RBI issued the (NBFC – Concentration Risk Management) Fourth Amendment Directions, 2026 on August 25, 2026 (RBI/2026-27/237), amending the NBFC Concentration Risk Management Directions, 2025, with immediate effect. The amendment revises the large exposure framework applicable to Infrastructure Debt Fund-NBFCs (IDF-NBFC) classified in the Upper Layer.
A new paragraph 39A is inserted in Chapter IV, extending the large exposure limits currently applicable to NBFC-IFCs to also cover IDF-NBFCs under Upper Layer regulations. This linkage is made with reference to paragraph 60A of the NBFC Undertaking of Financial Services Directions, 2025, read with paragraph 18(4)(i) of the Commercial Banks Undertaking of Financial Services Directions, 2025. Legal basis: Chapter III B of the RBI Act, 1934.
Net effect: IDF-NBFCs in the Upper Layer are now subject to the same large-exposure limits that apply to NBFC-IFCs.
