The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions. The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made. Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Banker and Debt Manager to Government
Jul 03, 2018
Master Directions on Relief/Savings Bonds	256 kb
Jul 01, 2016
Master Direction – Operational Guidelines for Primary Dealers (Updated as on November 22, 2018)	669 kb
Co-operative Banking
Mar 23, 2021
Master Direction - Amalgamation of Urban Cooperative Banks, Directions, 2020	163 kb
May 12, 2016
Master Direction - Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016	270 kb
Commercial Banking
Feb 18, 2021
Master Direction on Digital Payment Security Controls	261 kb
Aug 02, 2019
Master Direction - Reserve Bank of India (‘Fit and Proper’ Criteria for Elected Directors on the Boards of PSBs) Directions, 2019 (Updated as on June 03, 2020)	258 kb
May 29, 2019
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on April 01, 2021)	632 kb
Jul 01, 2016
Master Directions on Frauds – Classification and Reporting by commercial banks and select FIs (Updated as on July 03, 2017)	232 kb
Jun 23, 2016
Master Direction - Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosure and Reporting) Directions, 2016	447 kb
May 26, 2016
Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 (Updated as on September 25, 2017)	136 kb
May 12, 2016
Master Direction – Ownership in Private Sector Banks, Directions, 2016	72 kb
Apr 21, 2016
Master Direction – Amalgamation of Private Sector Banks, Directions, 2016	65 kb
Master Direction - Issue and Pricing of shares by Private Sector Banks, Directions, 2016	54 kb
Mar 03, 2016
Master Direction - Reserve Bank of India (Interest Rate on Advances) Directions, 2016 (Updated as on February 26, 2020)	292 kb
Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 (Updated as on February 22, 2019)	228 kb
Nov 19, 2015
Prior Approval for acquisition of shares or voting rights in Private Sector Banks: Directions, 2015	116 kb
Oct 22, 2015
Gold Monetization Scheme, 2015 (Updated as on April 05, 2021)	497 kb
Financial Inclusion and Development
Sep 04, 2020
Master Directions – Priority Sector Lending (PSL) – Targets and Classification	759 kb
Oct 17, 2018
Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – RRBs	279 kb
Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – SCBs	212 kb
Jul 24, 2017
Master Direction - Lending to Micro, Small & Medium Enterprises (MSME) Sector (Updated as on April 25, 2018)	408 kb
Jul 05, 2017
Master Direction – Reserve Bank of India (Relief Measures by banks in areas affected by Natural Calamities) Directions 2017	136 kb
Financial Market
Apr 01, 2021
Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021	317 kb
Jul 07, 2016
Master Direction on Money Market Instruments: Call/Notice Money Market, Commercial Paper, Certificates of Deposit and Non-Convertible Debentures (original maturity up to one year)	184 kb
Jul 05, 2016
Master Direction - Risk Management and Inter-Bank Dealings (Updated as on September 01, 2020)	551 kb
Foreign Exchange Management
Mar 26, 2019
Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on April 12, 2021)	411 kb
Jan 04, 2018
Master Direction – Foreign Investment in India (Updated up to March 08, 2019)	289 kb
Feb 23, 2017
Master Direction – Money Transfer Service Scheme (MTSS)	73 kb
Nov 17, 2016
Master Direction - Insurance (Updated as on November 17, 2016)	187 kb
Jan 04, 2016
Master Direction - Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities (Updated as on March 29, 2019)	277 kb
Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on September 18, 2019)	462 kb
Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on January 04, 2021)	248 kb
Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin	140 kb
Master Direction - Liberalised Remittance Scheme (LRS) (Updated as on June 20, 2018)	209 kb
Master Direction - Other Remittance Facilities (Updated as on November 6, 2018)	285 kb
Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (Updated as on April 11, 2018)	181 kb
Master Direction - Remittance of Assets (Updated as on April 28, 2016)	287 kb
Master Direction - Deposits and Accounts (Updated as on January 9, 2020)	553 kb
Master Direction – Import of Goods and Services (Updated as on October 28, 2020)	790 kb
Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on September 18, 2019)	1461 kb
Master Direction - Miscellaneous (Updated as on November 12, 2018)	190 kb
Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers (Updated as on November 22, 2018)	534 kb
Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on September 08, 2020)	220 kb
Master Direction – Export of Goods and Services (Updated as on January 08, 2021)	357 kb
Master Direction - Money Changing Activities (Updated as on March 29, 2019)	252 kb
Issuer of Currency
Apr 01, 2021
Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances	304 kb
Master Direction on “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests based on performance in rendering customer service to members of public	201 kb
Jul 01, 2019
Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public (Updated as on January 6, 2020)	372 kb
Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances (Updated as on October 03, 2019)	158 kb
Jul 05, 2018
Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances	73 kb
Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public	57 kb
Oct 12, 2017
Master Direction on Levy of Penal Interest for Delayed Reporting/Wrong Reporting/Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances	99 kb
Jul 20, 2016
Master Direction on Levy of Penal Interest for Delayed Reporting/Wrong Reporting/Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances	33 kb
Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public	55 kb
Non-banking
Feb 17, 2021
Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021	1209 kb
Oct 25, 2018
Master Direction - Fit and Proper Criteria for Sponsors - Asset Reconstruction Companies (Reserve Bank) Directions, 2018	146 kb
Oct 04, 2017
Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on December 23, 2019)	549 kb
Jun 08, 2017
Master Direction - Information Technology Framework for the NBFC Sector	254 kb
Nov 10, 2016
Master Directions - Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 (Updated as on November 22, 2019)	260 kb
Sep 29, 2016
Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016	148 kb
Master Direction - Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016	160 kb
Master Direction - Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016	236 kb
Sep 02, 2016
Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Updated as on November 22, 2019)	498 kb
Sep 01, 2016
Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on February 17, 2020)	1387 kb
Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on February 17, 2020)	1642 kb
Aug 25, 2016
Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)	273 kb
Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 (Updated as on October 05, 2020)	1158 kb
Master Direction - Exemptions from the provisions of RBI Act, 1934 (Updated as on November 24, 2020)	144 kb
Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016	97 kb
Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016 (Updated as on November 22, 2019)	844 kb
Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)	385 kb
Payment and Settlement System
Oct 11, 2017
Master Direction on Issuance and Operation of Prepaid Payment Instruments (Updated as on November 17, 2020)	604 kb
Jan 19, 2017
Master Directions on Access Criteria for Payment Systems	742 kb