Non-Banking Financial Companies (NBFCs) are required to make various disclosures. This article lists out some of the important disclosures to be made by Base Layer NBFCs (NBFC-BL) in its financial statements, on its website and in its branches.
Disclosures to be made in financial statements / annual reports
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 37.4.4 – In case of gold loans, NBFCs shall disclose in their annual reports the details of the auctions conducted during the financial year including the number of loan accounts, outstanding amounts, value fetched and whether any of its sister concerns participated in the auction.
- Para 40 – NBFCs shall disclose in their annual financial statement, aggregate amount of loans and advances sanctioned to directors, senior officers and relatives of directors and to entities where directors or their relatives have major shareholding (as per template in Annex XI).
- Para 1.2 of Annex II – NBFCs shall frame their policy for sales out of amortised cost business model portfolios and disclose the same in their notes to financial statements.
- Para 1.4 of Annex II – Audit Committee of the Board (ACB) should approve the classification of accounts that are past due beyond 90 days but not treated as impaired, with the rationale for the same clearly documented. The number of such accounts and the total amount outstanding and the overdue amounts should be disclosed in the notes to the financial statements.
- Para 2.1 of Annex II – A comparison (as per template in Appendix II-A) between provisions required under Income Recognition, Asset Classification and Provisioning (IRACP) and impairment allowances made under Ind AS 109 should be disclosed by NBFCs in the notes to their financial statements.
- Para 1.9 of Annex VI – An NBFC (with asset size of ₹100 crore and above) shall publicly disclose information on liquidity risk (as per template in Appendix VI-A) in the annual financial statements as notes to account that enables market participants to make an informed judgment about the soundness of its liquidity risk management framework and liquidity position.
- Para 1.1 of Annex VII – Exposure to real estate sector (as per template).
- Para 1.2 of Annex VII – Exposure to capital market (as per template).
- Para 1.3 of Annex VII – Sectoral exposure (as per template) –
- If within a sector, exposure to a specific sub-sector / industry is more than 10% of Tier 1 capital of an NBFC, the same shall be disclosed separately within that sector.
- Within a sector, if exposure to specific sub-sector / industry is less than 10% of Tier 1 capital, such exposures shall be clubbed and disclosed as “Others” within that sector.
- Para 1.4 of Annex VII – Intra-group exposures – NBFCs shall make the following disclosures for the current year with comparatives for the previous year –
- Total amount of intra-group exposures.
- Total amount of top 20 intra-group exposures.
- Percentage of intra-group exposures to total exposure of the NBFC on borrowers / customers.
- Para 1.5 of Annex VII – Unhedged foreign currency exposure and their policies to manage currency induced risk.
- Para 2 of Annex VII – Related Party Disclosure (as per template).
- Para 3 of Annex VII – Disclosure of complaints (as per template) –
- Summary information on complaints received by the NBFCs from customers and from the Offices of Ombudsman.
- Top 5 grounds of complaints received by the NBFCs from customers.
- Para 5.1 of Annex XX – NBFC issuing Perpetual Debt Instruments (PDI), shall make suitable disclosures in its Annual Report about –
- Amount of funds raised through PDI during the year and outstanding at the close of the financial year.
- Percentage of the amount of PDI of the amount of its Tier 1 capital.
- Mention the financial year in which interest on PDI has not been paid in accordance with lock-in clause. [in terms of lock-in clause, the issuing NBFC may defer the payment of interest, if – (i) Its Capital to Risk Assets Ratio (CRAR) is below the minimum regulatory requirement prescribed by RBI; or (ii) The impact of such payment results in NBFC’s CRAR falling below or remaining below the minimum regulatory requirement prescribed by RBI.]
Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025 dated June 06, 2025
- Para 55 – A lender shall disclose in its notes to accounts the amounts and percentage of loans extended against eligible collateral, separately for gold and silver collaterals, for both income generating as well as consumption purposes, to its total loans (as per format in Annex 1).
