Regulatory updates: Techno-Economic Viability (TEV) Service

When the rules governing valuation and certification work in India change, it is recorded here - dated, summarised in plain terms, and linked to the document it came from. Nothing appears on this page without a source you can open.

Most recent entry: 2026-09-17 · 4 updates on record
1 October 2025

RBI Project Finance Directions, 2025 come into force - LIE now certifies disbursal stages

The Reserve Bank of India (Project Finance) Directions, 2025 (RBI/2025-26/59, DOR.STR.REC.34/21.04.048/2025-26, dated 19 June 2025) took effect on 1 October 2025. Paragraph 21 requires that disbursal be proportionate to the stages of completion of the project and to progress in equity infusion, and states that the lender's Independent Engineer (LIE) or Architect shall certify the stages of completion.

What it means in practice

Stage certification moves onto the disbursement critical path. A tranche cannot be evidenced as compliant without the certificate that supports it, so LIE inspection and reporting cycles need scheduling against the drawdown calendar rather than being requested when a drawdown is already due.

Source: RBI (Project Finance) Directions, 2025 - RBI/2025-26/59 → Full guide: The Lender's Independent Engineer under the RBI Project Finance Directions, 2025 →
Lender's Independent Engineer (LIE) Service Techno-Economic Viability (TEV) Service Project Appraiser & Expert Opinion Service
1 October 2025

TEV study required at Rs 100 crore aggregate exposure on PPP DCCO revision

Paragraph 20 of the RBI (Project Finance) Directions, 2025 requires a Techno-Economic Viability study where the aggregate exposure of all lenders is Rs 100 crore or more, in the context of an infrastructure PPP project whose original DCCO is revised to reflect a change in the Appointed Date determined by the concession-granting authority.

What it means in practice

This threshold is frequently quoted without its scope, as though every project above Rs 100 crore needs a TEV study. It does not say that. Outside this specific DCCO-revision situation, whether a TEV study is required remains a matter of the individual lender's credit policy - and many lenders require one well below Rs 100 crore.

Source: RBI (Project Finance) Directions, 2025, paragraph 20 → Full guide: Techno-Economic Viability (TEV) study requirements →
Techno-Economic Viability (TEV) Service Lender's Independent Engineer (LIE) Service Project Appraiser & Expert Opinion Service

How this feed is maintained. An entry is added when a rule actually changes, and every entry carries the notification, circular or rule it comes from so you can read the original rather than our summary of it. Where something needs more than a few sentences, it becomes a reference guide and the entry links to it. Content is reviewed by Mr. Chintan Bavishi.

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