RBI’s influencer rules win backing from creators, financial brands

MUMBAI: Before the likes, links and lead forms, there’s now a new buzzword in financial marketing: accountability. The Reserve Bank of India’s decision to bring influencers, affiliates and other digital marketing intermediaries under the broader ambit of Direct Selling Agents (DSAs) and Direct Marketing Agents (DMAs) is being welcomed by creators and industry stakeholders, who say the move could bring greater clarity, trust and discipline to the rapidly growing finfluencer ecosystem.

Under the RBI’s newly issued directions on the advertising, marketing and sale of financial products and services, regulated entities—including banks, non-banking financial companies (NBFCs), housing finance companies and other financial institutions will be held responsible for promotional activities carried out directly or through third parties. The framework, which adopts a principle-based and channel-agnostic approach, will come into force on 1 January 2027.

The move marks a significant shift in responsibility. Rather than placing the compliance burden solely on creators and marketing partners, the RBI has made it clear that financial institutions will remain accountable for the claims, promotions and customer acquisition practices carried out on their behalf.

For financial creator Anushka Rathod, the guidelines largely formalise processes that many large financial institutions already followed.

According to Rathod, banks and NBFCs typically subjected influencer campaigns to multiple rounds of legal and compliance scrutiny before publication. However, she believes the biggest impact of the new framework lies in eliminating ambiguity.

The regulations provide a clearer rulebook for all parties involved, potentially making financial institutions more comfortable collaborating with creators while helping remove misleading practices that have occasionally clouded the sector.

Industry experts say the framework addresses a long-standing accountability gap in influencer-led finance marketing, where creators were often expected to navigate complex regulations without the support structures available to large institutions.

Chartered accountant and financial creator Sarthak Ahuja noted that many influencers operate independently and lack access to legal or compliance teams. In such cases, expecting creators to fully interpret financial regulations can be unrealistic. The RBI’s approach, he argued, rightly shifts responsibility back to the source of the product and information.

The new norms are also being viewed as a sign that India’s finfluencer ecosystem is entering a more mature phase.

Indian Influencer Governing Council (IIGC) co-founder of iCubesWire and chairman Sahil Chopra described the move as a defining moment for creator-led financial marketing. He said the regulations effectively transform influencer-driven finance promotion from a loosely governed growth channel into a regulated distribution layer.

The message, according to industry observers, is straightforward: if creators influence financial decisions, the same standards of transparency, suitability and accountability that apply elsewhere in financial distribution must apply here as well.

The framework is expected to push financial brands towards stronger governance systems, clearer disclosures and tighter monitoring of influencers, affiliates and customer acquisition partners. At the same time, it could encourage a shift towards education-led financial content while discouraging aggressive lead-generation tactics that have increasingly attracted regulatory attention.

The RBI had first released draft directions in February 2026 before incorporating stakeholder feedback into the final framework. Regulated entities have until January 2027 to update their systems, workflows, user interfaces and contractual arrangements to align with the new requirements.

For India’s booming finfluencer economy, the era of financial content may not be ending but the era of clearer rules has just begun.