| Year | Date | Topic |
| Financial Markets Regulation Department |
| 2021-22 | April 1, 2021 | Directions on call, notice and term money markets were issued, allowing participants the flexibility of setting their own lending limits in the call, notice and term money markets within extant prudential regulatory norms. |
| June 4, 2021 | • Authorised Dealer (AD) Category-I banks were permitted to lend to foreign portfolio investors (FPIs) for placing margins with Clearing Corporation of India Ltd. (CCIL) for the settlement of transactions in government securities (G-secs) within their credit risk management frameworks.
• Directions on certificates of deposit (CDs) were issued, allowing regional rural banks (RRBs) to issue CDs and banks to buyback CDs. |
| June 7, 2021 | FPIs/custodian banks were provided with an extended time window for reporting their G-sec transactions to negotiated dealing system-order matching (NDS-OM) platform. |
| September 16, 2021 | Directions for market-makers in over-the-counter (OTC) derivative products were revised for setting robust standards of governance, risk management and assessment of customer suitability and appropriateness in derivative business, in line with best international practices. |
| February 10, 2022 | The revised credit derivative directions were issued, permitting market participants to utilise single name credit default swap (CDS) contracts in the OTC segment and the stock exchanges. Retail users have been permitted to buy protection only for hedging. Non-retail users, viz., regulated financial entities and FPIs, have been permitted to (i) buy protection for hedging and for purposes other than hedging; and (ii) sell protection. |
| 2022-23 | June 1, 2022 | Master Direction - Reserve Bank of India (Variation Margin) Directions, 2022, were issued, mandating covered entities to exchange variation margin for non-centrally cleared derivative (foreign exchange, interest rate and credit) transactions. |
| June 16, 2022 | Draft directions prescribing guidelines for exchange of initial margin for non-centrally cleared derivatives (NCCDs) were issued. |
| February 17, 2023 | Draft directions to permit lending and borrowing of G-secs were issued. Final directions were issued on December 27, 2023. |
| 2023-24 | December 28, 2023 | Draft directions to introduce bond forwards on G-secs were issued. |
| January 3, 2024 | Directions on commercial paper (CP) and non-convertible debentures (NCDs) of original maturity up to one year were reviewed and revised directions were issued to bring consistency across products in terms of issuers, investors and other participants in these markets. |
| January 5, 2024 | The regulatory framework for hedging of foreign exchange (FX) risks was reviewed and revised directions were issued, consolidating the previous rules and notifications in respect of all types of transactions - OTC and exchange traded - under a single Master Direction, expanding the suite of permitted FX derivative products and refining the user classification framework to enable a larger set of users with the necessary risk management capabilities to efficiently manage their risks. |
| Foreign Exchange Department |
| 2022-23 | August 22, 2022 | Rationalisation of overseas investment framework under FEMA, 1999 was undertaken. Based on feedback/comments from all stakeholders, Rationalised ‘Overseas Investment Regulations’ were issued. |
| 2023-24 | December 26, 2023 | Draft Licensing Framework for Authorised Persons (APs) under FEMA, 1999 was issued. |
| Department of Regulation |
| 2021-22 | May 10, 2021 | Amendment to Master Direction on Know Your Customer (KYC) [with respect to periodic updation in KYC (Re-KYC) and video-based customer identification process (V-CIP) related changes]. |
| August 23, 2021 | Report of the Expert Committee on Primary (Urban) Co-operative Banks (Chairman: N. S. Vishwanathan) was released and subsequently, guidelines were issued. |
| October 29, 2021 | Circular on ‘Opening of Current Accounts by Banks - Need for Discipline’. |
| November 11, 2021 | London Inter-Bank Offered Rate (LIBOR) transition - interest rate on foreign currency non-resident (bank) [FCNR (B)] deposits. |
| March 14, 2022 | Master Direction - Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022. |
| 2022-23 | July 27, 2022 | Discussion paper on climate risk and sustainable finance. |
| September 2, 2022 | Guidelines on digital lending. |
| October 11, 2022 | Review of regulatory framework for ARCs. |
| January 16, 2023 | Discussion paper on expected loss (EL) - based approach for loan loss provisioning by banks. |
| January 25, 2023 | Discussion paper on securitisation of stressed assets framework (SSAF). |
| February 17, 2023 | Draft guidelines on minimum capital requirements for market risk under Basel III. |
| 2023-24 | April 28, 2023 | Amendment to the Master Direction on KYC to align with Prevention of Money Laundering (PML) Rules, 2005 (amended from time to time) and Financial Action Task Force (FATF) recommendations. |
| May 4, 2023 | Amendment to Master Direction on KYC - instructions on wire transfer. |
| June 8, 2023 | Guidelines on default loss guarantee (DLG) in digital lending. |
| June 26, 2023 | Master Direction on minimum capital requirements for operational risk. |
| August 18, 2023 | • Reset of floating interest rate on equated monthly instalment (EMI) based personal loans.
