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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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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/DOR/2025-26/376 DOR.FIN.REC.No.295/20-16-003/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 Table of Contents Contents Chapter I - Preliminary 3 Chapter II - Reporting of Wilful Defaulters and Large Defaulters 4 Chapter III - Repeal and Other Provisions 7 Annex I - Format for submission of List of Large Defaulters 9 Annex II - Format for submission of data on cases of wilful default 12
RBI/DOR/2025-26/376 DOR.FIN.REC.No.295/20-16-003/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025 Table of Contents Contents Chapter I - Preliminary 3 Chapter II - Reporting of Wilful Defaulters and Large Defaulters 4 Chapter III - Repeal and Other Provisions 7 Annex I - Format for submission of List of Large Defaulters 9 Annex II - Format for submission of data on cases of wilful default 12
পিডিএফ (RBI/DOR/2025-26/377 DOR.AML.REC.No.296/14.01.010/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Directions, 2025 Table of Contents Chapter I – Preliminary 3 Chapter II – General 12 Chapter III – Customer Acceptance Policy 15 Chapter IV – Risk Management 17 Chapter V – Customer Identification Procedure (CIP) 18 Chapter VI – Customer Due Diligence (CDD) Procedure 19 Chapter VII – Record Management 39 Chapter VIII – Reporting Requirements to Financial Intelligence Unit – India 41 Chapter IX – Requirements/obligations under International Agreements - Communications from International Agencies 43 Chapter X – Other Instructions 47 Chapter XI – Repeal and Other Provisions 52 Annex - I 54 Annex - II 68
RBI/DOR/2025-26/377 DOR.AML.REC.No.296/14.01.010/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Directions, 2025 Table of Contents Chapter I – Preliminary 3 Chapter II – General 12 Chapter III – Customer Acceptance Policy 15 Chapter IV – Risk Management 17 Chapter V – Customer Identification Procedure (CIP) 18 Chapter VI – Customer Due Diligence (CDD) Procedure 19 Chapter VII – Record Management 39 Chapter VIII – Reporting Requirements to Financial Intelligence Unit – India 41 Chapter IX – Requirements/obligations under International Agreements - Communications from International Agencies 43 Chapter X – Other Instructions 47 Chapter XI – Repeal and Other Provisions 52 Annex - I 54 Annex - II 68
RBI/DOR/2025-26/378 DOR.FIN.REC.No.297/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II – Role of the Board 5 Chapter III - Statutory Framework Governing CICs 6 Chapter IV - Investment in CICs 7 Chapter V - Credit Information Reporting and Dissemination 8 A. Membership of CICs 8 B. Submission of Data by CIs - Role of CICs 11 C. Credit Information dissemination 17 Chapter VI - Technical Working Group 23 A. Constitution of Technical Working Group 23 B. Standing Sub-Group of TWG 23 Chapter VII - Customer Service and Grievance Redressal 25 A. Strengthening of customer service 25 B. Miscellaneous Instructions 33 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 34 Chapter VIII - Best Practices 35 Chapter IX - Repeal and Interpretations 37 Annex I 39 Annex III 71 Annex IV 73 Annex V 80 Annex VI 82 Annex VII 86 Annex VIII 89
RBI/DOR/2025-26/378 DOR.FIN.REC.No.297/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short Title and Commencement 3 B. Applicability 3 C. Definitions 3 Chapter II – Role of the Board 5 Chapter III - Statutory Framework Governing CICs 6 Chapter IV - Investment in CICs 7 Chapter V - Credit Information Reporting and Dissemination 8 A. Membership of CICs 8 B. Submission of Data by CIs - Role of CICs 11 C. Credit Information dissemination 17 Chapter VI - Technical Working Group 23 A. Constitution of Technical Working Group 23 B. Standing Sub-Group of TWG 23 Chapter VII - Customer Service and Grievance Redressal 25 A. Strengthening of customer service 25 B. Miscellaneous Instructions 33 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 34 Chapter VIII - Best Practices 35 Chapter IX - Repeal and Interpretations 37 Annex I 39 Annex III 71 Annex IV 73 Annex V 80 Annex VI 82 Annex VII 86 Annex VIII 89
RBI/DoR/2025-26/379 DoR.ORG.REC.No.298/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies – Managing Risks in Outsourcing) Directions, 2025 Table of Contents CHAPTER I – PRELIMINARY 3 A. Short Title and Commencement 3 B. Applicability and Scope 3 C. Definitions 5 CHAPTER II – ROLE OF THE BOARD 8 A. Board-Approved Policy 8 B. Key Responsibilities 8 CHAPTER III – OUTSOURCING OF INFORMATION TECHNOLOGY (IT) SERVICES 9 A. Authorisation, Accountability, and Oversight 9 B. Governance Framework 10 B.1 Outsourcing Policy 10 B.2 Role of Senior Management 10 B.3 Role of IT Function 11 C. Risk Management 12 C.1 Risk Management Framework 12 C.2 Confidentiality and Security of Information 12 D. Outsourcing Process 13 D.1 Service Provider Evaluation 13 D.2 Outsourcing Agreement 15 D.3 Monitoring and Control of Outsourced Services 17 D.4 Inventory of Outsourced Services 19 D.5 Business Continuity and Management of Disaster Recovery Plan 19 D.6 Exit Strategy 19 D.7 Termination 20 E. Specific Outsourcing Arrangements 20 E.1 Outsourcing within a Group / Conglomerate 20 E.2 Offshore or Cross-Border outsourcing 21 E.3 Outsourcing of Security Operations Centre (SOC) 21 E.4 Usage of Cloud Computing Services 22 F. Redressal of Grievances related to Outsourced Services 27 CHAPTER IV – REPEAL AND OTHER PROVISIONS 28 A. Repeal and Saving 28 B. Application of other laws not barred 28 C. Interpretations 28
