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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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.
Master Directions
RBI/CEPD/2025-26/386 CEPD.PRD.No.S1032/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Credit Information Companies - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 11 of the Credit Information Companies (Regulation) Act, 2005, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/386 CEPD.PRD.No.S1032/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Credit Information Companies - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 11 of the Credit Information Companies (Regulation) Act, 2005, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
PDF (RBI/CEPD/2025-26/385 CEPD.PRD.No.S1031/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Non-Bank Prepaid Payment Instruments Issuers - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/385 CEPD.PRD.No.S1031/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Non-Bank Prepaid Payment Instruments Issuers - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/384 CEPD.PRD.No.S1030/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Non-Banking Financial Companies - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 45L read with 45M of the Reserve Bank of India Act, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/384 CEPD.PRD.No.S1030/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Non-Banking Financial Companies - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 45L read with 45M of the Reserve Bank of India Act, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/383 CEPD.PRD.No. S1028 /13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Payments Banks - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/383 CEPD.PRD.No. S1028 /13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Payments Banks - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/382 CEPD.PRD.No. S1029/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Small Finance Banks - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/382 CEPD.PRD.No. S1029/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Small Finance Banks - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/381 CEPD.PRD.No.S1027/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Commercial Banks - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/CEPD/2025-26/381 CEPD.PRD.No.S1027/13.01.019/2025-26 January 14, 2026 Reserve Bank of India (Commercial Banks - Internal Ombudsman) Directions, 2026 In exercise of the powers conferred by Section 35A of Banking Regulation Act, 1949, the Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
RBI/FMRD/2025-26/380 FMRD.DIRD.No.06/14.03.046/2025-26 December 08, 2025 To All participants in Rupee interest rate derivatives markets Dear Sir/Madam, Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025 Please refer to press release dated June 16, 2025, inviting stakeholder comments/feedback on the Draft Master Direction - Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025.
RBI/FMRD/2025-26/380 FMRD.DIRD.No.06/14.03.046/2025-26 December 08, 2025 To All participants in Rupee interest rate derivatives markets Dear Sir/Madam, Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025 Please refer to press release dated June 16, 2025, inviting stakeholder comments/feedback on the Draft Master Direction - Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025.
RBI/DOR/2025-26/143 November 28, 2025 Reserve Bank of India (Universal Banks- Licensing) Guidelines, 2025 Table of Contents Chapter I: ‘On tap’ Licensing of Universal Banks in the Private Sector 3 A. Preamble 3 B. Definitions 3 C. Guidelines 5 C.1 Eligible Promoters 5 C.2 ‘Fit and Proper’ criteria 6 C.3 Corporate structure 6 C.4 Minimum voting equity capital requirements and pattern of shareholding in the bank 7 C.5 Regulatory framework 9 C.6 Foreign shareholding in the bank 9 C.7 Corporate Governance, Prudential and Exposure norms 9 C.8 Business Plan for the bank 10 C.9 Other conditions for the bank 10 C.10 Additional conditions for NBFCs promoting / converting into a bank 12 D. Procedure for application 12 E. Procedure for RBI decisions 13 Chapter II: Voluntary transition of Small Finance Banks to Universal Banks 15 A. Background: 15 B. Provisions 15 Annex I 17 A. Additional information to be furnished by the Promoters along with relevant supporting documents 17 A.1 Existing Structure 17 A.2 Proposed Structure 17 A.3 Project Report 18 A.4 Any other information 19 Appendix I 20 Self-declaration from the main individual promoter of the promoter group 20 Undertaking 22 Form I 23 Form II 24 Form III 25 Form IV 26 Form V 27 Form VI 28 Form VII 29 Form VIII 30 Form IX 31 Appendix II 32 Appendix III 33 Form X 35 Form XI 36