• Fair Lending Practice - Penal Charges in Loan Accounts. |
| September 12, 2023 | Master Direction on classification, valuation and operation of investment portfolio of commercial banks. |
| September 13, 2023 | Circular on ‘Responsible Lending Conduct - Release of Movable/Immovable Property Documents on Repayment/Settlement of Personal Loans’. |
| September 21, 2023 | • Draft Master Direction on treatment of wilful defaulters and large defaulters.
• Master Direction - Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023. |
| October 17, 2023 | Amendment to Master Direction on KYC to align with PML Rules, 2005 (amended from time to time) and FATF recommendations. |
| October 26, 2023 | • Draft Master Direction on managing risks and code of conduct in outsourcing of financial services.
• Review of instructions on bulk deposits for regional rural banks (RRBs). |
| January 1, 2024 | Circular on inoperative accounts/unclaimed deposits in banks - revised instructions. |
| January 2, 2024 | Draft circular on declaration of dividend by banks and remittance of profits to head office by foreign bank branches in India. |
| January 15, 2024 | • Draft circular on credit/investment concentration norms - government owned non-banking financial companies (NBFCs).
• Draft circular on review of regulatory framework for housing finance companies (HFCs) and harmonisation of regulations applicable to HFCs and NBFCs. |
| February 9, 2024 | Circular on participation of Indian banks on India International Bullion Exchange IFSC Ltd. (IIBX). |
| February 28, 2024 | Draft disclosure framework on climate-related financial risks, 2024. |
| March 7, 2024 | Amendments to Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022 - updated guidelines, along with related frequently asked questions (FAQs), were issued as Appendix to the above Master Direction and also placed on the Reserve Bank’s website. |
| March 21, 2024 | Omnibus framework for recognition of SROs for REs of the Reserve Bank of India. |
| FinTech Department |
| 2023-24 | January 15, 2024 | Draft framework for recognising SROs for FinTech sector was issued. |
| Department of Supervision |
| 2022-23 | March 6, 2023 | Revised guidelines for appointment/re-appointment of SBAs of public sector banks (PSBs)/ norms on business coverage under statutory branch audit of PSBs were issued. |
| 2023-24 | April 10, 2023 | Master Direction on outsourcing of information technology services was issued. |
| October 13, 2023 | General approval to PSBs was granted for deciding remuneration payable to their SBAs for audit of non-performing asset (NPA) recovery branches and branches with zero advances. |
| November 7, 2023 | Master Direction on information technology governance, risk, controls and assurance practices was issued. |
| January 15, 2024 | Guidelines on appointment/re-appointment of statutory auditors of state co-operative banks and central co-operative banks were issued. |
| Department of Payment and Settlement Systems |
| 2021-22 | June 10, 2021 | Interchange fee and customer charges for usage of automated teller machines/cash recycler machines were reviewed. |
| June 14, 2021 | ‘Mobile prepaid recharges’ were permitted as a biller category in Bharat Bill Payment System (BBPS). |
| September 7, 2021 | Card-on-file tokenisation (CoFT) services were permitted. |
| December 23, 2021 | Notification on restriction on storage of actual card data [i.e., card-on-file (CoF)] was issued. |
| January 3, 2022 | Framework for facilitating small value digital payments in offline mode was released. |
| 2022-23 | May 19, 2022 | Interoperable card-less cash withdrawal (ICCW) at ATMs was enabled. |
| May 26, 2022 | Guidelines on Bharat Bill Payment System were amended. |
| June 16, 2022 | On a review of implementation of the e-mandate framework and the protection available to customers, the limit for relaxation of additional factor of authentication (AFA) was increased from ₹5,000 to ₹15,000 per transaction. |
| July 28, 2022 | Regulation of Payment Aggregators - timeline for submission of applications for authorisation was reviewed. |
| August 17, 2022 | Discussion paper on charges in payment systems was issued. |
| 2023-24 | June 2, 2023 | Draft Master Directions on cyber resilience and digital payment security controls for payment system operators were issued. |
| June 7, 2023 | The scope of trade receivables discounting system was expanded. |
| July 5, 2023 | Draft circular on arrangements with card networks for issue of debit credit, and prepaid cards was issued. |
| August 24, 2023 | Transaction limits for small value digital payments in offline mode were enhanced. |
| October 31, 2023 | Circular on ‘Regulation of Payment Aggregator - Cross Border’ was issued. |
| December 12, 2023 | Limits for subsequent recurring transactions undertaken without AFA under the e-mandate framework were enhanced for specified categories. |
| December 20, 2023 | CoFT - tokenisation through card issuing banks was enabled. |
| December 29, 2023 | Payments Infrastructure Development Fund (PIDF) scheme was enhanced and extended by a further period of two years, i.e., up to December 31, 2025. |
| February 23, 2024 | Master Direction on Prepaid Payment Instruments was amended. |
| February 29, 2024 | Master Direction on Bharat Bill Payment System was issued. |
| 1 Include new/major regulatory policies as well as incremental changes and comprehensive reviews of the existing guidelines, post consultations through draft circulars, reports, discussion papers and stakeholder engagements. Public consultations for some draft circulars/ draft guidelines/discussion papers included in this Annex are still in progress. |