Reserve Bank of India (Co-Lending Arrangements) Directions, 2025 dated August 06, 2025
- Para 36 – REs shall make disclosures in their financial statements, under ‘Notes to Accounts’, relating to necessary details of Co-Lending Arrangements (CLAs) on an aggregate basis. The details may inter alia include quantum of CLAs, weighted average rate of interest, fees charged / paid, broad sectors in which CLA was made, performance of loans under CLA, details related to default loss guarantee, if any, etc. The disclosure shall be done on quarterly / annual basis, as applicable to the concerned regulated entities (REs).
- Para 2.7 – NBFCs (with asset size of ₹500 crore and above) shall disclose the amount related to fraud reported in the company for the year in their financial statements – notes to accounts.
Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021
- Para 86 – The lenders should make appropriate disclosures in their financial statements, under ‘Notes to Accounts’, relating to the total amount of loans not in default / stressed loans transferred and acquired to / from other entities, on a quarterly basis.
Disclosures to be made on website
Companies Act, 2013
- Section 135(1) and Section 135(4)(a) – Every company having net worth of ₹500 crore or more, or turnover of ₹1000 crore or more or a net profit of ₹5 crore or more during the immediately preceding financial year, shall place on its website, Corporate Social Responsibility Policy.
- Section 178(1) and Section 178(4) – Every listed public company shall place on its website, Nomination and Remuneration Policy.
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 14.4.6 – NBFCs should place consumer education literature on their websites, explaining with examples, the concepts of date of overdue, Special Mention Account (SMA) and Non-Performing Asset (NPA) classification and upgradation, with specific reference to day-end process.
- Para 45.3.6 – The quantum and reason for penal charges shall be displayed on websites of NBFCs under Interest rates and Service Charges.
- Para 45.5.1(iv) – The procedure for return of original movable / immovable property documents to the legal heirs shall be displayed on the website of NBFCs.
- Para 45.10 – Fair Practices Code (FPC) (which shall preferably be in the vernacular language or a language as understood by the borrower) shall be placed on NBFC’s website.
- Para 45.11.2 – The rates of interest and the approach for gradation of risks shall be made available on the website of the companies or published in the relevant newspapers. The information published on the website or otherwise published shall be updated whenever there is a change in the rates of interest.
- Para 51.3(i) – Wherever NBFCs engage digital lending platforms as their agents to source borrowers and / or to recover dues, the names of such digital lending platforms shall be disclosed on the website of NBFCs.
- Para 1.9 of Annex VI – An NBFC (with asset size of ₹100 crore and above) shall publicly disclose information on liquidity risk (as per template in Appendix VI-A) on a quarterly basis on the official website of the company that enables market participants to make an informed judgment about the soundness of its liquidity risk management framework and liquidity position.
- Para 5.9.5 of Annex XIII – In the event of termination of the outsourcing agreement for any reason in cases where the service provider deals with the customers, the same shall be publicized by posting it on the website so as to ensure that the customers do not continue to deal with the service provider.
- Para 5.10.2 of Annex XIII – In case of outsourcing of financial services by NBFCs, the grievance redressal procedure of the NBFC and the time frame fixed for responding to the complaints shall be placed on the NBFC's website.
Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025 dated June 06, 2025
- Para 22 – A lender shall display on its website the methodology adopted by it for determination of net weight of the gold and silver content of the eligible collateral and the price used to value the gold and silver content of the eligible collateral for determination of LTV ratio.
Reserve Bank of India (Co-Lending Arrangements) Directions, 2025 dated August 06, 2025
- Para 35 – REs shall prominently disclose on their website, a list of all active CLA partners.
- Para 12 – Credit Institutions (CIs), which are secured creditors as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, shall display, on their website, information in respect of the borrowers whose secured assets have been taken into possession by the CIs under the SARFAESI Act, 2002 (as per format in Annex XI). The list consisting of this information shall be updated on monthly basis.
Reserve Bank - Integrated Ombudsman Scheme, 2021 dated November 12, 2021
- Para 18(6) – The salient features of the Reserve Bank - Integrated Ombudsman Scheme, 2021 (RB-IOS, 2021) along with the copy of the Scheme and the contact details of the Principal Nodal Officer shall be displayed and updated on the website of the Regulated Entity (RE).
Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 dated March 14, 2022
- Para 6.7 – RE shall prominently display the minimum, maximum and average interest rates charged on microfinance loans on its website.
