Here’s why. Imagine this: You get a ₹1 lakh loan. You use ₹50,000. Pay it back. Then borrow again; no fresh paperwork, no interviews, no waiting. That’s “revolving credit”; and until now, NBFCs like Bajaj Finance and Jio Financial were offering it freely. But the RBI says: Not anymore. At least, not for most NBFCs. Why? Because this ‘borrow-repay-borrow-again’ model can hide a dirty secret; evergreening. Borrowers use new money to pay off old loans, making everything look fine… even when they’re drowning. Banks? They’re still allowed to offer this; because they see your full financial picture. Your salary, your expenses, your balance. NBFCs? They don’t. So they can’t spot the danger until it’s too late. The impact? For Bajaj Finance alone, ₹70,000 crore in loans could vanish. And MSMEs? They’ll suddenly face paperwork every time they need cash. The big question: Why let banks do it but not NBFCs? The answer reveals how regulators think; and where the real risk lies. This isn’t just about rules. It’s about who gets to play with credit… and who bears the cost when things go wrong.