Regulatory Alerts2026-06-15
Added · Updated
Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Second Amendment Directions, 2026
These Directions amend the Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025, by inserting a new Chapter IIIA that establishes comprehensive instructions on the advertising, marketing, and sale of financial products and services. The amendments define key terms such as mis-selling, dark patterns, and compulsory bundling, and mandate that NBFCs implement policies for suitability assessment, explicit consent, and the engagement of Direct Selling Agents. The Directions also introduce specific prohibitions against deceptive design practices and require NBFCs to provide refunds and compensation in cases of established mis-selling. These changes apply to all NBFCs, excluding Core Investment Companies, NBFC-Account Aggregators, Non-Operative Financial Holding Companies, and NBFCs without customer interface, and come into effect on January 1, 2027.
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