- Para 7.5.5 – The up-to-date details of the recovery agencies engaged by the RE shall be hosted on the RE’s website.
Reserve Bank of India (Digital Lending) Directions, 2025 dated May 08, 2025
- Para 8(iv) – RE shall maintain a website which shall be kept up to date, inter-alia, with the following details at a prominent single place on the website for ease of accessibility –
- Details of all of its digital lending products and its Digital Lending Apps / Platforms (DLAs).
- Details of Lending Service Providers (LSPs) and the DLAs of the LSPs along with the details of the activities for which they have been engaged for.
- Particulars of RE’s customer care and internal grievance redressal mechanism.
- Link to RBI’s Complaint Management System (CMS) and Sachet Portal.
- Privacy policies and other details.
- Para 8(iv) – RE shall ensure that DLAs / LSPs have links to the above website of the RE.
- Para 11(i) and 11(ii) – RE, and the LSP which has an interface with the borrower, shall designate nodal grievance redressal officers to deal with digital lending related complaints / issues raised by the borrower. Contact details of the nodal grievance redressal officers shall be prominently displayed on the websites of the RE, its LSP and on the DLA.
- Para 11(iii) – The facility of lodging complaint shall be made available on the DLA and on the website.
- Para 13(ii) – Policy guidelines regarding the storage of customer data shall be disclosed by the RE and the LSP engaged by the RE prominently on their website and DLA at all times.
- Para 14(i) and 14(ii) – RE and LSPs engaged by RE shall have a comprehensive privacy policy which shall be displayed on the website of RE and LSP, as the case may be.
- Para 27 – RE shall put in place a mechanism to ensure that LSPs with whom they have a Default Loss Guarantee (DLG) arrangement shall publish on their website the total number of portfolios and the respective amount of each portfolio on which DLG has been offered. The name of the RE may or may not be disclosed. The disclosure shall be made on a monthly basis within 7 working days following the conclusion of the month.
Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 dated October 04, 2017
- 11(1)(iii) – NBFC- Peer to Peer (NBFC-P2P) shall publicly disclose on its website –
- Overview of credit assessment / score methodology and factors considered.
- Disclosures on usage / protection of data.
- Grievance redressal mechanism.
- Portfolio performance including share of NPAs on a monthly basis and segregation by age. Such disclosures shall also include all losses borne by the lenders on principal or interest or both.
- Its broad business model.
- Para 12(6) – P2P platform shall display a caveat prominently on its website, mobile / web applications including any other promotional material used by it that “It is an NBFC-P2P lending platform registered with Reserve Bank of India (RBI). However, RBI does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by the NBFC-P2P and does not provide any assurance for repayment of the loans lent on it”.
- Para 13(2) – NBFC-P2P shall display on the website that if the complaint / dispute is not redressed within 1 month, the participant may appeal to the Customer Education and Protection Department of RBI.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 11.3 – NBFC-Account Aggregator (NBFC-AA) shall display on the website that if the complaint / dispute is not redressed within 1 month, the customer may appeal to RBI.
Disclosures to be made in offices / branches
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 14.4.6 – NBFCs shall consider displaying in their branches by means of posters and / or other appropriate media, consumer education literature explaining with examples, the concepts of date of overdue, SMA and NPA classification and upgradation, with specific reference to day-end process.
- Para 5.9.5 of Annex XIII – In the event of termination of the outsourcing agreement for any reason in cases where the service provider deals with the customers, the same shall be publicized by displaying at a prominent place in the branch so as to ensure that the customers do not continue to deal with the service provider.
- Para 5.10.1 of Annex XIII – In case of outsourcing of financial services by NBFCs, NBFCs shall display the name and contact details (Telephone / Mobile nos. as also email address) of the Grievance Redressal Officer prominently at their branches / places where business is transacted. It shall be clearly indicated that NBFCs' Grievance Redressal Machinery will also deal with the issue relating to services provided by the outsourced agency.
Reserve Bank - Integrated Ombudsman Scheme, 2021 dated November 12, 2021
- Para 18(3) – RE shall display at their branches / places where the business is transacted, the name and contact details (Telephone / mobile number and E-mail ID) of the Principal Nodal Officer along with the details of the complaint lodging portal of the Ombudsman (https://cms.rbi.org.in).
