FEMA & RBI
Foreign exchange rules and Reserve Bank directions.
5stories · New facility
September 2026
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IFSCA issues differential distribution framework for Venture Capital and Restricted Schemes: one senior class, junior units from USD 2 million, grants up to 49% for ESG schemes
Junior units: min USD 2 millionNew facilityIFSCA has issued the framework under which Venture Capital Schemes and Restricted Schemes in the IFSC can issue senior and junior or subordinate units with different distribution rights, to facilitate blended finance. Minimum investment in junior units is USD 2 million (USD 1 million for accredited investors). ESG schemes may accept grants up to 49% of corpus.
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Exim Bank’s ₹4,850 crore line of credit to Maldives: at least 75% of contract value to be supplied from India, no agency commission — A.P. (DIR Series) Circular No. 22
₹4,850 crore LoC to MaldivesNew facilityRBI has notified the terms of the Government of India supported Line of Credit of ₹4,850 crore extended by Exim Bank to the Government of Maldives for developmental projects. The agreement is effective from 27 August 2026. Goods, works and services worth at least 75% of the contract price must be supplied from India, and no agency commission is payable on exports under the LoC.
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RBI recognises Unified Fintech Forum as a Self-Regulatory Organisation for FinTech
SRO-FTNew facilityRBI examined the application of UFF against its SRO-FT Framework. FinTech Association for Consumer Empowerment (FACE) was recognised as the first SRO-FT in August 2024.
August 2026
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Every Fund Management Entity in the IFSC must maintain a website or webpage from 1 December 2026: IFSCA lists the disclosures
FME website by 1 December 2026New facilityIFSCA has directed every Fund Management Entity registered under the Fund Management Regulations, 2025 to maintain a publicly accessible website or webpage with specified disclosures. Retail FMEs need an independent website. The URL must be intimated to IFSCA on or before 1 December 2026, the date the circular comes into force.
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RBI names 17 NBFCs in the Upper Layer for 2026-27; PNB Housing Finance and Sammaan Capital continue under enhanced regulation
17 NBFCs in Upper LayerNew facilityRBI has released the 2026-27 list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation, based on financials as on 31 March 2026 and on revised identification criteria. Seventeen NBFCs are named. Two more — PNB Housing Finance and Sammaan Capital — do not meet the criteria this time but stay in the Upper Layer because the enhanced requirements run for at least five years.
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