As we look back on April through September 2025, the RBI moved decisively to both codify and contemporize its rulebook. The half year saw master circulars consolidating decades of SHG linkage and minor account guidance, trimming punitive rates on CRR/SLR shortfalls, and rolling out far-reaching Digital Lending and Gold Loan Directions alongside refreshed LCR and Project Finance regimes. Even as it relaxed certain norms, such as FPI debt limits and NBFC MFI asset thresholds, it simultaneously tightened due diligence for AePS operators and broadened PSL exemptions under the Large Exposures Framework, all in service of robust inclusion and risk management.
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