RBI Central Board Regulatory Powers For Staff Benefits and Funds
In exercise of the powers conferred by clause (j) of sub section (2) of section 58 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Board, with the previous sanction of the Central Government
The Gazette of India
CG-MH-E-01072026-273976
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 419] NEW DELHI, THURSDAY, JUNE 25, 2026/ASHADHA 4, 1948
RESERVE BANK OF INDIA
(Central Office)
(CORPORATE STRATEGY AND BUDGET DEPARTMENT)
NOTIFICATION
Mumbai, the 17th June, 2026
F.No. CSBD/Funds/S131/05.03.001/2026-27.—In exercise of the powers conferred by clause (j)
of sub-section (2) of section 58 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Board, with
the previous sanction of the Central Government, hereby makes the following regulations to amend the
Reserve Bank of India Employees’ Provident Fund Regulations, 1935, namely :–
1. Short title and commencement, – (1) These regulations may be called the Reserve Bank of India
Employees’ Provident Fund (Amendment) Regulations, 2026.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Reserve Bank of India Employee’s Provident Fund Regulations, 1935 (hereinafter referred to as
the said regulations), after regulation 1, the following shall be inserted, namely :–
8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“1.A Definitions –(1)In these regulations, unless the context otherwise requires, –
(a) “Act” means the Reserve Bank of India Act, 1934 (2 of 1934);
(b) “Associate Institution” means, –
(i) “National Bank for Agriculture and Rural Development” established under section 3 of
the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);
(ii) “National Housing Bank” established under section 3 of the National Housing Bank
Act, 1987 (53 of 1987);
(iii) “Institute for Development and Research in Banking Technology”,being a society
deemed to be registered under the Andhra Pradesh Societies Registration Act, 2001 and
holding a certificate of registration dated March 6, 1996, issued by the Office of Registrar
of Societies, Hyderabad (35 of 2001);
(iv) “Deposit Insurance and Credit Guarantee Corporation” established under section 3 of
the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961);
(c) “Bank” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of
India Act, 1934 (2 of 1934);
(d) “contribution” means the amount contributed by the Bank in the Fund, which shall be
equivalent to the mandatory subscription of the subscriber;
(e) “dependant” means any person who is a dependant as defined in clause (c) of section 2 of the
Provident Funds Act, 1925 (19 of 1925);
(f) “Fund” means the Reserve Bank of India Employees’ Provident Fund constituted under
regulation 1 of these Regulations;
(g) “subscription” means a percentage of ‘pay’ transferred by the subscriber to the Fund;
(h) “successive nomination” means successive or alternate nomination;
(2) Words and expressions used in these regulations and not defined herein, but defined in the Act,
shall have the same meanings respectively assigned to them in the Act.”.
3. In the said regulations, in regulation 5C, the Explanation shall be omitted.
4. In the said regulations, in regulation 11, in sub-regulation (i), for clause (b), thefollowing shall be
substituted, namely:–
“(b) An advance shall not, except for special reasons,
(i) exceed half the amount of the subscriber’s own subscriptions to the Fund and interest
thereon or
(ii) be granted until the final repayment of the previous advance.”.
5. In the said regulations, in regulation 11, in sub-regulation (2), for clause (a), the following shall be
substituted, namely:–
“(a) An advance shall be recovered from the subscriber in such number of equal monthly instalments
as the Bank may direct but such number shall not be less than 12 or more than 36. A subscriber may,
at his option, repay more than one instalment in one month. Each instalment shall be a number of
whole rupees, the amount of the advance being raised or reduced, if necessary, to admit of the
fixation of such instalments.”.
6. In the said regulations, in regulation 11A, in sub-regulation (1), for the words ‘including stamp duty and
registration charges’, the following shall be substituted, namely :–
“including stamp duty, registration charges and applicable taxes.”.
7. In the said regulations, in regulation 14, for sub-regulation (1) the following shall be substituted,
namely :–
“(1) The sum standing to the credit of a subscriber shall become payable on the termination of his service
or on his death;
Provided that a subscriber on leave preparatory to retirement may at his option withdraw from the
sums standing to his credit in the Fund an amount not exceeding his own subscriptions and the
interest thereon;
Provided also that a subscriber, including any person permitted to subscribe to the Fund under subclause (b) of clause (iii) of regulation 5 may, at any time after completion of 10 years’ service or
during the 10 years immediately preceding the date of his retirement or the date of expiry of his
specified tenure of office, as the case may be, be permitted by the Bank at their discretion, to
withdraw, for any of the purposes contained in sub-regulation (2) of regulation 14 and subject to the
provisions contained in sub-regulations (3), (4) and (5), from the sums standing to his credit in the
Fund up to such amount as is specified in regulation 14A.
