The Reserve Bank of India has issued the “Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures Directions, 2025,” with immediate effect, to standardise and strengthen the presentation, transparency, and disclosures in NBFC financial statements. The Directions apply across all regulatory layers to a wide range of NBFCs, including deposit-taking NBFCs, investment and credit companies, factors, MFIs, infrastructure finance entities, IDFs, housing finance companies, and core investment companies, with specified carve-outs for certain paragraphs depending on the entity type. Limited applicability is also prescribed for primary dealers, mortgage guarantee companies, P2P platforms, and account aggregators, while non-operative holding companies and certain base-layer NBFCs without public funds are excluded. Aligned with the scale-based regulatory framework, the Directions aim to ensure consistent, comparable, and decision-useful financial reporting, enhance supervisory oversight, and improve stakeholder confidence through clearer disclosures and uniform accounting presentation across the NBFC ecosystem.
RESERVE BANK OF INDIA
RBI/DOR/2025-26/359
DOR.ACC.REC.No.278/21.04.018/2025-26 | Dated: November 28, 2025
Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025
In exercise of the powers conferred under sections 45L of the Reserve Bank of India Act, 1934 and Section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011, Sections 30A, 32 of the National Housing Bank Act, 1987 and all other provisions / laws enabling the Reserve Bank of India (‘RBI’), RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
Chapter-I Preliminary
A. Short title and commencement
1. These Directions shall be called the Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025.
2. These Directions shall come into force with immediate effect.
B. Applicability
3. These Directions shall be applicable to following Non-Banking Financial Companies, (hereinafter collectively referred to as ‘NBFCs’ and individually as an NBFC), for all layers, unless specified otherwise:
i. Deposit taking NBFC (NBFC-D) registered with the RBI under the provisions of the RBI Act, 1934;
ii. NBFC-Investment and Credit Company (NBFC-ICC) registered with the RBI under the provisions of the RBI Act, 1934;
iii. NBFC-Factor registered with the RBI under the provisions of the Factoring Regulation Act, 2011;
iv. NBFC-Microfinance Institution (NBFC-MFI) registered with the RBI under the provisions of the RBI Act, 1934;
v. NBFC- Infrastructure Finance Company (NBFC-IFC) registered with the RBI under the provisions of the RBI Act, 1934;
vi. Infrastructure Debt Fund (IDF) – NBFC registered with the RBI under the provisions of the RBI Act, 1934;
vii. Housing Finance Company (HFC) registered with the RBI under the provisions of the NHB Act, 1987;
(viii) Core Investment Company (CIC) registered with the RBI as NBFCs under the provisions of the RBI Act, 1934
4. These Directions except provisions contained in Paragraph 13 to 15 and Paragraph 20 shall be applicable to Standalone Primary Dealer (SPD) registered with the RBI as NBFC under the provisions of the RBI Act, 1934;
5. These Directions except provisions contained in Paragraph 20 shall be applicable to Mortgage Guarantee Company (MGC) registered with RBI under the scheme of Registration of Mortgage Guarantee Companies, as per layer-wise applicability;
6. These Directions except provisions contained in Paragraph 13 to 15 and Paragraph 20 shall be applicable to NBFC-Peer to Peer Lending Platforms (NBFC-P2P) registered with the RBI under the provisions of the RBI Act, 1934, subject to layer-wise applicability.
7. These Directions except provisions contained in Paragraph 13 to 15 and Paragraph 20 shall be applicable to NBFC-Account Aggregator (NBFC-AA) registered with the RBI under the provisions of the RBI Act, 1934, subject to layer-wise applicability.
8. These Directions are not applicable for the following:
i. Non-Operative Financial Holding Company (NOFHC) registered with the RBI as NBFC under the provisions of the RBI Act, 1934;
ii. ‘NBFC not availing public funds and not having any customer interface’;
iii. ‘NBFCs in Base layer having customer interface but not availing public funds’.
Note: The applicability under these Directions is in line with the regulatory structure for NBFCs as set out in Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025.
Read Full text of the Notification: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/359MD22B81FAE1AB9481BA79541602ADD032D.PDF
