The Reserve Bank of India issued the Reserve Bank of India (Payments Banks – Governance) Amendment Directions, 2026 to amend the Reserve Bank of India (Payments Banks – Governance) Directions, 2025. The amendments are intended to enable bank Boards to utilise their time more effectively and facilitate more focused engagement on strategy and risk governance by rationalising existing RBI directions and circulars relating to matters required to be placed before the Board. The amendments reinsert Paragraph 23, with modifications, as new Paragraph 16A requiring the Board to exercise oversight over the bank’s risk management system, policy and strategy, exposures to related entities, and conformity with corporate governance standards. They also delete Paragraph 17 of Chapter IV and Paragraphs 22, 24, 25, 26 and 27 of Chapter V, rename Chapter V as “Matters to be placed before the Board,” and insert new Paragraphs 27A and 27B specifying policies requiring Board approval, matters requiring Board approval, review or information, delegable matters, and governance principles relating to Board responsibilities, delegation, agenda setting, information requirements and periodic review. The Amendment Directions come into force on October 1, 2026.
Reserve Bank of India
RBI/2026-27/179
DOR.HGG.GOV.152/29.67.001/2026-27 | Dated: July 14, 2026
Reserve Bank of India (Payments Banks – Governance) Amendment Directions, 2026
Please refer to the Reserve Bank of India (Payments Banks – Governance) Directions, 2025 (hereinafter referred to as ‘Directions’).
2.In an endeavour to enable bank Boards to utilize their time effectively and to facilitate a more focused and qualitative engagement on strategy and risk governance, it has been decided to undertake a review to rationalize the extant RBI directions/circulars on the matters required to be placed before the Board. Accordingly, in exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India in this regard, the Reserve Bank of India, being satisfied that it is necessary and expedient in public interest so to do, hereby, issues the Amendment Directions hereinafter specified.
3.The Amendment Directions modify the Directions as under:
3(1) Paragraph 23 of Chapter V shall be deleted and reinserted (with slight modification) after paragraph 16 as under:
“16A. The Board shall exercise oversight on the following:
i. risk management system, policy and strategy followed by the bank;
ii. exposures to related entities of the bank;
iii. conformity with corporate governance standards viz. in composition of various committees, their role and functions, periodicity of the meetings and compliance with coverage and review functions etc.”
3(2) Paragraph 17 of Chapter IV and paragraphs 22, 24, 25, 26 and 27 of Chapter V shall be deleted.
3(3) Title of Chapter-V ‘Calendar of Reviews and Board Meeting Procedures’ stands amended to ‘Matters to be placed before the Board’.
3(4) After paragraph 27, the following new paragraphs shall be inserted in chapter V as under:
“27A. Notwithstanding anything contained in extant RBI circulars or directions, the requirement for matters to be placed before the Board shall be as under:
i. Policies that are required to be placed before the Board for approval and those in respect of which such approval can be delegated, shall be as specified in Appendix I. Review of polices which are specified to be approved by Board may be delegated to Board Committees, with the Board approving only material amendments thereto.
ii. Matters, other than policies, that are required to be placed before the Board for approval/review/information, shall be as specified in Appendix II A.
iii. Matters, other than policies, that may be delegated at the discretion of the Board, shall be as specified in Appendix II B.
27B. In addition to above, the matters to be placed before the Board may be determined based on the following key principles:
i. The Board has ultimate responsibility for the bank’s business strategy and financial soundness, key personnel decisions, internal organisation and governance structure and practices, and risk management and compliance obligations. It may, however, delegate certain matters to the Board Committees / Management Committees, along with reporting requirements as may be necessary.
ii. The Board shall clearly articulate the matters reserved for its approval or to be brought to its notice for information or reporting. The role and responsibilities of the Board prescribed under various statutes or regulations, shall be taken into account in determining such matters. However, the Board shall ensure that sufficient time is dedicated to strategy and risk governance.
iii. The Chairperson of the Board shall have the primary responsibility for setting the agenda of the meeting.
iv. The Board shall ensure that it receives sufficient information from the management to discharge its role effectively. It shall clearly specify the nature and frequency of information required from the management. The Board may seek external reports, if needed.
v. The Board shall periodically review the matters to be placed before it as well as the matters delegated to the Board Committees / Management Committees. The review shall also include the timeliness of circulation of agenda items, adequacy of information captured in the agenda, time allotted for important matters, etc.”