RBI/DOR/2025-26/143 November 28, 2025 Reserve Bank of India (Universal Banks- Licensing) Guidelines, 2025 Table of Contents Chapter I: ‘On tap’ Licensing of Universal Banks in the Private Sector 3 A. Preamble 3 B. Definitions 3 C. Guidelines 5 C.1 Eligible Promoters 5 C.2 ‘Fit and Proper’ criteria 6 C.3 Corporate structure 6 C.4 Minimum voting equity capital requirements and pattern of shareholding in the bank 7 C.5 Regulatory framework 9 C.6 Foreign shareholding in the bank 9 C.7 Corporate Governance, Prudential and Exposure norms 9 C.8 Business Plan for the bank 10 C.9 Other conditions for the bank 10 C.10 Additional conditions for NBFCs promoting / converting into a bank 12 D. Procedure for application 12 E. Procedure for RBI decisions 13 Chapter II: Voluntary transition of Small Finance Banks to Universal Banks 15 A. Background: 15 B. Provisions 15 Annex I 17 A. Additional information to be furnished by the Promoters along with relevant supporting documents 17 A.1 Existing Structure 17 A.2 Proposed Structure 17 A.3 Project Report 18 A.4 Any other information 19 Appendix I 20 Self-declaration from the main individual promoter of the promoter group 20 Undertaking 22 Form I 23 Form II 24 Form III 25 Form IV 26 Form V 27 Form VI 28 Form VII 29 Form VIII 30 Form IX 31 Appendix II 32 Appendix III 33 Form X 35 Form XI 36
RBI/DOR/2025-26/144 November 28, 2025 Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025 A. Background The global financial crisis of 2008 demonstrated that the growing complexity and interconnectedness of financial institutions, coupled with the lack of effective cross-border resolution regimes, severely constrained the ability of home and host authorities to cope with the failure of too big to fail (TBTF) and too connected to fail (TCTF) institutions. Globally, several policy options have been proposed to address these challenges, including measures to contain the negative externalities arising out of size and interconnectedness, strengthening the capital and liquidity buffers, and enhancing the resolvability of such institutions. The lessons from the global financial crisis support the case for domestic incorporation of foreign banks. The main advantages of local incorporation include:
RBI/DOR/2025-26/144 November 28, 2025 Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025 A. Background The global financial crisis of 2008 demonstrated that the growing complexity and interconnectedness of financial institutions, coupled with the lack of effective cross-border resolution regimes, severely constrained the ability of home and host authorities to cope with the failure of too big to fail (TBTF) and too connected to fail (TCTF) institutions. Globally, several policy options have been proposed to address these challenges, including measures to contain the negative externalities arising out of size and interconnectedness, strengthening the capital and liquidity buffers, and enhancing the resolvability of such institutions. The lessons from the global financial crisis support the case for domestic incorporation of foreign banks. The main advantages of local incorporation include:
RBI/DOR/2025-26/145 DOR.HOL.REC.64/16.13.100/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025 Table of Contents Chapter I- Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 3 Chapter II- Prior Approval for Acquisition 6 A. Fit and Proper Criteria 6 B. Procedure for prior approval 7 Chapter III- Continuous Monitoring Arrangements 9 A. Due diligence 9 B. Detecting violation of Section 12B (1) of the B R Act, 1949 10 C. Reporting requirements 10 Chapter IV- Repeal and Other Provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12 Form A1 13 Form A2 15 Annex I 16 A. Prior approval for acquisition of shares or voting rights in a banking company ………………………………………………………………………………………………...16 B. Information to be provided for continuous monitoring 17 C. Limits on shareholding 17 D. Lock-in requirement 19 E. Ceiling on voting rights 19 Form A 21 Form B 27
RBI/DOR/2025-26/145 DOR.HOL.REC.64/16.13.100/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025 Table of Contents Chapter I- Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 3 Chapter II- Prior Approval for Acquisition 6 A. Fit and Proper Criteria 6 B. Procedure for prior approval 7 Chapter III- Continuous Monitoring Arrangements 9 A. Due diligence 9 B. Detecting violation of Section 12B (1) of the B R Act, 1949 10 C. Reporting requirements 10 Chapter IV- Repeal and Other Provisions 12 A. Repeal and saving 12 B. Application of other laws not barred 12 C. Interpretations 12 Form A1 13 Form A2 15 Annex I 16 A. Prior approval for acquisition of shares or voting rights in a banking company ………………………………………………………………………………………………...16 B. Information to be provided for continuous monitoring 17 C. Limits on shareholding 17 D. Lock-in requirement 19 E. Ceiling on voting rights 19 Form A 21 Form B 27
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