RBI/FMRD/2024-25/124 FMRD.MIOD.No.04/11.01.041/2024-25 October 18, 2024 To All participants in Government Securities market Madam/Sir, Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2024 A reference is invited to circulars IDMD.DOD.No.5893/10.25.66/2007-08 dated May 27, 2008 and IDMD.DOD.No.13/10.25.66/2011-12 dated November 18, 2011 issued by the Reserve Bank on guidelines relating to access to Negotiated Dealing System-Order Matching (NDS-OM) electronic trading platform.

RBI/DPSS/2024-25/123 CO.DPSS.OVRST.No.S447/06-26-002/2024-25 July 30, 2024 The Chairman / Managing Director / Chief Executive Officer Authorised Non-bank Payment System Operators Madam / Dear Sir, Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators The safety and security of payment systems is a key objective of the Reserve Bank of India (RBI). To ensure that the authorised non-bank Payment System Operators (PSOs) are resilient to existing and emerging information systems and cyber security risks, it was announced in the Statement on Developmental and Regulatory Policies issued as part of Monetary Policy Statement dated April 08, 2022 that RBI will issue directions on Cyber Resilience and Payment Security Controls for Payment System Operators (PSOs).

RBI/DoR/2024-25/122 DoR.FIN.REC.No.31/20.16.003/2024-25 July 30, 2024 All Commercial Banks including Small Finance Banks, Local Area Banks and Regional Rural Banks and excluding Payments Banks All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ Central Co-operative Banks All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NaBFID) All Non-Banking Financial Companies including Housing Finance Companies All Asset Reconstruction Companies All Credit Information Companies Dear Sir/ Madam, Master Direction on Treatment of Wilful Defaulters and Large Defaulters This Master Direction on wilful defaulters serves as a comprehensive guideline delineating the regulatory framework and procedures for classification of borrowers as wilful defaulters. This directive plays a crucial role in maintaining the integrity of the financial system by outlining the measures and consequences for those borrowers who deliberately default on their financial obligations.

RBI/FED/2024-25/121 FED Master Direction No.15/2024-25 July 24, 2024 To All Authorised Dealer Category – I banks Madam/Sir Master Direction - Overseas Investment Overseas Investments by persons resident in India are governed by the provisions of Foreign Exchange Management (Overseas Investment) Rules, 2022 (OI Rules) notified by the Central Government vide Notification No. G.S.R. 646(E) dated August 22, 2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022 (OI Regulations) notified by the Reserve Bank vide Notification No. FEMA 400/2022-RB dated August 22, 2022.

RBI/DOS/2024-25/120 DOS.CO.FMG.SEC.No.7/23.04.001/2024-25 July 15, 2024 The Chairman / Managing Director / Chief Executive Officer All Non-Banking Financial Companies (including Housing Finance Companies) Madam / Dear Sir, Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) Please find enclosed as Annex ‘Reserve Bank of India (Fraud Risk Management in NBFCs) Directions, 2024’ issued in exercise of the powers conferred by Sections 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and Sections 30A, 32 and 33 of the National Housing Bank Act, 1987. These Directions shall supersede the earlier Directions on the subject, namely, the Master Direction – Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 dated September 29, 2016. Yours faithfully (Rajnish Kumar) Chief General Manager Encl.: as above.

RBI/DOS/2024-25/119 DOS.CO.FMG.SEC.No.6/23.04.001/2024-25 July 15, 2024 The Chairman / Managing Director / Chief Executive Officer All Primary (Urban) Cooperative Banks (UCBs) All State Cooperative Banks (StCBs) and Central Cooperative Banks (CCBs) Madam / Dear Sir, Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs) Please find enclosed as Annex 'Reserve Bank of India (Fraud Risk Management in UCBs / StCBs / CCBs) Directions, 2024' issued in exercise of the powers conferred under Section 21 and Section 35A read with Section 56 of the Banking Regulation Act, 1949. These Directions shall supersede the earlier directions on the subject, namely, 'Master Circular– 'Classification and Reporting' (DCBR.CO.BPD.MC.No.1/12.05.001/2015-16) dated July 1, 2015. Yours faithfully (Rajnish Kumar) Chief General Manager Encl.: as above

RBI/2024-25/118 DOS. CO. FMG. SEC. No.5 /23.04.001/2024-25 July 15, 2024 The Chairman / Managing Director / Chief Executive Officer All Commercial Banks (including Regional Rural Banks) All India Financial Institutions (AIFIs)1 Madam / Dear Sir, Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions Please find enclosed as Annex ‘Reserve Bank of India (Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions) Directions, 2024’ issued in exercise of the powers conferred under Chapter III-A and Chapter III-B of the Reserve Bank of India Act, 1934, and Section 21 and Section 35A of the Banking Regulation Act, 1949. These Directions shall supersede the earlier Directions on the subject, namely, the Reserve Bank of India (Frauds - Classification and Reporting by commercial banks and select FIs) Directions 2016 (Ref.DBS.CO.CFMC.BC.No.1/23.04.001/2016-17) dated July 01, 2016 (Updated as on July 03, 2017). Yours faithfully (Rajnish Kumar) Chief General Manager Encl.: as above

RBI/FMRD/2024-25/117 FMRD.DIRD.01/14.01.023/2024-25 May 08, 2024 To All eligible market participants Madam/Sir Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024 Please refer to Paragraph 10 of the Statement on Developmental and Regulatory Policies announced as a part of the Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, on issuance of the Directions regarding exchange of variation margin (VM) and initial margin (IM) for non-centrally cleared derivatives (NCCDs).

