All India Financial Institutions Resource Raising Norms · RBI/DoR/2025-26/322
RBI master-direction RBI/DoR/2025-26/322 · 28 Nov 2025
Official title
Reserve Bank of India (All India Financial Institutions– Resource Raising Norms) Directions, 2025
RBI master-direction RBI/DoR/2025-26/322 · 28 Nov 2025
Official title
Reserve Bank of India (All India Financial Institutions– Resource Raising Norms) Directions, 2025
Summary
Check the official recordThe Reserve Bank of India establishes resource raising norms for All India Financial Institutions. These institutions must limit aggregate borrowings under an Umbrella Limit to 100 percent of their Net Owned Funds. The limit includes term deposits, term money borrowings, certificates of deposit, and commercial papers. The directions define maturity periods, minimum denominations, and reporting requirements for these instruments. Institutions must obtain credit ratings for term deposits and follow specific procedures for premature withdrawals. The directions permit bond issuance without prior approval, subject to a three-year minimum maturity. These rules replace previous instructions while preserving actions taken under prior guidelines. The directions apply to EXIM Bank, NABARD, NaBFID, NHB, and SIDBI.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
RBI/DoR/2025-26/322
DoR.LRG.REC.No.241/13-10-005/2025-26
November 28, 2025
In exercise of the powers conferred under Section 45L of the Reserve Bank of India Act, 1934, and all other provisions / laws enabling the Reserve Bank of India (‘RBI’) in this regard, RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
Provided that the TDs shall be of a minimum denomination of ₹10,000.
Provided further that the AIFI shall not pay brokerage exceeding one per cent of the deposits accepted.
Provided that premature withdrawal of TDs before completion of one year shall be permitted in case of death of the depositor, medical exigencies, educational expenditure, and other such reasons, as approved by the Board of the AIFI.
Provided that for deposits where premature withdrawal has been made before completion of six months, no interest shall be payable to the depositor.
Provided further that for deposits where premature withdrawal has been made on the date of or after completion of six months and before completion of one year, interest shall be payable at the rate of average of the minimum and maximum saving deposit rates as published in the Weekly Statistical Supplement (WSS) to the monthly RBI Bulletin.
Provided that the AIFI shall not be permitted to buy back its own CDs before maturity.
Provided further that there shall be no grace period for repayment of CDs.
Provided further that no loans shall be sanctioned by an AIFI against its CDs, unless specifically permitted by the Reserve Bank.
Provided that CDs shall be permitted to be issued on a fixed / floating rate basis.
Provided further that the interest rate on the floating rate CDs shall be reset at periodic rests agreed to at the time of issue and shall be linked to a benchmark published by a Financial Benchmark Administrator, as authorised by Reserve Bank, or approved by the FIMMDA for this purpose.
Provided further that FIMMDA shall ensure that any floating rate approved by them for this purpose is determined transparently, objectively, and in arm’s length transactions.
Provided that the settlement cycle for OTC trades in CDs shall be T+0 or T+1.
Provided further that all secondary market transactions in CDs shall be settled on a Delivery versus Payment (DvP) basis through the clearing corporation of any recognized stock exchange or any other mechanism approved by the RBI.