treatment follows extant norms, with full deduction where the DLG provider is itself an RE. Invocation must occur within 120 days of default, the DLG tenure must align with the longest loan tenor, and monthly public disclosures of DLG portfolios are mandated, while specified sovereign and multilateral guarantee schemes are expressly excluded from the DLG framework.
For further information please visit here, for a detailed review by ELP.
RBI on 2 July 2025 issued directions which are aimed at establishing a uniform and borrower-centric framework governing the levy of pre-payment and foreclosure charges by banks, NBFCs and All-India Financial Institutions, effective from 1 January 2026. The Directions prohibit any pre-payment charges on floating-rate loans extended to individual borrowers, including housing loans, irrespective of the source of funds or co-obligant structure, and extend similar protections to MSE borrowers subject to specified institutional categories and loan thresholds. Charges are also barred where pre-payment is initiated by the lender (such as restructuring or non-renewal leading to closure on due date), and retrospective imposition or revival of waived charges is expressly prohibited.
While the RBI does not prescribe a numerical cap, it mandates that any permissible pre-payment charges (largely in fixed-rate or non-retail scenarios) must be reasonable, non-capitalizable, transparently disclosed upfront in the sanction letter, loan agreement and Key Facts Statement, and cannot be used as a revenue enhancement tool. Certain categories, such as foreign currency loans, export credit, trade credit and structured obligations, remain outside the scope of these Directions and continue to be governed by their respective regulatory regimes.
ELP has published a detailed analysis of these guidelines which can be accessed here.
In December 2025, RBI introduced tighter regulatory oversight over NBFCs and group entities within bank-led conglomerates, aimed at containing contagion and regulatory arbitrage. While not all group NBFCs are automatically classified as Upper Layer entities, RBI has enhanced scrutiny of intra-group exposures, capital adequacy, and governance standards for large and systemically important NBFCs. The framework restricts lending against shares of the parent bank, limits financing of speculative real-estate activities such as land acquisition by private developers, and imposes stricter norms on AIF investments, including enhanced provisioning and exposure limits, particularly for higher-risk Category III AIFs.
In 2025, RBI accelerated its engagement with AI and fintech regulation through governance frameworks and supervisory sandboxes. The introduction of a responsible AI framework emphasised ethical deployment, explainability, data privacy, and cybersecurity safeguards in banking applications. RBI also tightened oversight of payment intermediaries, reinforcing compliance obligations relating to AML/CFT and reporting, including coordination with agencies such as FIU-IND, to strengthen financial integrity in digital ecosystems.
The Report[6] of the Committee to Develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector, released by the Reserve Bank of India on 13 August 2025, sets out a comprehensive policy framework to guide the safe, responsible, and effective adoption of artificial intelligence across India’s financial system. Constituted on 26 December 2024 pursuant to the RBI’s Developmental and Regulatory Policy Statement dated 6 December 2024, the Committee engaged extensively with regulators, financial institutions, fintechs, technology experts, and other stakeholders. The Report recognises AI’s transformative potential in areas such as credit underwriting, risk management, fraud detection, customer service, and supervisory technology, while simultaneously highlighting risks relating to bias, opacity, data privacy, cyber security, model risk, and consumer protection. To address these concerns, the Committee articulates seven foundational “Sutras” as guiding principles for AI adoption and proposes a forward-looking framework comprising 26 actionable recommendations across six strategic pillars, balancing innovation with governance and risk mitigation.
These initiatives anchored around the RBI Master Direction (ARCs) Directions, 2024 dated 24 April 2024, which serves as the consolidated and primary operating framework prescribing prudential norms, governance standards, asset acquisition and resolution tools, issuance and management of security receipts, disclosures, reporting, and operational controls. RBI strengthened governance in compromise and settlement practices through its circular dated 20 January 2025[7] , mandating a detailed, board-approved settlement policy covering eligibility, sacrifice parameters, and valuation methodology. In addition, RBI enhanced credit discipline and consumer protection through its circular dated 10 October 2024, requiring ARCs to standardise and timely report borrower information to Credit Information Companies, with operational compliance expected from 1 January 2025, thereby reinforcing accuracy, accountability, and systemic integrity in ARC operations.