RBI/DOR/2024-25/116 DoR.FIN.REC.16/26.03.001/2024-25 April 24, 2024 All Asset Reconstruction Companies (ARCs) Dear Sir/ Madam, Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 ARCs play a critical role in the resolution of stressed financial assets of banks and financial institutions, thereby enhancing the overall health of the financial system. To ensure prudent and efficient functioning of ARCs and to protect the interest of investors, Reserve Bank of India hereby issues the Master Direction – Reserve Bank of India (Asset Reconstruction companies) Directions, 2024 (the Directions), hereinafter specified. These Directions have been issued in exercise of the powers conferred by Sections 3, 9, 10, 12 and 12A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).

Master Direction on Counterfeit Notes, 2024-Detection, Reporting and Monitoring RBI/2024-25/
DCM (FNVD)/ G4 / 16.01.05 / 2024-25 April 01, 2024 The Chairman/ Managing Director /Chief Executive Officer
All Banks Dear Sir / Madam, Master Direction on Counterfeit Notes, 2024 - Detection, Reporting and Monitoring

DCM (CC) No.G-1/ 03.44.01/ 2024-25 April 01, 2024 The Chairman/Managing Director/Chief Executive Officers All banks Madam / Dear Sir, Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public In terms of the Preamble to and Section 45 of the RBI Act, 1934 and Section 35 A of the Banking Regulation Act, 1949; Reserve Bank of India issues guidelines / instructions for realising the objectives of Clean Note Policy and enhancing the operational efficiency as part of currency management. In order to ensure that all bank branches provide proper customer service, the Bank has formulated a Scheme of Penalties for bank branches including Currency Chests, for deficiency in rendering customer service to the members of public.

RBI/DoS. DSG / 2023-24 /111 CO.DPSS.POLC.No. S1114 / 02-27-020 / 2023-2024 February 29, 2024 The Chairman / Managing Director / Chief Executive
All Scheduled Commercial Banks including RRBs /
Urban Cooperative Banks / State Cooperative Banks / District Central Cooperative Banks / NPCI Bharat BillPay Limited / Non-bank Payment System Participants

All Commercial Banks excluding Regional Rural Banks All Primary (Urban) Cooperative Banks  Select All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID) All Non-Banking Financial Companies (excluding Housing Finance Companies) and All Asset Reconstruction Companies
 

RBI/FMRD/2023-24/109 FMRD.DIRD.09/14.02.001/2023-24 January 03, 2024 To All Eligible Market Participants Madam/Sir Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 Please refer to paragraph 6 of the Statement on Developmental and Regulatory Policies, announced as a part of the second Bi-monthly Monetary Policy Statement for 2019-20 dated June 06, 2019 regarding Comprehensive Review of Money Market Directions. Accordingly, the draft Directions on Call, Notice and Term Money, Certificate of Deposit and the Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year markets were released for market feedback on December 04, 2020. The Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 and the Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021 were issued on April 01, 2021 and June 04, 2021 respectively.

RBI/2022-2023/108  CEPD.PRD. No. S1228 /13.01.019 /2023-24 December 29, 2023 (1) Chairman/Managing Director/CEO of All Scheduled Commercial Banks (excluding RRBs) (2) Chairman/Managing Director/CEO of All NBFCs (3) Chairman/Managing Director/CEO of Non-Bank System Participants (4) Chairman/Managing Director/CEO of All Credit Information Companies

RBI/2023-24/107

DoS.CO.CSITEG/SEC.7/31.01.015/2023-24                                    November 7, 2023

The Chairman/Managing Director/Chief Executive Officer

Scheduled Commercial Banks (excluding Regional Rural Banks);

Small Finance Banks; Payments Banks;

Non-Banking Financial Companies;

Credit Information Companies; and

All India Financial Institutions (EXIM Bank, NABARD, NaBFID, NHB and SIDBI)

Madam/Dear Sir,

RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24 October 19, 2023 (Updated as on October 10, 2024) (Updated as on March 21, 2024) (Updated as on November 10, 2023) Master Direction – Reserve Bank of India (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023 The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Non-Banking Financial Company from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such NBFCs, and in exercise of the powers conferred under sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011 (Act 12 of 2012), hereby issues to every NBFC, in supersession of the Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016 and Non-Banking Financial Company–Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016, Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (the Directions), hereinafter specified. (J P Sharma) Chief General Manager

RBI/DoR/2023-24/105
DoR.FIN.REC.40/01.02.000/2023-24

September 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, 2023

In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (hereinafter called the Reserve Bank) being satisfied that it is necessary and expedient in the public interest and in the interest of financial sector policy so to do, hereby, issues the Directions hereinafter specified.