4. These Amendment Directions shall come into force from October 01, 2026. Accordingly, the Directions / Circulars as specified in the appendices shall stand modified to the extent indicated therein with effect from October 01, 2026.
(Scenta Joy)
Chief General Manager
Appendix I
Polices to be placed before the Board for approval1
| S. No. |
Broader Policy Head |
Aspects to be covered |
Reference instruction(s) for Commercial Banks |
Can be delegated (Yes2/No) |
| 1. | Credit Policy |
Credit Facilities | Paragraph 5 of Reserve Bank of India (Local Area Banks – Credit Facilities) Directions, 2025 Paragraph 7A (1), (2) and (3) Reserve | No
Yes, in respect of 7A (3) only |
| Bank of India (Local Area Banks – Resolution of Stressed Assets) Second Amendment Directions, 2026 |
||||
| Transfer and
acquisition of loan exposures |
Paragraph 13 and 29 of Reserve Bank | No | ||
| of India (Local Area Banks – Transfer and Distribution of Credit Risk) Directions, 2025 | ||||
| Resolution of stressed assets | Paragraph 6, 7 and 32 of Reserve | No | ||
| Bank of India (Local Area Banks – Resolution of Stressed Assets) Directions, 2025 |
||||
| Aspects related to wilful defaulters and large defaulters | Paragraph 4 of Reserve Bank of India (Local Area Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 |
No | ||
| Income recognition, asset classification and provisioning norms3 | Paragraph 8 and 87 of the Reserve | No | ||
| Bank of India (Local Area Banks –Income Recognition, Asset Classification and Provisioning pertaining to Advances) Directions, 2025 | ||||
| 2. | Investment Policy | Investments and related activities | Paragraph 6, 8, 10 and 17 of Reserve | No |
| Bank of India (Local Area Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025 | ||||
| 3.
|
Risk Management Policy of the bank | Credit Risk Management | Paragraph 5 of Reserve Bank of India (Local Area Banks – Credit Risk Management) Directions, 2025 |
No |
| Concentration Risk Management4 | Paragraph 6 of Reserve Bank of India (Local Area Banks – Concentration Risk Management) Directions 2025 | No | ||
| Market Risk management | Paragraphs 18 and 20 of Guidance | No | ||
| Note on Market Risk Management dated November 28, 2025 | ||||
| Operational Risk |
Paragraph 25, 26, 27, 31, 64, 74, 77, | No
Yes, to any |
||
| 97 & Principle 3, 4 and 5, of Guidance | ||||
| Note on Operational Risk Management and Operational Resilience dated November 28, 2025.Paragraph 7(3) and 7(4) of Reserve |
||||
| Bank of India (Local Area Banks – Miscellaneous) Directions, 2025 | ||||
| Liquidity Risk / ALM Management | Paragraph 6, 7, 9, 10, 11, 12, 13 and | Yes, in respect of paragraph 10,13, to Asset Liability Management Committee; in respect of paragraph11,12, to Management Committee. |
||
| 14 of Reserve Bank of India (Local | ||||
| Area Banks – Asset Liability
Management) Directions, 2025 |
||||
| Cyber Security | Paragraph 3 of Cyber Security
Framework in Banks dated June 2, 2016 |
No | ||
| Fraud Risk
Management – Roles and of Board / |
Paragraph 2.1.1 of annex to Master | No | ||
| Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions dated July 15, 2024 | ||||
| 4. | Outsourcin g Policy | – | Paragraph 9, 10 of Reserve Bank of | Yes, in respect of paragraph 10(iv) only, to any Committee of the Board |
| India (Local Area Banks – Managing Risks in Outsourcing) Directions, 2025 | ||||
| 5. | IT Policy | IT, InformationAssets, Information Security, Business Continuity, Cyber Security | Paragraph 5(a) of Master Direction on | No |
