PBI No. 7 of 2026 Expands the Scope of Inclusive Financing and Regulates the Transfer of RPIM Fulfilment Rights

Introduction

On 29 September 2026, Bank Indonesia enacted Bank Indonesia Regulation No. 7 of 2026 on the Second Amendment to Bank Indonesia Regulation No. 23/13/PBI/2021 on the Macroprudential Inclusive Financing Ratio for Conventional Commercial Banks, Islamic Commercial Banks, and Islamic Business Units (“PBI 7/2026”), which took effect on 1 October 2026.

PBI 7/2026 constitutes the second amendment to the provisions governing the Macroprudential Inclusive Financing Ratio (Rasio Pembiayaan Inklusif Makroprudensial or “RPIM”), which aims to expand the scope of financing that may be taken into account in fulfilling the RPIM and strengthen the implementation of this policy. These amendments were necessary based on Bank Indonesia’s evaluation, which indicated that access to inclusive financing through the banking sector still needed to be improved. The expanded scope of financing is expected to provide banks with greater flexibility in fulfilling the RPIM, while continuing to observe the principles of prudence and risk management, thereby optimising the role of banks in supporting financing for micro, small, and medium enterprises (MSMEs) and low-income individuals (perorangan berpenghasilan rendah or “PBR”). In addition, PBI 7/2026 strengthens the mechanisms for implementing the RPIM by regulating the transfer of RPIM fulfilment rights between banks and the submission of revised reports based on examination findings, and updates the legal basis by referring to Law No. 4 of 2026 on Amendments to Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector.

Comparison

PBI 7/2026 does not revoke the previous regulations but instead amends several articles of Bank Indonesia Regulation No. 23/13/PBI/2021 on the RPIM (“PBI 23/13/2021”), as amended by Bank Indonesia Regulation No. 24/3/PBI/2022 (“PBI 24/3/2022”). The following comparison sets out the substantive amendments.

Key Provisions

• Expansion of Supply Chain Loans to Non-MSME Business Entities

PBI 7/2026 expands the scope of supply chain Loans or Financing that may be recognised as Inclusive Financing by adding Article 5 paragraph (3) letter a1. Under this provision, financing provided to non-MSME business entities other than financial services institutions may be taken into account if it is used to support inclusive sectors and national priority programmes for public welfare, in accordance with criteria established by Bank Indonesia. In addition, supply chain financing continues to cover financing for MSMEs and/or PBR that serve as suppliers, distributors, or partners of business entities, as well as financing provided to housing developers for the construction or purchase of simple and/or very simple houses through instalment payments.

• Channelling Through Other Banks and Intermediary Institutions

PBI 7/2026 expands the channels for indirect disbursement of Loans or Financing by adding other banks as a channel, as provided under Article 6 letter a. Accordingly, Loans or Financing for Inclusive Financing may be channelled through:

1. 1. other banks;

   2. rural banks or rural Islamic banks;

   3. non-bank financial services institutions; and

   4. funding cooperation with public service agencies and/or business entities authorised to manage bank funds for Inclusive Financing in accordance with the applicable laws and regulations.

• Transfer of Rights to RPIM Fulfilment

PBI 7/2026 introduces Article 7A, which regulates the possibility for banks to transfer part of their rights to fulfil the Macroprudential Inclusive Financing Ratio (RPIM) to other banks for the purposes of calculating the RPIM under a contract, through:

1. 1. the issuance of Inclusive Financing Securities (SDPI); and/or

   2. other mechanisms determined by Bank Indonesia.

Such transfers must satisfy the criteria established by Bank Indonesia, and the rights transferred constitute a deduction factor from the Inclusive Financing of the transferring bank. If this deduction causes the RPIM value to fall below the prescribed target, the target shall nevertheless be deemed to have been achieved, provided that the RPIM value is not lower than the RPIM achievement threshold established by Bank Indonesia. Violations of these criteria are subject to administrative sanctions in the form of a written reprimand.

• Changes to the RPIM Calculation Method and Removal of SDPI Issuer Requirements

Article 3 paragraph (9) provides for adjustments to the RPIM calculation method and the removal of provisions governing the requirements for SDPI-issuing banks. The details of these amendments are as follows:

• Types of Securities Purchases Eligible for Calculation

Article 7 paragraph (1) regulates the types of purchases of Inclusive Financing Securities (SBPI) that may be recognised as Inclusive Financing, comprising:

1. 1. securities backed by or having an underlying asset consisting of Inclusive Financing;

   2. securities subject to a commitment to use the proceeds for Inclusive Financing and/or MSME and PBR development programmes;

   3. securities intended for sustainable development or sustainable finance;

   4. securities issued by non-bank financial services institutions to support financing for MSMEs, MSME Corporations, and/or PBR;

   5. purchases of SDPI; and

   6. purchases of other SBPI.

Pursuant to Article 7 paragraph (2), such SBPI may be issued by the Government of the Republic of Indonesia, Bank Indonesia, banks, non-bank financial services institutions, and/or institutions or business entities that have programmes or projects for the development of MSMEs, PBR, and/or Inclusive Financing in Indonesia.

• Banks Exempted from the RPIM Obligation

Article 3A exempts five categories of banks from the obligation to fulfil the RPIM, namely:

1. 1. conventional commercial banks (BUK) subject to restrictions on business activities imposed by the OJK in relation to the disbursement of Loans and/or the raising of funds;

   2. Islamic commercial banks (BUS) or Islamic business units (UUS) subject to restrictions on business activities imposed by the OJK in relation to the disbursement of Financing and/or the raising of funds;

   3. BUK or BUS under the supervisory status of “bank under rehabilitation”;

   4. bridge banks; and

   5. banks in certain circumstances, based on an OJK recommendation.

The amendment is set out in Article 3A paragraph (1) letter c, which establishes the supervisory status of “bank under rehabilitation” as a basis for exemption. Meanwhile, the mechanism for exemption from the obligation to fulfil the RPIM is further regulated in the Regulation of Members of the Board of Governors, as referred to in Article 3A paragraph (2).

• Supervision and Revised Reports

Article 23 affirms that Bank Indonesia supervises compliance with the RPIM through surveillance and/or examinations. Surveillance is conducted in accordance with the provisions of the Bank Indonesia Regulation on macroprudential policy, while examinations may be conducted jointly with the OJK. Based on examination findings, Bank Indonesia may also require banks to submit revised reports as referred to in Article 9 paragraph (2) within a period specified by Bank Indonesia. Further provisions on supervision of RPIM compliance are stipulated in the Regulation of Members of the Board of Governors.

Closing

PBI 7/2026 expands the scope of Inclusive Financing that may be taken into account in fulfilling the RPIM and provides banks with greater flexibility by introducing additional financing channels and a mechanism for transferring RPIM fulfilment rights between banks. In addition, changes to the RPIM calculation method, adjustments to the provisions governing exemptions from the RPIM obligation, and strengthened supervision and authority for Bank Indonesia to request revised reports form part of the efforts to reinforce the implementation of the RPIM policy. In implementing these provisions, banks should pay close attention to the implementing rules to be established in the Regulation of Members of the Board of Governors, particularly those relating to the criteria for transferring RPIM fulfilment rights, RPIM calculations, and the mechanism for exemption from the RPIM obligation.