RBI/DOR/2023-24/104
DOR.MRG.36/21.04.141/2023-24

September 12, 2023

All Commercial Banks (excluding Regional Rural Banks)

Dear Sir / Madam,

Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2023

The extant regulatory instructions on classification and valuation of investment portfolio by commercial banks, as contained in the Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2021, are largely based on a framework introduced in October 2000 drawing upon the then prevailing global standards and best practices.

2. In view of the significant developments in the global standards on classification, measurement and valuation of investments, the linkages with the capital adequacy framework as well as progress in the domestic financial markets, a need was felt to review and update these norms. Pursuant to the announcement made in the Statement on Developmental and Regulatory Policies dated December 8, 2021, a discussion paper on the subject was issued for public comments on January 14, 2022. Based on the inputs received, it has now been decided to put in place a revised regulatory framework for the investment portfolio.

3. The revised framework updates the regulatory guidelines with global standards and best practices while introducing a symmetric treatment of fair value gains and losses, a clearly identifiable trading book under Held for Trading (HFT), removing the 90-day ceiling on holding period under HFT, removal of ceilings on Held to Maturity and more detailed disclosures on the investment portfolio. Further, to facilitate smooth implementation, illustrative guidance has been developed on the revised framework and annexed to the Directions.

Applicability

4. The revised framework as detailed in the Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023 annexed hereto shall be applicable from April 1, 2024, to all Commercial Banks excluding Regional Rural Banks.

5. Reserve Bank of India is issuing these Directions in the exercise of its powers conferred under section 35A of the Banking Regulation Act, 1949, and all the powers enabling it on this behalf.

Yours faithfully,

(Usha Janakiraman)
Chief General Manager

RBI/2023-24/
DOR.MRG.37/21.04.141/2023-24

RBI/DOR/2023-24/103 DOR.ORG.REC.22/21.06.050/2023-24 June 26, 2023 Reserve Bank of India – Master Direction on Minimum Capital Requirements for Operational Risk In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest to do so, hereby issues the Directions hereinafter specified. These Directions require a specified Commercial Bank (covered

RBI/2023-24/97 DCM (NE) No.G-2/08.07.18/2023-24 April 03, 2023 (Updated as on May 15, 2023) The Chairman/The Managing Director/ The Chief Executive Officer All Banks Madam/Dear Sir, Master Direction – Facility for Exchange of Notes and Coins In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, read with sections 28, 38, 39, 58(1) and 58(2)(q) of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it

RBI/2022-2023/94 A. P. (DIR Series) Circular No. 20 December 12, 2022 All Authorised Dealer Category – I Banks Madam / Sir, Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 Attention of Authorised Dealer Category - I (AD Cat-I) banks is invited to Regulation 6 and 6A of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notifi

RBI/2022-23/92 DoR.AUT.REC.No.27/24.01.041/2022-23 April 21, 2022 Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 In exercise of the powers conferred by Sections 35A and Section 56 of the Banking Regula

RBI/DOR/2021-22/89 DoR.FIN.REC.95/03.10.038/2021-22 March 14, 2022 (Updated as on October 10, 2024) (Updated as on July 25, 2022) All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) excluding Payments Banks All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ District Central Co-operative Banks All Non-Banking Financial Companies (including Microfinance Institutions and Housing Finance Companies) Madam/ Dear Sir, Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 Please refer to paragraph 8 of the Statement on Developmental and Regulatory Policies announced as a part of the Bi-monthly Monetary Policy Statement for 2020-21 dated February 5, 2021, regarding review of the regulatory framework for microfinance.

RBI/DOR/2021-22/87 DOR.CAP.REC.No.61/21.01.002/2021-22 October 26, 2021 (Updated as on March 31, 2022) All Local Area Banks Dear Sir / Madam, Master Direction – Prudential Norms on Capital Adequacy for Local Area Banks (Directions), 2021 Th

RBI/DOR/2021-22/83 DOR.ACC.REC.No.45/21.04.018/2021-22 August 30, 2021 (Updated as on February 20, 2023) (Updated as on December 13, 2022) (Updated as on October 11, 2022) (Updated as on May 19, 2022) (Updated as on November 15, 2021) All

RBI/DPSS/2021-22/82 CO.DPSS.POLC.No.S-479/02.14.006/2021-22 August 27, 2021 (Updated as on February 10, 2023) (Updated as on November 12, 2021) All Prepaid Payment Instrument Issuers (Banks and Non-banks) and System Participants Madam / Dea

RBI/DOR/2021-22/80 DOR.No.RET.REC.32/12.01.001/2021-22 July 20, 2021 (Updated as on April 06, 2022) Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions - 2021 In exercise of th