Reading paths by role

The spec is long. Most readers do not need all of it. Use these paths.

Founder / CEO

You want to know whether to build, what to build, and what it costs. Read in this order:

1. 15.1 Final recommendation — the blunt answer first.
2. 1.1 Business models overview — what models are open to you.
3. 10.1 Unit economics overview — three scenarios.
4. 12.1 MVP roadmap — phasing.
5. 11. Risk register — what kills you.
6. 15.4 Fatal mistakes — what to refuse to do.

CTO / VP Engineering

You want services, data model, workflows, and a build-vs-buy answer. Read:

1. 5. Architecture — full system shape.
2. 18. LOS + LMS deep-dive — bit-level specs of the two engines.
3. 14. Tech stack — Java/Spring/Postgres choices.
4. 3. Product module map — every module to support.
5. 13. Implementation backlog — what to build in what order.
6. 4. Integrations and vendors — what to wire to.
7. 8. Vendors — build vs buy — what to not build.
8. 7. Co-lending deep dive — co-lending APIs.

Credit head / Risk head

You care about the underwriting framework, risk register, and portfolio monitoring. Read:

1. 6. Underwriting — rule library and scorecards (including 6.14 thin-file underwriting and the 5 segment overlays).
2. 16. Client diligence and suitability — full diligence playbook.
3. 17. Recovery and resolution — post-NPA playbook.
4. 11. Risk register — 25 risks with controls.
5. 3.E Underwriting engine — engine module.
6. 3.L Portfolio monitoring — early-warning, vintages, ECL.
7. 2.10 Asset classification, NPA, provisioning — RBI rules.
8. 7.5 DLG monitoring — DLG operational controls.

Compliance officer / Legal

You need the regulatory section in full, plus the reporting and recovery rules. Read:

1. 2. Regulatory framework — every Master Direction that applies.
2. 2.15 Compliance calendar — annual return schedule.
3. 3.N Reporting and compliance module — what the system must produce.
4. 17. Recovery and resolution — legal pipeline, SARFAESI, settlement / ARC.
5. 3.K Collections module — recovery-agent compliance.
6. 11. Risk register — reg/legal risks.
7. 18.10 Bureau submission format and 18.12 RBI returns — what the LMS produces.

Product manager

You need the module map, the user journeys, and the backlog. Read:

1. 3. Product module map — A–P, every module.
2. 6. Underwriting — rule examples.
3. 12. MVP roadmap — phasing.
4. 13. Implementation backlog — epics and user stories.
5. 1. Business models — to understand which product fits which model.

Ops / Collections head

You care about journeys, collections, reconciliation, and team design. Read:

1. 3.K Collections module
2. 17. Recovery and resolution — post-NPA playbook.
3. 3.I Disbursement
4. 3.J LMS
5. 18.6 Daily batch order — when things actually run.
6. 18.11 Reconciliation algorithm
7. 9. Operations and team
8. 4.8 Mandates and repayments

Backend engineer (joining the build)

1. 5.12 Development conventions — repo skeleton, Spring Boot patterns.
2. 5.9 Schema reference — concrete DDL.
3. 5.10 API catalogue — 40+ key APIs.
4. 5.11 Worked data example — one borrower’s data shape.
5. 5.13 Implementation patterns — idempotency, vault, hash chain, vendor adapter.
6. 18. LOS + LMS deep-dive — bit-level specs.
7. 5.14 NACH file format, 5.15 AA technical protocol, 5.16 V-CIP implementation — integration specifics.

Investor

You want the wedge, market shape, economics, and risk. Read:

1. 15.1 Final recommendation
2. 10. Unit economics
3. 1.12 Comparison matrix
4. 11. Risk register
5. 12. MVP roadmap

How to read the regulatory citations

Every regulatory claim is followed by the RBI circular reference number and date. Open rbi.org.in and search by circular reference — RBI numbers them as RBI/{year}/{seq} {department}.{type}.REC.{n}/{file}/{year-range}. The text of the Master Directions, FAQs, and notifications is the authoritative source; the summaries here are simplifications.