Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Second Amendment Directions, 2026

RBI/2026-27/123
DOR.MCS.REC.No.102/01-01-039/2026-27

June 15, 2026

Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Second Amendment Directions, 2026

Certain instructions on customer appropriateness and suitability and other related matters have been issued to NBFCs under the Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025. The extant instructions have since been reviewed and it has been decided to issue comprehensive instructions on advertising, marketing and sale of financial products / services to all NBFCs, excluding Core Investment Companies, NBFC-Account Aggregators, Non-Operative Financial Holding Companies, and NBFCs not having any customer interface, (hereinafter referred to collectively as “NBFCs” and individually as an “NBFC”) under the Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025.

2. In exercise of the powers conferred by Sections 45JA, 45L and 45M of the Reserve Bank of India Act, 1934, the Reserve Bank, being satisfied that it is necessary and expedient in public interest so to do, hereby issues the Amendment Directions hereinafter specified.

3. Short Title and Commencement

(1) These Directions shall be called the Reserve Bank of India (Non-Banking Financial Companies - Responsible Business Conduct) Second Amendment Directions, 2026.

(2) These Directions shall come into effect from January 1, 2027.