It prescribes a comprehensive framework to ensure fair, transparent, and ethical conduct by commercial banks in their dealings with customers. The Directions mandate adoption of board-approved policies on responsible selling, customer protection, grievance redressal, and prevention of mis-selling, with clear accountability at the senior management and board levels. They emphasise customer-centric disclosures, protection of vulnerable customers, data privacy, and ethical business practices, reinforcing trust, sustainability, and long-term stability in the banking system.
It lays down a uniform, activity-based regulatory regime for microfinance applicable across all regulated entities. The framework defines microfinance loans based on household income thresholds, caps on total indebtedness, and requires assessment of repayment capacity through cash-flow–based underwriting rather than collateral. It mandates transparency in pricing of interest and charges, disclosure of all loan terms, fair practices in recovery, and restrictions on multiple lending to the same borrower. The framework also strengthens governance and compliance by requiring board-approved policies on microfinance lending, grievance redressal mechanisms, and reporting to credit information companies, while giving regulated entities flexibility in setting interest rates subject to disclosure and customer protection norms.
The Reserve Bank of India (Commercial Banks – Know Your Customer) Amendment Directions, 2025, issued in compliance with the Prevention of Money Laundering Act, 2002, and related rules, to clarify responsibilities regarding customer records in the Central KYC Registry (CKYCR). Effective immediately, the amendment inserts an Explanation after paragraph 65(10), stating that the Regulated Entity (RE) which last uploaded or updated a customer’s KYC records in CKYCR bears responsibility for verifying the customer’s identity and/or address. Consequently, any bank downloading and relying on such records from CKYCR is exempt from re-verifying the authenticity of the identity and/or address, provided the records are current and compliant with PML laws; however, the downloading bank remains accountable for all other aspects of the Customer Due Diligence (CDD) process and the Directions’ provisions. This change aligns with a September 18, 2025, office memorandum from the Department of Revenue, Government of India, and is enacted under powers from various acts including the Banking Regulation Act, 1949, and Payment and Settlement Systems Act, 2007.
Issued on November 28, 2025[11], it provides a robust framework for commercial banks to mitigate risks in outsourcing financial and IT services, ensuring that customer responsibilities and regulatory obligations remain intact. Effective immediately, the directions mandate ultimate accountability with the bank’s Board and Senior Management for all outsourced activities, prohibiting the outsourcing of core functions such as internal audits, compliance, loan/investment decisions, and KYC compliance for account openings. Banks must implement board-approved policies for governance, risk assessment, and oversight; prioritize data security and confidentiality on a “need-to-know” basis without commingling; require prompt cyber incident reporting by service providers to banks for RBI notification within six hours; and ensure legally binding agreements include audit rights, data preservation, and exit strategies. Additionally, banks need contingency and business continuity plans, with options to insource activities, while offshore outsourcing requires original records to stay in India and adhere to the stricter of home/host regulations. Existing IT outsourcing agreements must align with these rules by renewal or April 10, 2026, whichever is earlier.
The Master Directions on Fraud Risk Management in Regulated Entities (REs), issued by the RBI on July 15, 2024, with FAQs on April 22, 2025, provide for a framework for fraud prevention, detection, investigation, reporting, and mitigation in banks, NBFCs, and cooperatives to protect financial stability. Key requirements include a board-approved policy defining roles for the board, senior management, and a Special Committee for Monitoring Frauds (SCBMF), adherence to natural justice via show-cause notices, an Early Warning Signals (EWS) system for real-time monitoring and red-flagging within 30 days, fraud classification based on audits, mandatory reporting to LEAs (e.g., CBI for INR 1 crore+ cases) and RBI via Fraud Monitoring Returns within 14 days using the Central Fraud Registry. Staff accountability involves time-bound reviews, referrals to advisory boards for high-value frauds, and penalties like five-year credit debarment; additional provisions cover cheque frauds, legal audits for INR 5 crore+ loans, whistleblowers, third-party oversight, and case closures only after LEA actions. FAQs clarify thresholds, LEA reporting for INR 1 lakh+ frauds, group entity applicability, and compliance with court orders for fair processes.
