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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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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 BondsPDF document 256 kb
Jul 04, 2017
Master Directions on Relief/Savings BondsPDF document 294 kb
Jul 01, 2016
Master Direction – Operational Guidelines for Primary Dealers (Updated as on November 22, 2018)PDF document 669 kb
Co-operative Banking
Apr 01, 2023
Master Direction – Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Primary (Urban) Co-operative Banks) Directions, 2023PDF document 608 kb
Mar 23, 2021
Master Direction - Amalgamation of Urban Cooperative Banks, Directions, 2020PDF document 163 kb
May 12, 2016
Master Direction - Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 (Updated as on January 01, 2024)PDF document 513 kb
Commercial Banking
Feb 27, 2024
Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions - 2024PDF document 2066 kb
Nov 07, 2023
Master Direction on Information Technology Governance, Risk, Controls and Assurance PracticesPDF document 425 kb
Sep 12, 2023
Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2023PDF document 1605 kb
Jun 26, 2023
Master Direction on Minimum Capital Requirements for Operational RiskPDF document 1297 kb
Apr 10, 2023
Master Direction on Outsourcing of Information Technology ServicesPDF document 417 kb
Jan 16, 2023
Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023PDF document 310 kb
Apr 21, 2022
Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (Updated as on March 07, 2024)PDF document 906 kb
Mar 14, 2022
Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 (Updated as on July 25, 2022)PDF document 395 kb
Oct 26, 2021
Master Direction – Prudential Norms on Capital Adequacy for Local Area Banks (Directions), 2021 (Updated as on April 08, 2024)PDF document 1777 kb
Sep 24, 2021
Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021 (Updated as on December 05, 2022)PDF document 740 kb
Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 (Updated as on December 28, 2023)PDF document 855 kb
Aug 30, 2021
Master Direction on Financial Statements - Presentation and Disclosures (Updated as on April 01, 2024)PDF document 2663 kb
Aug 25, 2021
Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 (Updated as on December 8, 2022)PDF document 1219 kb
Jul 20, 2021
Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions - 2021 (Updated as on September 25, 2023)PDF document 975 kb
Feb 18, 2021
Master Direction on Digital Payment Security ControlsPDF document 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)PDF document 258 kb
May 29, 2019
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on January 04, 2024)PDF document 1130 kb
Jul 01, 2016
Master Directions on Frauds – Classification and Reporting by commercial banks and select FIs (Updated as on July 03, 2017)PDF document 232 kb
Jun 23, 2016
Master Direction - Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosure and Reporting) Directions, 2016PDF document 447 kb
May 26, 2016
Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 (Updated as on August 10, 2021)PDF document 283 kb
May 12, 2016
Master Direction – Ownership in Private Sector Banks, Directions, 2016PDF document 682 kb
Apr 21, 2016
Master Direction – Amalgamation of Private Sector Banks, Directions, 2016PDF document 65 kb
Master Direction - Issue and Pricing of shares by Private Sector Banks, Directions, 2016PDF document 644 kb
Mar 03, 2016
Master Direction - Reserve Bank of India (Interest Rate on Advances) Directions, 2016 (Updated as on September 12, 2023)PDF document 329 kb
Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 (Updated as on June 07, 2024)PDF document 295 kb
Nov 19, 2015
Prior Approval for acquisition of shares or voting rights in Private Sector Banks: Directions, 2015PDF document 773 kb
Oct 22, 2015
Gold Monetization Scheme, 2015 (Updated as on August 04, 2022)PDF document 439 kb
Consumer Education and Protection
Dec 29, 2023
Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023PDF document 378 kb
Financial Inclusion and Development
Sep 04, 2020
Master Directions – Priority Sector Lending (PSL) – Targets and Classification (Updated as on July 27, 2023)PDF document 1582 kb
Oct 17, 2018
Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – RRBsPDF document 279 kb
Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – SCBsPDF document 212 kb
Jul 24, 2017
Master Direction - Lending to Micro, Small & Medium Enterprises (MSME) Sector (Updated as on June 11, 2024)PDF document 386 kb
Jul 05, 2017
Master Direction – Reserve Bank of India (Relief Measures by banks in areas affected by Natural Calamities) Directions 2017PDF document 136 kb
Financial Market
May 08, 2024
Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024PDF document 1058 kb
Jan 03, 2024
Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024PDF document 362 kb
Dec 12, 2022
Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 (Updated as on April 15, 2024)PDF document 353 kb
Jun 01, 2022
Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022PDF document 304 kb
Feb 10, 2022
Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022PDF document 392 kb
Sep 16, 2021
Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021PDF document 256 kb
Jun 04, 2021
Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021PDF document 268 kb
Apr 01, 2021
Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 (Updated as on June 08, 2023)PDF document 250 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)PDF document 184 kb
Jul 05, 2016
Master Direction - Risk Management and Inter-Bank Dealings (Updated as on May 03, 2024)PDF document 1084 kb
Foreign Exchange Management
Aug 22, 2022
Foreign Exchange Management (Overseas Investment) Directions, 2022 (dated August 22, 2022) (Supersedes Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on June 24, 2021))PDF document 406 kb
Mar 26, 2019
Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on December 22, 2023) (Supersedes 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))PDF document 437 kb
Jan 04, 2018
Master Direction – Foreign Investment in India (Updated up to March 17, 2022)PDF document 411 kb
Feb 23, 2017
Master Direction – Money Transfer Service Scheme (MTSS) (Updated as on February 29, 2024)PDF document 269 kb
