**Executive Summary**
The document presents the Draft Reserve Bank of India (Housing Finance Companies) Amendment Directions, 2026, issued on February 11, 2026. It modifies the Reserve Bank of India (Housing Finance Companies) Directions, 2025, by updating the guidelines on advertising, marketing, and sales practices. These directions will take effect on July 1, 2026.
**Key Points / Main Content**
* **Purpose:** To issue comprehensive instructions on advertising, marketing, and sales of financial products/services.
* **Scope:** Applies to all Non-Banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs), excluding Core Investment Companies, NBFC-Account Aggregators, and NBFCs without customer interface.
* **Effective Date:** These Directions come into effect on July 1, 2026.
* **Amendment to 2025 Directions:** The Amendment Directions modify the Reserve Bank of India (Housing Finance Companies) Directions, 2025.
* **Chapter-X Modification:**
* Sub-sections A.10 (Advertising, Marketing and Sales) and A.11 (Code of Conduct for DSAs/DMAs) are deleted and substituted with a new sub-section "A.11A Advertising, Marketing and Sales of Financial Products / Services by HFCs".
* **Compliance:**
* HFCs shall ensure compliance with the provisions of paragraphs 101A to 101ZB under Chapter IIIA of Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025.
**Impact Analysis**
**Housing Finance Companies (HFCs)**
* **Impact:** Must adhere to new directives about advertising, marketing, and sales practices for financial products/services.
* **Action Required:** Ensure compliance with the revised guidelines, specifically paragraphs 101A to 101ZB under Chapter IIIA of Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025, as detailed in sub-section A.11A.
Key Entities Referenced
Reserve Bank of India (Housing Finance Companies) Amendment Directions, 2026: The primary subject of the document, outlining amendments to existing regulations for Housing Finance Companies.
Reserve Bank of India (Housing Finance Companies) Directions, 2025: The directions being amended by the new amendment directions, pertaining to Housing Finance Companies.
Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025: Directions regarding responsible business conduct for Non-Banking Financial Companies, referenced for compliance requirements.
National Housing Bank Act, 1987: The act granting the Reserve Bank of India the power to issue the amendment directions, specifically Section 30A.
Reserve Bank of India: The regulator issuing the directions and amendments.
DOR.MCS.REC.No. /01-01-039/2025-26 February 11, 2026
Draft Reserve Bank of India (Housing Finance Companies) Amendment
Directions, 2026
Reserve Bank had earlier issued instructions on ‘Advertising, Marketing and Sales’ to
Housing Finance Companies (HFCs) under Chapter-X on ‘Fair Practices Code’ in
Reserve Bank of India (Housing Finance Companies) Directions, 2025. The extant
instructions have since been reviewed and it has been decided to issue
comprehensive instructions on advertising, marketing and sale of financial product /
service to all Non-Banking Financial Companies (NBFCs), including HFCs but
excluding Core Investment Companies, NBFC-Account Aggregators and NBFCs not
having any customer interface, under the Reserve Bank of India (Non-Banking
Financial Companies – Responsible Business Conduct) Directions, 2025.
2. In exercise of the powers conferred by Section 30A of the National Housing Bank
Act,1987, the Reserve Bank, being satisfied that it is necessary and expedient in public
interest so to do, hereby issues the Amendment Directions hereinafter specified.
3. Short Title and Commencement
(1) These Directions shall be called the Reserve Bank of India (Housing Finance
Companies) Amendment Directions, 2026.
(2) These Directions shall come into effect on July 1, 2026.
4. These Amendment Directions shall modify the Reserve Bank of India (Housing
Finance Companies) Directions, 2025 as under:
(1) In Chapter-X on ‘Fair Practices Code’, the sub-sections A.10 Advertising,
Marketing and Sales (paragraphs 150 to 154) and A.11 Code of Conduct for
DSAs/DMAs (paragraphs 155 to 157) shall be deleted and substituted with a new
sub-section as under:
“A.11A Advertising, Marketing and Sales of Financial Products / Services
by HFCs157A. An HFC shall ensure compliance with the provisions of paragraphs 101A
to 101ZB under Chapter IIIA of Reserve Bank of India (Non-Banking Financial
Companies – Responsible Business Conduct) Directions, 2025.”
(Veena Srivastava)
Chief General Manager
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