Issued on 30 April 2025, it establishes a regulatory framework requiring commercial banks to integrate climate risk considerations into governance, risk management, credit appraisal, stress testing, and strategic planning. The Directions mandate that banks identify, assess, mitigate, and disclose physical and transition climate risks, implement board-approved policies on climate risk management, and enhance climate-related financial disclosures. They also encourage banks to support climate finance and sustainable investment while strengthening resilience against climate-related financial shocks, aligning India’s supervisory expectations with global best practices on climate risk oversight in the banking sector[12].
Effective from January 1, 2026, these directions lay down framework governing the authorisation, governance, risk management, and operational standards for digital banking channels offered by commercial banks. The Directions set out eligibility criteria and prudential safeguards for digital-only banking platforms and digital banking channels, mandate robust cybersecurity, data protection, and customer due-diligence controls, and require banks to implement board-approved policies covering product design, customer grievance redressal, and vendor/outsourcing risk management. They also emphasise the need for interoperability, secure authentication, compliance with AML/CFT norms, and supervisory reporting to ensure that the expansion of digital banking services is accompanied by appropriate risk controls, operational resilience, and customer protection, aligning digital innovation with the overall stability and integrity of the banking system.
Issued on 28th November 2025 , prescribe a uniform prudential framework governing declaration of dividends and remittance of profits by commercial banks. The Directions link dividend payouts to banks’ capital adequacy, asset quality, profitability, and compliance with regulatory buffers, requiring banks to ensure that distributions do not impair financial resilience. They also mandate board oversight, supervisory scrutiny, and adherence to prudential thresholds.
The RBI Master Direction on Know Your Customer (KYC), read with the FAQs issued on 9 June 2025, consolidates and clarifies India’s AML/CFT framework by prescribing uniform standards for customer identification, due diligence, and ongoing monitoring by regulated entities. The FAQs place emphasis on a risk-based approach to KYC, permitting simplified, full, or enhanced due diligence depending on customer risk profiling, while reaffirming mandatory PAN/Aadhaar–based identification, video-based customer identification process (V-CIP), and periodic KYC updation with defined timelines. They also clarify operational issues relating to beneficial ownership, treatment of politically exposed persons (PEPs), reliance on CKYCR, use of Officially Valid Documents (OVDs), and handling of non-compliance, including restrictions on accounts where KYC is incomplete. Importantly, the FAQs balance regulatory rigour with customer convenience by allowing flexibility in document submission, digital modes, and remediation, while reinforcing the obligation of regulated entities to prevent misuse of the financial system for money laundering and terrorist financing.
These Directions lay down a comprehensive framework for identification, classification, and reporting of wilful defaulters and large defaulters by commercial banks. The Directions strengthen procedural safeguards, including issuance of show-cause notices, reasoned orders by Identification Committees, and review mechanisms, while ensuring compliance with principles of natural justice. They also prescribe uniform norms for credit restrictions, reporting to credit information companies, dissemination of information, and coordination among lenders, with the objective of enhancing credit discipline, transparency, and systemic stability.