| Information Technology Governance,Risk, Controls and Assurance Practices dated November 7, 2023 |
||||
| 6. | Policy on
Digital Banking |
Prepaid Payment Instruments (PPIs) and itsrelated
activities |
Paragraph 7.2, 7.9 (a), 7.11(a) and | No |
| 15.2 of Master Directions on Prepaid | ||||
| Payment Instruments (PPIs) dated
August 27, 2021 |
||||
| 7. | Responsibl e Business
/ Lending |
Business conduct | Paragraph 5 of Reserve Bank of India (Local Area Banks – Responsible Business Conduct) Directions, 2025. | Yes, to any Committee to which powershave been delegated bythe Board |
| Issuance of
debit cards |
Paragraph 7 of Reserve Bank of India (Local Area Banks – Debit Cards:Issuance and Conduct) Directions, 2025 |
Yes, to any Committee to which powers have been delegated by the Board# |
||
| CreditInformation Reporting | Paragraph 37 of Reserve Bank of | No | ||
| India (Local Area Banks – CreditInformation Reporting) Directions, 2025 |
||||
| Acceptance of Form A2 in ‘online’ mode for outward remittance | Paragraph 3 of circular on Online submission of Form A2: Removal of limits on amount of remittance – A.P. (DIR Series) Circular No. 12 datedJuly 03, 2024 read with MD on Liberalised Remittance Scheme datedJanuary 01, 2016, MD on Other Remittance Facilities dated January 01, 2016 and MD on Remittance of Assets dated January 01, 2016. |
Yes, to any Committee to which powershave been delegated by the Board# |
||
| 8. | Authorizati
on for outlets / |
Opening, merging, shifting, conversion and
closure of / offices / |
Paragraph 6 (i), (ii), (iii), and (v) of | Yes, to any Committee to which powershave been delegated by the Board# |
| Reserve Bank of India (Local AreaBanks – Branch Authorisation) Directions, 2025 |
||||
| with
business agents |
Engaging with Business Correspondent s | Paragraph 6(iv) of Reserve Bank of | No | |
| India (Local Area Banks – Branch Authorisation) Directions, 2025 | ||||
| Engaging with Forex Correspondent s | Regulation 12 of Chapter VI of Foreign | No | ||
| Exchange Management (Authorised Persons) Regulations, 2026 | ||||
| 9. | Policy onDeposits / other Liability products | GoldMonetization scheme | Paragraph 1.2(iii) and 2.1.1(v) of Gold | Yes, to any Committee to which powershave been delegated by the Board# |
| Monetization Scheme, October 22, 2015 | ||||
| 10. | Policy on
appointme nt & on of |
Appointment /
engagement of Auditors |
Paragraph 10.1 of Guidelines for | Yes, to Audit Committee of the Board#No |
| Appointment of SCAs / SAs of Commercial Banks dated April 27, 2021 Paragraph 4.1 and 4.1.1 of Annex to | ||||
| Master Directions on Fraud RiskManagement in Commercial Banks (including Regional Rural Banks) and
All India Financial Institutions dated |
||||
| 11. | Policy / criteria on Fit & Proper (F&P) assessment of Major Shareholders | F&P assessment of major shareholder | Paragraph 6 of Reserve Bank of India (Local Area Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025 | No |
| 12. | Policy on Compensat ion | Compensation of Directors/ Chief Executive Officers/ Material Risk Takers |
Paragraph 26(1) and (2) of Reserve | No |
| Bank of India (Local Area Banks – Governance) Directions, 2025 | ||||
| Criteria for granting fixed
remuneration to its NEDs |
Paragraph 24(ii) of Reserve Bank of | No | ||
| India (Local Area Banks – Governance) Directions, 2025 | ||||
| 13. | CSR Policy (donations etc) | – | Paragraph 7(2) and 48 of Reserve | No |
| Bank of India (Local Area Banks – Miscellaneous) Directions, 2025 | ||||
| 14.