Nov 17, 2016
Master Direction - Insurance (Updated as on December 07, 2021)PDF document 146 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 18, 2021)PDF document 317 kb
Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on June 24, 2021)PDF document 1274 kb
Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on May 24, 2022)PDF document 245 kb
Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian OriginPDF document 140 kb
Master Direction - Liberalised Remittance Scheme (LRS) (Updated as on December 22, 2023)PDF document 618 kb
Master Direction - Other Remittance Facilities (Updated as on April 03, 2024)PDF document 479 kb
Master Direction – Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (Updated as on September 01, 2022)PDF document 269 kb
Master Direction - Remittance of Assets (Updated as on April 28, 2016)PDF document 287 kb
Master Direction - Deposits and Accounts (Updated as on January 9, 2020)PDF document 553 kb
Master Direction – Import of Goods and Services (Updated as on March 01, 2024)PDF document 853 kb
Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on May 12, 2023)PDF document 1472 kb
Master Direction - Miscellaneous (Updated as on November 12, 2018)PDF document 190 kb
Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on December 22, 2022)PDF document 221 kb
Master Direction – Export of Goods and Services (Updated as on November 22, 2022)PDF document 379 kb
Master Direction - Money Changing Activities (Updated as on May 29, 2024)PDF document 538 kb
Issuer of Currency
Apr 01, 2024
Master Direction on Counterfeit Notes, 2024 – Detection, Reporting and MonitoringPDF document 622 kb
Master Direction on Penal Provisions in reporting of transactions / balances at Currency ChestsPDF document 302 kb
Master Direction on Framework of incentives for Currency Distribution & Exchange Scheme for bank branches including currency chestsPDF document 234 kb
Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of publicPDF document 338 kb
Apr 03, 2023
Master Direction on Framework of Incentives for Currency Distribution & Exchange Scheme for bank branches including currency chests based on performance in rendering customer service to the members of publicPDF document 264 kb
Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of publicPDF document 279 kb
Master Direction on Penal Provisions in reporting of transactions/ balances at Currency ChestsPDF document 258 kb
Master Direction on Counterfeit Notes, 2023 - Detection, Reporting and MonitoringPDF document 1356 kb
Master Direction – Facility for Exchange of Notes and Coins (Updated as on May 15, 2023)PDF document 299 kb
Apr 01, 2022
Master Direction on Penal Provisions in deficiencies in reporting of transactions/ balances at Currency ChestsPDF document 341 kb
Master Direction on Framework of Incentives for Currency Distribution & Exchange Scheme for bank branches including currency chests based on performance in rendering customer service to the members of publicPDF document 252 kb
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 BalancesPDF document 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 publicPDF document 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)PDF document 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)PDF document 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 BalancesPDF document 73 kb
Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of publicPDF document 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 BalancesPDF document 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 BalancesPDF document 33 kb
Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of publicPDF document 55 kb
Non-banking
Apr 24, 2024
Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024PDF document 687 kb
Oct 19, 2023
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on March 21, 2024)PDF document 1974 kb
Sep 21, 2023
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, 2023PDF document 2554 kb
Feb 17, 2021
Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 (Updated as on March 21, 2024)PDF document 2433 kb
Oct 25, 2018
Master Direction - Fit and Proper Criteria for Sponsors - Asset Reconstruction Companies (Reserve Bank) Directions, 2018PDF document 146 kb
Oct 04, 2017
Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on December 29, 2022)PDF document 610 kb
Jun 08, 2017
Master Direction - Information Technology Framework for the NBFC SectorPDF document 254 kb
Nov 10, 2016
Master Directions - Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 (Updated as on April 04, 2024)PDF document 351 kb
Sep 29, 2016
Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016PDF document 148 kb
Master Direction - Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016PDF document 160 kb
Master Direction - Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016PDF document 236 kb
Sep 02, 2016
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Updated as on February 22, 2024)PDF document 925 kb
Sep 01, 2016
Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016PDF document 4192 kb
Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016PDF document 5296 kb
Aug 25, 2016
Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (Updated as on October 10, 2023)PDF document 372 kb
Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 (Updated as on December 29, 2022)PDF document 795 kb
Master Direction - Exemptions from the provisions of RBI Act, 1934 (Updated as on April 01, 2022)PDF document 170 kb
Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016PDF document 97 kb
Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016 (Updated as on April 04, 2024)PDF document 1690 kb
Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)PDF document 385 kb
Payment and Settlement System
Feb 29, 2024
Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024PDF document 823 kb
Aug 27, 2021
Master Directions on Prepaid Payment Instruments (PPIs) (Updated as on February 23, 2024)PDF document 980 kb
Oct 11, 2017
Master Direction on Issuance and Operation of Prepaid Payment Instruments (Updated as on November 17, 2020)PDF document 604 kb
Jan 19, 2017
Master Directions on Access Criteria for Payment Systems (Updated as on July 28, 2021)PDF document 1359 kb


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