- Para 18(4) – RE to which the RB-IOS, 2021 is applicable shall ensure that the salient features of the Scheme are displayed prominently in English, Hindi and the regional language in all its offices, branches and places where the business is transacted.
- Para 18(5) – RE shall ensure that a copy of the RB-IOS, 2021 is available in all its branches to be provided to the customer for reference upon request.
Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 dated March 14, 2022
- Para 6.7 – RE shall prominently display the minimum, maximum and average interest rates charged on microfinance loans in all its offices and in the literature (information booklets / pamphlets) issued by it.
- Para 7.1.1 – FPC shall be displayed by the RE in all its offices. FPC should be issued in a language understood by the borrower.
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 dated September 02, 2016
- Para 11.3 – NBFC-AA shall display at the places of business that if the complaint / dispute is not redressed within 1 month, the customer may appeal to RBI.
Disclosures to be made in loan agreements
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 14.4.1 – The exact due dates for repayment of a loan, frequency of repayment, breakup between principal and interest, examples of SMA / NPA classification dates, etc. shall be clearly specified in the loan agreement.
- Para 14.4.1 – In cases of loan facilities with moratorium on payment of principal and / or interest, the exact date of commencement of repayment shall be specified in the loan agreements.
- Para 45.2.1 – NBFCs shall mention the penalties charged for late repayment in bold in the loan agreement.
- Para 45.3.6 – The quantum and reason for penal charges shall be clearly disclosed by NBFCs to the customers in the loan agreement and most important terms & conditions / Key Fact Statement (KFS).
- Para 45.4.1 – NBFCs shall ensure that changes in interest rates and charges are affected only prospectively. A suitable condition in this regard must be incorporated in the loan agreement.
- Para 45.13.1 – In case of vehicle loans, NBFCs must have a built-in re-possession clause in the contract / loan agreement with the borrower which must be legally enforceable. To ensure transparency, the terms and conditions of the contract / loan agreement shall also contain provisions regarding –
- Notice period before taking possession.
- Circumstances under which the notice period can be waived.
- The procedure for taking possession of the security.
- A provision regarding final chance to be given to the borrower for repayment of loan before the sale / auction of the property.
- The procedure for giving repossession to the borrower.
- The procedure for sale / auction of the property.
- Para 45.14.2 – In case of gold loans, the loan agreement shall disclose details regarding auction procedure (for auctioning the gold pledged in the event of loan default).
Reserve Bank of India (Digital Lending) Directions, 2025 dated May 08, 2025
- Para 10(ii) – RE may retain a reasonable one-time processing fee, if the customer exits the loan during the cooling-off period. This, if applicable, shall be disclosed to the customer upfront in KFS.
- Para 11(i) and 11(ii) – RE, and the LSP which has an interface with the borrower, shall designate nodal grievance redressal officers to deal with digital lending related complaints / issues raised by the borrower. Contact details of the nodal grievance redressal officers shall be included in the KFS.
Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025 dated June 06, 2025
- Para 26 – The loan agreement shall cover the description of the eligible collateral taken as security, value of such collateral, details of auction procedure and the circumstances leading to the auction of the eligible collateral, the notice period which shall be allowed to the borrower for repayment or settlement of loan before the auction is conducted, timelines for release of pledged eligible collateral upon full repayment or settlement of loan, refund of surplus, if any, from the auction of the pledged eligible collateral and other necessary details.
- Para 26 – All applicable charges payable by the borrower, including those related to assaying, auction, etc., shall be clearly included in the loan agreement and KFS.
- Para 34 – As part of internal audit, a lender shall carry out periodic surprise verification of the gold and silver collateral pledged with it. A clause in the loan agreement shall be included for obtaining consent of the borrowers to carry out surprise verification including assay of the pledged eligible collateral even in their absence during the tenor of the loan.
Reserve Bank of India (Co-Lending Arrangements) Directions, 2025 dated August 06, 2025
- Para 13 – The loan agreement with the borrower shall disclose the segregation of roles and responsibilities (such as sourcing, and servicing) of concerned REs, including clear identification of the entity being the single point of interface with the customer. The loan agreement shall also disclose the provisions related to customer protection, and grievance redressal mechanism.
