The Reserve Bank of India (RBI) on Thursday issued new guidelines to establish a harmonised framework for project financing across banks, NBFCs, and other regulated entities, covering both infrastructure and non-infrastructure sectors.

Titled the Reserve Bank of India (Project Finance) Directions, 2025, the norms outline updated regulatory treatment in cases where there is a change in the Date of Commencement of Commercial Operations (DCCO). The move follows a comprehensive review of existing norms and an assessment of risks associated with project finance.

The RBI stated that the new directions introduce a principle-based approach for resolving stress in project finance exposures, ensuring consistency across all regulated entities (REs).