Provided further that, if the Committee of the Central Board of the Bank or any officer of
the Bank as the said Committee may specify in this behalf, so directs, be deducted therefrom and
paid to the Bank –
(a) any amount due under a liability incurred by the subscriber to the Bank up to the total amount
contributed by the Bank to his account, including the interest credited in respect thereof.
or
(b) where the subscriber has been dismissed from his employment on account of misconduct or
gross negligence or where the subscriber has resigned his employment under the Bank within five
years of the commencement of his continuous service including temporary service, the whole or any
part of the amount of such contributions together with the interest credited in respect thereof.
Explanation: For the purpose of calculating the period of service in the case of ex-servicemen
subscribers for withdrawal for purposes of housing and non-housing as specified in clauses (a) and (b)
of sub-regulation (2) of regulation 14, the period of service rendered by them in the Defence Forces
prior to their joining the Bank shall also be taken into consideration.”.
8. In the said regulations,in regulation 14, in sub-regulation (2), in clause (b), in sub-clause (v), for the
words “payment of stamp duty and registration charges”, the following shall be substituted, namely :–
“payment of stamp duty, registration charges and applicable taxes.”
9. In the said regulations, in regulation 14, in sub-regulation (5):–
(i) in the proviso, for the words “withdrawal from the Fund, subject to the other provisions of these
regulations”, the words “withdrawal from the Fund for another house or dwelling unit or plot, subject
to the other provisions of these regulations” shall be substituted;
(ii) after the proviso, the following proviso shall be inserted, namely :–
“Provided further that, if a subscriber has not transferred, assigned, or created interest in the house
or dwelling unit or plot acquired by him / her with the help of withdrawal under these
regulations, and has not refunded the amount so withdrawn by him / her, he / she shall be eligible
for a fresh withdrawal for another house or dwelling unit or plot from the Fund subject to the
following conditions, namely :–
(a) Fifteen years have elapsed from the date of the earlier withdrawal for acquiring the house /
dwelling unit / plot under these regulations or five years are remaining to the date of
superannuation of the subscriber; and
(b)the limit for the fresh withdrawal is restricted to the subscriber’s own subscription (excluding the
Bank’s contribution, if any) and interest thereon.
Provided further that, in no case, shall a subscriber be eligible for withdrawal from the Fund for
more than two houses or dwelling units or plots.”
10. In the said regulations, in regulation 14A, in sub-regulation (1) –
(i) the words, “or six months’ pay (‘pay’ as defined in Explanation to Regulation 6), whichever is
less”, shall be omitted;
(ii)for the words “The Chief General Manager, DEBC”, the words “The Officer-in-Charge of the
operations of the Fund” shall be substituted;
11. In the said regulations, in regulation 14C, in sub-regulation (2)–
(i) in clause (i), in sub-clause (a), the words “upto six months’ pay but” shall be omitted.
(ii) in clause (ii),-
(a) for the words “Chief General Manager, DEBC”, the words “Officer-in-Charge of the operations
of the Fund” shall be substituted;
(b)subclause (ii) shall be omitted;
12. In the said regulations, in regulation 15, in sub-regulation (v), for the brackets, letters and figures “(A1,
B1)”, the brackets, letters and figures “(A1, B1, B4)” shall be substituted.
13. In the said regulations, after regulation 15A, the following shall be inserted, namely:-
“15B Successive Nomination:
Alternate to the nominations in Form A or Form BorFormB2, a subscriber may nominate in Form B3
annexed to these regulations, a maximum of up to three members of his / her family or persons or
dependants to whom the amount standing to his credit in the Fund shall be payable in a successive
manner, as enumerated in the proviso to clause (ii) of regulation 16, in the event of the death of the
subscriber.”.
14. In the said regulations, in regulation 16, after the sub-regulation (ii) and before the “Note”, the
following provisoshall be inserted, namely :–
“Provided, if a nomination is made by the subscriber in accordance with regulation 15B, on the death
of the subscriber, the amount standing to his / her credit in the Fund shall become payable to the first
nominee and in case the first nominee is not alive at the time of settlement, the amount shall become
payable to the second nominee and if both the first and second nominees are not alive, then the amount
shall become payable to the third nominee;”.
15. In the said regulations, after Provident Fund Form B2, the following forms shall be inserted, namely :–
SUMAN NATH, Chief General Manager
[ADVT.-III/4/Exty./188/2026-27]
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