The Reserve Bank of India, through the Non-Banking Financial Companies – Credit Facilities Directions, 2025 (issued on 28 November 2025), has introduced a consolidated and risk-sensitive regulatory framework governing credit intermediation by NBFCs. The Directions represent a significant step towards harmonising regulatory prescriptions across lending activities, while strengthening prudential norms, transparency, and supervisory oversight.

The revised framework places particular emphasis on emerging areas such as digital lending ecosystems (including NBFC–LSP arrangements), governance of technology platforms, credit information reporting, and risk-sharing mechanisms. It also introduces refined regulatory guidance on asset-backed lending (including gold and silver collateral), microfinance exposure norms, project finance lifecycle management, and structured credit support instruments such as partial credit enhancement.

Additionally, the Directions impose calibrated restrictions on sensitive exposures, including IPO financing, lending against shares, demand/call loans, and real estate financing, with the objective of mitigating systemic risk and preventing regulatory arbitrage.

In this context, the programme is designed to provide a deep-dive, practitioner-oriented understanding of the regulatory architecture, with a focus on interpretation of provisions, supervisory expectations, and implementation challenges. It will also examine the implications for credit risk management, capital allocation, governance frameworks, and compliance systems within NBFCs.

The programme aims to equip senior executives and decision-makers with the analytical and regulatory perspective required to align institutional strategies with evolving supervisory priorities and ensure robust, compliant, and resilient credit operations.

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