|
Complianc e Policy
|
– | Paragraph 2.1 of Compliance | No
|
| functions in banks and Role of Chief Compliance Officer (CCO) dated September 11, 2020 | ||||
| 15. | Policy on Protected Disclosure Scheme | – | Paragraph 4 of Annex to Protected | No |
| Disclosures Scheme for Private Sector and Foreign Banks dated April 18, 2007 | ||||
| 16. | Code of conduct/Ethics policy |
– | Paragraph 16 of Guidance Note on | No |
| Operational Risk Management and Operational Resilience dated November 28, 2025 |
||||
| 17. | Policy on Know Your Customer (KYC) | – | Paragraph 5(1), 5(2), | Yes, in all aspects except paragraph 5(3)(v)(a), to any Committee to which powers have been delegated by the Board |
| 5(3)(i),(ii),(iii),(iv),(v)(a),(v)(b), 9 and | ||||
| 10, of Reserve Bank of India (Local | ||||
| Area Banks – Know Your Customer) Directions, 2025 | ||||
| 18. | Policy on Interest rate on Deposits/ Advances | – | Paragraph 6(1)(i), (ii), (iii), (iv) of | Yes, to any Committee of the BoardYes in respect of paragraph 5(1) only, toany Committee of the Board |
| Reserve Bank of India (Local Area Banks – Interest Rate on Deposits) 1Directions, 2025 Paragraph 5(1) and 27 of Reserve | ||||
| Bank of India (Local Area Banks – Interest Rates on Advances) Directions, 2025 |
Appendix II – Matters other than policies5
IIA – To be placed before the Board for approval / review / information
| S.No | Subject matter | Paragraph reference in extant directions/circulars |
| For Approval | ||
| 1. | Acquisition of Shares or Voting Rights | Paragraph 23 & 24 of Reserve Bank of India (Local Area |
| Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025 | ||
| 2. | Issuance of RegulatoryCapital (PDI / RNCPS / RCPS / Basel III Tier 2 Debt Capital / Upper Tier 2 instruments and Lower Tier 2 instruments) | Paragraph 9(2), 10(1), 13(2), 14(3), and 15(1) Reserve Bank |
| of India (Local Area Banks – Prudential Norms on Capital Adequacy) Directions, 2025 | ||
| 3. | Reclassifications between
categories viz. Held till |
Paragraph 65 of Reserve Bank of India (Local Area Banks – |
| Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 | ||
| 4. | Declaration of Dividend | Paragraph 6 of Reserve Bank of India (Local Area Banks – Prudential Norms on Declaration of Dividends) Directions, 2025 |
| 5. | Approval by Board of Directors in case of Voluntary Amalgamation | Paragraph 7 and 9 of Reserve Bank of India (Local Area Banks – Voluntary Amalgamation) Directions, 2025 |
| 6. | RTGS membership | Annex V of the Master Direction on Access Criteria for |
| Payment Systems dated January 17, 2017 | ||
| 7. | Appointment / Reappointment of Managing Director & CEO / PTC | Paragraph 28 (ii) of Reserve Bank of India (Local Area Banks |
| – Governance) Directions, 2025 | ||
| 8. | Remuneration of WTD | Paragraph 29 of Reserve Bank of India (Local Area Banks – |
| Governance) Directions, 2025 | ||
| 9. | Appointment of the Chief Compliance Officer (CCO) | Paragraph 2.5 of Compliance functions in banks and Role of |
| Chief Compliance Officer (CCO) dated September 11, 2020 | ||
| For Review | ||
| 10. | Business through brokers in excess of 5% limit | Paragraph 91(8) of Reserve Bank of India (Local Area Banks |
| – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 | ||
| 11. | Compromise Settlements and Technical Write-offs | Paragraph 23 of the Reserve Bank of India (Local Area Banks |
| – Resolution of Stressed Assets) Directions, 2025 | ||
| 12. | Customer Service aspects | Paragraph 18 of Reserve Bank of India (Local Area Banks- |
| Credit Information Reporting) Directions, 2025 | ||
| 13. | Reporting of annual review of donations made by the bank | Paragraph 49 of Reserve Bank of India (Local Area Banks – |
| Miscellaneous) Directions, 2025 | ||
| 14. | Fit and proper status of major shareholders | Paragraph 18(4), 19, 20 and 21 of Reserve Bank of India |
| (Local Area Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025 | ||
| 15. | Information Security Governance of Payment Aggregators and Payment Gateways | Paragraph 1.1 of Annexure 1 to Master Direction on |
| Regulation of Payment Aggregator (PA) dated September 15, 2025 | ||