- Para 14 – All required details of CLA shall be disclosed to the concerned borrower in KFS.
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) dated July 15, 2024
- Para 4.1 and Para 4.1.2 – In case where there is a suspicion / indication of wrongdoing or fraudulent activity, NBFCs (with asset size of ₹500 crore and above) shall use an external audit or an internal audit as per their Board approved Policy for further investigation in such accounts. The loan agreement with the borrower shall contain clauses for conduct of such audit at the behest of lenders.
Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021
- Para 31 – In cases where loan transfers result in a change of lender of record under a loan agreement, the transferor and transferees should ensure that the existing loan agreement has suitable enabling provisions including consent by the underlying borrower that allow for such transactions by laying down the required ground rules.
Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 dated March 14, 2022
- Para 6A.7 – KFS shall be included as a summary box to be exhibited as part of the loan agreement.
- Para 7.3.2 – A declaration that the RE shall be accountable for inappropriate behaviour by its employees or employees of the outsourced agency and shall provide timely grievance redressal, shall be made in the loan agreement.
Disclosures to be made in loan sanction letters
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 45.2.1 – NBFCs shall convey in writing to the borrower in the vernacular language as understood by the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record.
- Para 45.5.1(iii) – The timeline and place of return of original movable / immovable property documents shall be mentioned in the loan sanction letters.
- Para 45.6.1(ii), 45.6.1(iii) and 45.6.1(iv) – At the time of reset of floating interest rate on Equated Monthly Instalments (EMI) based personal loans, NBFCs shall provide the options to the borrowers to opt for – (a) switch over to a fixed rate (b) enhancement in EMI or elongation of tenor or for a combination of both options and, (c) to prepay, either in part or in full, at any point during the tenor of the loan. All applicable charges for switching of loans from floating to fixed rate and any other service charges / administrative costs incidental to the exercise of the above options shall be transparently disclosed in the sanction letter.
- Para 45.11.1 – The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers shall be disclosed to the borrower or customer in the application form and communicated explicitly in the sanction letter.
Other requirements
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023
- Para 45.1.2 – The loan application form shall indicate the documents required to be submitted with the application form.
- Para 45.2.2 – NBFCs shall furnish a copy of the loan agreement as understood by the borrower along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans.
- Para 51.3(iii) and Para 51.3(iv) – Wherever NBFCs engage digital lending platforms as their agents to source borrowers and / or to recover dues, the sanction letter shall be issued to the borrower on the letter head of the NBFC concerned.
Reserve Bank of India (Digital Lending) Directions, 2025 dated May 08, 2025
- Para 8(iii) – RE shall ensure that digitally signed documents (on the letter head of the RE) viz., KFS, summary of loan product, sanction letter, terms and conditions, account statements, privacy policies of the RE / LSP with respect to storage and usage of borrowers’ data, etc. shall automatically flow to the borrower on the registered and verified email / SMS upon execution of the loan contract / transactions.
- Para 8(v) – In case of a loan default, when a recovery agent is assigned for recovery or there is a change in the recovery agent already assigned, the particulars of such recovery agent shall be communicated to the borrower through email / SMS before the recovery agent contacts the borrower for recovery.
Reserve Bank of India (Lending Against Gold and Silver Collateral) Directions, 2025 dated June 06, 2025
- Para 27 – A lender, while accepting the eligible collateral, shall prepare a certificate or e-certificate in duplicate on its letterhead regarding the assay of the collateral and state therein the purity (in terms of carats); gross weight of the eligible collateral pledged; net weight of gold or silver content therein and deductions, if any, relating to weight of stones, lac, alloy, strings, fastenings, etc.; damage, breakage or defects, if any, noticed in the collateral; image of the collateral; and the value of collateral arrived at the time of sanction. One copy of the certificate or e-certificate shall be kept as part of the loan documents and the other copy be given to the borrower under their acknowledgement.
- Para 28 – All communication with the borrower, especially, the terms and conditions of the loan, or other important communication which affects the interest of the borrower or the lender, shall be in the language of the region or in a language as chosen by the borrower. For an illiterate borrower, important terms and conditions shall be explained in the presence of a witness, who shall not be an employee of the lender.
References
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