These directions are applicable to Urban Coop Banks, Rural Coop Banks Regional Rural Banks, Small Finance Banks, Payment Banks, Commercial Banks and NBFCs. The amendments redefine key concepts such as agency business, referral services, regulated financial products, third party product and service providers. The banks may facilitate the sale of regulated financial products only on a fee basis without risk participation, with this limitation being clearly disclosed to customers. Under referral arrangements, banks may only market and refer customers, not sell products, and must maintain transparency by publishing referral arrangements, avoiding platform integration, and complying with the directions.
(Link: RBI Circular 131/2026 (NBFC), 130/2026 (UCB), 129/2026 (RCB), 128/2026 (RRB), 127/2026 (PB), 126/2026 (SFB), 125/2026 (CB) Dated 16/06/2026)