The Reserve Bank of India (Commercial Banks – Resolution of Stressed Assets) Directions, 2025 (issued on 28 November 2025) provide a comprehensive, time-bound framework for early identification, reporting, and resolution of stressed loan accounts of commercial banks. The Directions mandate Board-approved policies for stress detection, compromise settlements, and technical write-offs; prescribe SMA classification and enhanced CRILC reporting; and lay down a structured resolution process including a 30-day review period, mandatory Inter-Creditor Agreements, and clearly documented resolution plans with independent credit evaluation for large exposures. They introduce deterrent additional provisioning for delays in implementing resolution plans, harmonise prudential treatment for restructuring, change in ownership, and additional/interim finance, and rationalise rules on compromise settlements and technical write-offs, including for fraud and wilful default cases (without diluting penal consequences). The framework also provides detailed guidance for projects under implementation, government debt relief schemes, and valuation/provisioning of instruments issued under restructuring, reinforcing credit discipline while facilitating faster and commercially viable resolution of stressed assets.
The RBI Master Direction on Know Your Customer (KYC), read with the FAQs issued on 9 June 2025, consolidates and clarifies India’s AML/CFT framework by prescribing uniform standards for customer identification, due diligence, and ongoing monitoring by regulated entities. The FAQs place emphasis on a risk-based approach to KYC, permitting simplified, full, or enhanced due diligence depending on customer risk profiling, while reaffirming mandatory PAN/Aadhaar–based identification, video-based customer identification process (V-CIP), and periodic KYC updation with defined timelines. They also clarify operational issues relating to beneficial ownership, treatment of politically exposed persons (PEPs), reliance on CKYCR, use of Officially Valid Documents (OVDs), and handling of non-compliance, including restrictions on accounts where KYC is incomplete. Importantly, the FAQs balance regulatory rigour with customer convenience by allowing flexibility in document submission, digital modes, and remediation, while reinforcing the obligation of regulated entities to prevent misuse of the financial system for money laundering and terrorist financing.
Update the KYC and AML/CFT framework specifically for Small Finance Banks. The updated Directions align SFBs’ customer identification, verification, and risk-based due diligence requirements with the broader KYC regime, while recognising the specific business models and customer segments served by SFBs. They clarify norms on beneficial ownership, periodic KYC updation, treatment of high-risk and politically exposed persons, use of digital verification methods such as V-CIP and CKYCR, and ongoing transaction monitoring, with the objective of preventing money-laundering and terrorist financing without impeding financial inclusion. The update also addresses operational clarifications and procedural flexibility to enhance compliance and customer convenience in the SFB context.
It has comprehensively reviewed and consolidated the regulatory framework governing the export and import of goods and services under FEMA, 1999, and notified the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The revised framework is aimed at promoting ease of doing business, particularly for small exporters and importers, while empowering Authorised Dealers (ADs) to provide faster and more efficient customer service. The circular mandates strict adherence to FEMA, allied rules, and the Foreign Trade Policy, requires all RBI references to be routed through the PRAVAAH portal, and obligates ADs to report doubtful transactions to the Directorate of Enforcement. Importantly, it supersedes a large number of existing master directions and circulars on export and import and will come into force from October 1, 2026, marking a significant regulatory reset in India’s external trade compliance framework.
This Report presents a comprehensive assessment of the resilience, performance, and evolving risk landscape of India’s banking and financial system. The report notes that Scheduled Commercial Banks (SCBs) and NBFCs remained well-capitalised and profitable during the year, supported by sustained credit growth, improved asset quality, declining GNPA and NNPA ratios, and strong internal accruals. Credit growth continued to be broad-based across retail, MSME, services, and infrastructure sectors, while deposit mobilisation remained steady though competition for deposits increased, impacting cost of funds and net interest margins.
Overall, the report positions India’s banking system as robust, well-regulated, and growth-supportive, while cautioning that evolving risks, such as global financial volatility, climate risks, cyber threats, and conduct-related issues, require continuous vigilance, stronger governance, and proactive regulatory engagement.
