Master Directions

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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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 600 kb
Co-operative Banking
May 12, 2016
Master Direction - Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 270 kb
Commercial Banking
Apr 20, 2018
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on July 12, 2018) 428 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 March 29, 2016) 150 kb
Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 313 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 Monetisation Scheme, 2015 (Updated as on June 7, 2018) 262 kb
Financial Inclusion and Development
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
Jul 07, 2016
Master Direction - Priority Sector Lending – Targets and Classification (Updated as on August 01, 2018) 306 kb
Master Direction - Regional Rural Banks - Priority Sector Lending – Targets and Classification 99 kb
Financial Market
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 April 02, 2018) 525 kb
Foreign Exchange Management
Jan 04, 2018
Master Direction – Foreign Investment in India (Updated as on April 06, 2018) 286 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 May 10, 2018) 136 kb
Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on January 04, 2018) 259 kb
Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on December 22, 2017) 88 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 February 11, 2016) 667 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 June 23, 2016) 202 kb
Master Direction – Import of Goods and Services (Updated as on February 02, 2018) 237 kb
Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on August 01, 2018) 1349 kb
Master Direction - Miscellaneous (Updated as on July 28, 2017) 92 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 May 09, 2018) 357 kb
Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on May 19, 2017) 97 kb
Master Direction - Money Changing Activities (Updated as on December 8, 2017) 136 kb
Master Direction – Export of Goods and Services (Updated as on January 12, 2018) 257 kb
Issuer of Currency
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
Oct 04, 2017
Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on February 23, 2018) 377 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 May 25, 2017) 112 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 46 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 February 23, 2018) 331 kb
Sep 01, 2016
Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on May 31, 2018) 1113 kb
Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on May 31, 2018) 1277 kb
Aug 25, 2016
Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (Updated as on May 31, 2018) 181 kb
Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 (Updated as on June 07, 2018) 333 kb
Master Direction - Exemptions from the provisions of RBI Act, 1934 (Updated as on May 31, 2018) 41 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 09, 2017) 618 kb
Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 272 kb
Payment and Settlement System
Oct 11, 2017
Master Direction on Issuance and Operation of Prepaid Payment Instruments (Updated as on December 29, 2017) 397 kb
Jan 19, 2017
Master Directions on Access Criteria for Payment Systems 742 kb


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