Select RBI circulars Nov 2025

BLOG 33/2025 DATED 4TH DECEMBER 2025

In this document we have covered the select RBI notifications and directives for the month of Nov 2025 and produced a gist of it. For detailed and full study, link is provided that will take us to the RBI communication.

Further on 28^th November RBI has issued master directions for various guidelines issued by them from time to time. These directions can be considered as a vast digital library. Kudos to RBI officials for the voluminous work in creating this data base. Readers can refer to RBI webside under Notifications-Master Directives, to refer to these directives. This paper covers the gist of circulars issued other than these directives.

NOTIFICATIONS:

• RBI/FMRD/2025-26/142 FMRD.DIRD.04/14.03.038/2025-26 dated 11.11.2025

Subject: Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/142MD1111202598527CBD7B6D4BFC9792D568AD07F27D.PDF

Gist:

Municipal Debt securities are also included as eligible security of Repo/Reverse Repo transactions.

With this amendment, following securities are eligible for Repo/Reverse Repo transaction.

(a) Government securities issued by the Central Government or a State Government.

(b) Listed corporate bonds and debentures, subject to the condition that no participant shall borrow against the collateral of its own securities, or securities issued by a related entity.

(c) Commercial Papers (CPs) and Certificate of Deposits (CDs).

(d) Units of Debt ETFs. (Exchange Traded Funds)

(e) Municipal Debt Securities.

(f) Any other security of a local authority as may be specified in this behalf by the Central Government.

Author’s note:

REPO means Repurchased Transactions. This means Bank A can borrow money from Bank B after selling securities with a condition to repurchase these securities after a set time. Normally these transactions are done to meet very short term liquidity requirement. In terms of transaction of Bank with RBI, Banks sell the specified securities to RBI for a short period with a condition to buy back the same securities. When RBI sucks money from the system, it does the same by selling securities to Banks and repurchasing after some time, this is called REVERSE REPO.

• RBI/2025-26/96 DOR.STR.REC.60/21.04.048/2025-26  dated 14.11.2025

Subject: Reserve Bank of India (Trade Relief Measures) Directions, 2025

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/96NT64128BCA543F4D898521AAB983AE8F1E.PDF

Gist:

Reserve Bank of India has permitted following trade relief measures for exporters:

Effective period: 01.09.2025 to 31.12.2025

1. In respect of all term loans, a RE may grant a moratorium on payment of all instalments [principal and/or interest] falling due between September 1, 2025 and December 31, 2025
2. In respect of working capital facilities, a RE may defer the recovery of interest applied in respect of all such facilities during the effective period.
3. During the moratorium/ deferment period, interest shall continue to accrue. However, interest application shall be on simple interest basis, without compounding effect.
4. The accumulated accrued interest during moratorium/ deferment period may be converted into a funded interest term loan which shall be repayable in one or more instalments after March 31, 2026, but not later than September 30, 2026.
5. In respect of working capital facilities, a RE may, at its discretion, recalculate ‘drawing power’ by reducing the margins and/ or reassess the working capital limits, during the effective period.
6. A RE eligible to undertake export financing business may permit an enhanced credit period of up to 450 days for pre-shipment and post-shipment export credit disbursed till March 31, 2026.
7. In respect of packing credit facilities already availed by exporters on or before August 31, 2025, where dispatch of goods could not take place, a RE may allow liquidation of such facilities from any legitimate alternate sources, including domestic sale proceeds of such goods or substitution of contract with proceeds of another export order.
8. RE shall exclude the moratorium period for the calculation of past due period.
9. Moratorium/deferment shall not be treated as Restructuring.
10. CICs to ensure that such deferments do not adversely impact the credit history of the borrower.

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