| 16. | Operational resilience of business units | Paragraph 55 of Guidance Note on Operational Risk |
| Management and Operational Resilience dated November 28, 2025. | ||
| 17. | Loans to Related Parties | Paragraph 16N of the Reserve Bank of India (Local Area |
| Banks – Credit Risk Management) Directions, 2025 | ||
| 18. | Acquisition of Shares or Voting Rights – Monitoring mechanism to ascertain that a major shareholder has obtained prior RBI approval for acquiringshareholding rights | Paragraph 25 of Reserve Bank of India (Local Area Banks – |
| Acquisition and Holding of Shares or Voting Rights Directions, 2025 | ||
| 19. | Report on encumbrance of shares – ongoingmonitoring of section 12B (5) of BR Act, 1949 | Paragraph 28 of Reserve Bank of India (Local Area Banks – |
| Acquisition and Holding of Shares or Voting Rights) Directions, 2025 | ||
IIB – May be delegated at the discretion of the Board
| S.No | Subject matter | Paragraph reference in extant directions/circulars |
May be delegated to |
| For Approval | |||
| 1. | Risk assessment methodology for RBIA | Paragraph 4.1 of guidance note onRisk-Based Internal Audit dated
December 27, 2002 |
Audit Committee of the Board# |
| 2. | Annual Audit Plan | Paragraph 5.1 of guidance note on Risk-Based Internal Audit dated
December 27, 2002 |
Audit Committee of the Board# |
| 3. | Sanction of loans to Directors / Directors of other banks and their relatives | Paragraph 16K of Reserve Bank of India
(Local Area Banks – Credit Risk Management) Directions, 2025 |
Committee on Lending to Related Parties |
| 4. | Operational manual highlighting the
roles/responsibilities of the dealers/mid- office/back-office |
Paragraph IV (xiv) of Constituents’ Subsidiary General Ledger Account
(CSGL) guidelines dated September 22, 2021 |
Any Committee to which powers have been delegated by the Board# |
| 5. | Allotment of Special Assignments other than Statutory Audit | Paragraph 6.4 of the Guidelines for
Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors |
Audit Committee of the Board |
| 6. | Annual Banking Outlet Expansion Plan (ABOEP) | Paragraph 18 of Reserve Bank of India (Local Area Banks – Branch Authorisation) Directions, 2025 | Any Committee to which powers have been delegated by the Board# |
| 7. | Establishing new correspondent banking relationships | Paragraph 72 of Reserve Bank of India | Any Committee to which powers have been delegated by the Board# |
| (Local Area Banks – Know Your Customer) Directions, 2025 | |||
| 8. | Authorisation and oversight of service providers, owned or ontrolled by Directors or key
managerial personnel |
Paragraph 12 (vi) of Reserve Bank of
India (Local Area Banks – Managing Risks in Outsourcing) Directions, 2025 |
Any Committee of the Board |
| 9. | Compromise
settlements in Committee of the |
Paragraph 7(5)(ii) of the Reserve Bank
of India (Local Area Banks – Resolution of Stressed Assets) Directions, 2025 |
Management Committee of the Board# |
| 10. | Long Form Audit Report (LFAR) to be submitted to the Reserve Bank |
Paragraph 5(c) of Long Form Audit Report (LFAR) – Review dated September 5, 2020 | Audit Committee of the Board# |
| 11. | Progress in Implementation of Cassette – Swaps in ATMs | Paragraph 3 of Cassette – Swaps in ATMs, dated March 31, 2022 | Any Committee to which powers have been delegated by the Board# |
| 12. | Investment Portfolio | Paragraphs 89(12)(i), 89(12)(ii) and 92
(1) of Reserve Bank of India (Local Area |
Risk Management Committee of the Board# |
| Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 |
|||
| 13. | Business
Correspondent (BC) Model |
Paragraph 7(2)(iii), (iv) and 51 of Reserve Bank of India (Local Area Banks – Branch Authorisation) Directions, 2025 |
Any Committee to which powers have been delegated by the Board# |
| 14. | Review and
Monitoring of Transactions in Banking Outlets |
Paragraph 7(1)(ii),(iii) and (iv) of Reserve Bank of India (Local Area Banks – Branch Authorisation) Directions, 2025 |
Any Committee to which powers have been delegated by the Board# |
| 15. | Review of scheme on doorstep banking
services and its |
Paragraph 7(3)(i) of Reserve Bank of
