Under the harmonized framework for project lending (2025), the construction phase is considered complete the day before the project achieves its ________?

Reserve Bank of India issued (All India Financial Institutions – Credit Facilities) Directions, 2025These Directions are issued to provide a harmonised prudential framework for financing of projects in Infrastructure, Non-Infrastructure and Commercial Real Estate sectors by regulated entities (REs). These Directions also lay down revised regulatory dispensations for changes in the date of commencement of commercial operations (DCCO) of such projects in the backdrop of a review of the extant instructions and analysis of the risks inherent in such financing. For the purpose of application of prudential guidelines contained in these Directions, Projects shall be broadly divided into three phases namely, (1) Design phase – This is the first phase which starts with the genesis of the project and includes, inter-alia, designing, planning, obtaining all applicable clearances / approvals till its financial closure. (2) Construction phase – This is the second phase which begins after the financial closure and ends on the day before the actual DCCO. (3) Operational Phase – This is the last phase which starts with commencement of commercial operation by the project on the day of the actual DCCO and ends with full repayment of the project finance exposure.