These regulations consolidate and modernise India’s foreign trade regulatory framework by replacing the earlier 2015 regulations and, for the first time, bringing exports and imports of both goods and services (including software) under a single, unified regulation. The Regulations standardise the Export Declaration Form (EDF) across goods and services, extend the realisation period for export proceeds to 15 months (and 18 months where invoiced/settled in INR), and provide enhanced flexibility to Authorised Dealers (ADs) for extensions, reductions in export realisation, set-offs, third-party payments, and bulk closure of EDPMS/IDPMS entries up to ₹10 lakh based on exporter/importer declarations. They also strengthen monitoring obligations on ADs, permit broader facilitation of merchanting trade transactions, project exports, INR-denominated trade settlement, and require banks to implement comprehensive internal policies and SOPs with clear delegation, grievance redressal, and transparency. Overall, the Regulations aim to simplify compliance, reduce procedural friction, and align India’s foreign trade controls with evolving business practices while strengthening regulatory oversight.
The Scheme represents a significant consolidation and update of RBI’s customer grievance redress framework by repealing the RB-IOS, 2021 and introducing a more streamlined, technology-driven, and uniform mechanism applicable across banks, NBFCs, prepaid payment instrument issuers, and credit information companies. The Scheme strengthens centralised intake and processing of complaints through a single portal, expands coverage based on asset size and customer interface thresholds, and clearly codifies maintainability criteria, exclusions, and timelines to reduce frivolous or parallel litigation. It enhances the Ombudsman’s powers to facilitate settlement, issue binding awards, and grant compensation (up to ₹30 lakh for consequential loss and ₹3 lakh for harassment), while reinforcing accountability through mandatory nodal officers and disclosure obligations by regulated entities. Importantly, the 2026 Scheme sharpens procedural clarity, limits legal representation, and emphasises speed, non-adversarial resolution, and consumer protection, with the new framework coming into force from 1 July 2026.
These regulatory changes show the direction in which the banking and financial system is moving, towards clearer rules, better supervision, and stronger protection for customers and stakeholders. The RBI’s focus during 2025 has been on simplifying the regulatory framework, addressing risks arising from digitalisation and new business models, and ensuring timely resolution of stress while maintaining financial stability.
[1] https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13156
[2] Trade Notice No. 22/2025-26 Dated: 16th January 2026 by Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi
[3] https://financialservices.gov.in/beta/sites/default/files/2025-05/Gazettee-Notification_1.pdf
[4] RBI/2025-26/36 DOR.STR.REC.19/21.07.001/2025-26 May 8, 2025
[5] https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12961
[6] https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1306
[7] RBI/2024-25/106 DoR.SIG.FIN.REC.56/26.03.001/2024-25 January 20, 2025
[8] https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=13173&Mode=0
[9] https://www.rbi.org.in/commonman/Upload/English/FAQs/PDFs/RFML30012025.pdf
[10] DOR.AML.REC.46/14.01.001/2025-26 August 14, 2025
[11] DOR.ORG.REC.No.90/21-04-158/2025-26 | Dated: November 28, 2025
[12] DOR.SFG.REC.No.91/30.01.021/2025-26 | Dated: November 28, 2025, Reserve Bank of India (Commercial Banks – Climate Finance and Management of Climate Change Risks) Directions, 2025
[13] https://website.rbi.org.in/documents/d/rbi/commercial-banks-digital-banking-channels-authorisation
[14] Reserve Bank of India (Commercial Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025
[15] https://website.rbi.org.in/web/rbi/-/notifications/reserve-bank-of-india-commercial-banks-resolution-of-stressed-assets-directions
[16] https://www.rbi.org.in/commonman/English/scripts/notification.aspx?id=2607
[17] The Reserve Bank of India, vide A.P. (DIR Series) Circular No. 20 dated January 16, 2026
[18] The RBI’s Trend and Progress of Banking in India 2024–25
[19] The FEMA (Export and Import of Goods and Services) Regulations, 2026
[20] https://rbidocs.rbi.org.in/rdocs/content/pdfs/SCHEME16012026_A.pdf
We trust you will find this an interesting read. For any queries or comments on this update, please feel free to contact us at insights@elp-in.com or write to our authors:
Mukesh Chand, Senior Counsel – Email – mukeshchand@elp-in.com
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