India (Local Area Banks – Branch Authorisation) Directions, 2025 Paragraph 26 of Reserve Bank of India (Local Area Banks – Responsible Business Conduct) Directions, 2025. |
Any Committee to which powers have been delegated by the Board#Customer Service Committee of the Board# |
| 16. | Review, reporting
and compliance certificate in relation to all material |
Paragraph 11, 16(iii) of Reserve Bank of | Any Committee to which powers have been delegated by the Board# |
| India (Local Area Banks – Managing Risks in Outsourcing) Directions, 2025 | |||
| 17. | Effectiveness of Risk-Based Internal Audit | Paragraph 8.2 of Guidance notes on Risk-Based Internal Audit dated December 27, 2002 |
Audit Committee of the Board |
| 18. | Review of Cyber Security Risks / Reporting of significant cyber security incidents | Paragraph 24.d.vii of the Reserve Bank of India (Information Technology Governance, Risk, Controls and Assurance Practices) Directions, dated November 07, 2023Paragraph 5 of the Sustained Assurance on Cyber Resilience Framework dated November 1, 2017 |
Risk Management Committee / IT sub- committee of the Board |
| 19. | Base rate | Paragraph 13 of Reserve Bank of India (Local Area Banks – Interest Rates on Advances) Directions, 2025 | Asset Liability Committees |
| 20. | Marginal cost of funds | Paragraph 23 of Reserve Bank of India (Local Area Banks – Interest Rates on Advances) Directions, 2025 | Any Committee to which powers have been delegated by the Board |
| 21. | Review of NPAs above a threshold amount |
Paragraph 30 (2) of the Reserve Bank | Any Committee to which powers have been delegated by the Board |
| of India (Local Area Banks – Transfer and Distribution of Credit Risk) Directions, 2025 |
|||
| 22. | Customer Service aspects | Paragraph 6 of Reserve Bank of India (Local Area Banks – Responsible Business Conduct) Directions, 2025 | Any Committee to which powers have been delegated by the Board |
| 23. | Report by CIV on Vigilance Activities | Paragraph 3 of Annex Internal Vigilance in Private Sector/foreign Banks dated May 26, 2011 | Any Committee of the Board# |
| 24. | Analysis of incidents of operational risk failures & their impact |
Paragraph 102 of Guidance Note on Operational Risk Management and Operational Resilience dated November 28, 2025 | Any Committee of the Board# |
| 25. | Results of review of Business Continuity Planning and its Testing |
Paragraph 77 (1) and 82 of Guidance Note on Operational Risk Management and Operational Resilience dated November 28, 2025 | Any Committee to which powers have been delegated by the Board# |
| 26. | Assessments of the
Operational Risk Framework by internal or external audit / risk |
Paragraph 12 (3) (ii) (c), (d) and 52 of Guidance Note on Operational Risk Management and Operational Resilience dated November 28, 2025 |
Audit Committee of the Board# |
| 27. | Report on Compliance risks | Paragraph 2.9(iv), 2.9(v) and 2.9(vi) of | Audit Committee of the Board# |
| the Compliance functions in banks and Role of Chief Compliance Officer (CCO) dated September 11, 2020 | |||
| 28. | Review of Fraud risk incidents | Paragraph 2.1.4 of the Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions dated July 15, 2024 | Audit Committee of the Board |
Notes:
1a. The matters enlisted here may be read along with the respective RBI Directions. Multiple requirements to place matters before Board, relating to a similar aspect / matter have been listed only once.
b. Banks are free to regroup the policies as they deem fit, so long as the aspects above are captured in one or more policies.
2 Yes may be read as “yes, at the discretion of the Board.”
3 Related aspects may be covered in Investment policy as well
# The directions/circulars shall stand modified w.e.f. October 1, 2026 in accordance with the stance indicated herein
4 Related aspects may be captured in market risk policy
5 The matters enlisted here may be read along with the respective RBI Directions. Multiple requirements to place matters before Board, relating to a similar aspect / matter have been listed only once.
# The directions/circulars shall stand modified w.e.f. October 1, 2026 in accordance with the stance indicated herein