RBI/DoR/2025-26/379 DoR.ORG.REC.No.298/21-04-158/2025-26 November 28, 2025 Reserve Bank of India (Credit Information Companies – Managing Risks in Outsourcing) Directions, 2025 Table of Contents CHAPTER I – PRELIMINARY 3 A. Short Title and Commencement 3 B. Applicability and Scope 3 C. Definitions 5 CHAPTER II – ROLE OF THE BOARD 8 A. Board-Approved Policy 8 B. Key Responsibilities 8 CHAPTER III – OUTSOURCING OF INFORMATION TECHNOLOGY (IT) SERVICES 9 A. Authorisation, Accountability, and Oversight 9 B. Governance Framework 10 B.1 Outsourcing Policy 10 B.2 Role of Senior Management 10 B.3 Role of IT Function 11 C. Risk Management 12 C.1 Risk Management Framework 12 C.2 Confidentiality and Security of Information 12 D. Outsourcing Process 13 D.1 Service Provider Evaluation 13 D.2 Outsourcing Agreement 15 D.3 Monitoring and Control of Outsourced Services 17 D.4 Inventory of Outsourced Services 19 D.5 Business Continuity and Management of Disaster Recovery Plan 19 D.6 Exit Strategy 19 D.7 Termination 20 E. Specific Outsourcing Arrangements 20 E.1 Outsourcing within a Group / Conglomerate 20 E.2 Offshore or Cross-Border outsourcing 21 E.3 Outsourcing of Security Operations Centre (SOC) 21 E.4 Usage of Cloud Computing Services 22 F. Redressal of Grievances related to Outsourced Services 27 CHAPTER IV – REPEAL AND OTHER PROVISIONS 28 A. Repeal and Saving 28 B. Application of other laws not barred 28 C. Interpretations 28
RBI/FMRD/2025-26/142 FMRD.DIRD.04/14.03.038/2025-26 November 11, 2025 To All participants in repo market Dear Sir/Madam Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025 Please refer to the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 dated July 24, 2018, as amended from time to time.
RBI/FMRD/2025-26/142 FMRD.DIRD.04/14.03.038/2025-26 November 11, 2025 To All participants in repo market Dear Sir/Madam Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025 Please refer to the Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 dated July 24, 2018, as amended from time to time.
RBI/DPSS/2025-26/141 CO.DPSS.POLC.No.S-633/02-14-008/2025-26 September 15, 2025 All Payment System Providers and Payment System Participants / All Authorised Dealer banks / All Scheduled Commercial Banks Madam / Dear Sir, Master Direction on Regulation of Payment Aggregator (PA)
RBI/DPSS/2025-26/141 CO.DPSS.POLC.No.S-633/02-14-008/2025-26 September 15, 2025 All Payment System Providers and Payment System Participants / All Authorised Dealer banks / All Scheduled Commercial Banks Madam / Dear Sir, Master Direction on Regulation of Payment Aggregator (PA)
RBI/2025-26/140 DOR.STR.REC.45/13.07.010/2025-26 August 06, 2025 Reserve Bank of India (Non-Fund Based Credit Facilities) Directions, 2025 Index Chapter - I 2 Preliminary 2 A. Introduction 2 B. Applicability 2 C. Definitions 3 Chapter II 4 General Conditions 4 Chapter – III 5 A. Guarantees 5 B. Co-acceptances 6 C. Requirements for Other Specific Guarantees 6 Chapter - IV 7 Partial Credit Enhancement 7 A. Salient features of the PCE facility 8 B. Balance Sheet treatment, capital requirements, exposure and asset classification norms for exposures arising on account of providing PCE 9 C. Additional conditions for providing PCE to bonds of NBFCs and HFCs 11 D. Other Aspects of PCE 11 Chapter - V 12 Exclusions and Other Aspects 12 Chapter VI 13 Disclosures 13 Annex 1 14 Operational Risk Controls for issuance of Electronic Guarantees 14 Annex 2 16 List of Circulars repealed in respect of Scheduled Commercial Banks 16 List of Circulars repealed in respect of Urban Cooperative Banks 20
RBI/2025-26/140 DOR.STR.REC.45/13.07.010/2025-26 August 06, 2025 Reserve Bank of India (Non-Fund Based Credit Facilities) Directions, 2025 Index Chapter - I 2 Preliminary 2 A. Introduction 2 B. Applicability 2 C. Definitions 3 Chapter II 4 General Conditions 4 Chapter – III 5 A. Guarantees 5 B. Co-acceptances 6 C. Requirements for Other Specific Guarantees 6 Chapter - IV 7 Partial Credit Enhancement 7 A. Salient features of the PCE facility 8 B. Balance Sheet treatment, capital requirements, exposure and asset classification norms for exposures arising on account of providing PCE 9 C. Additional conditions for providing PCE to bonds of NBFCs and HFCs 11 D. Other Aspects of PCE 11 Chapter - V 12 Exclusions and Other Aspects 12 Chapter VI 13 Disclosures 13 Annex 1 14 Operational Risk Controls for issuance of Electronic Guarantees 14 Annex 2 16 List of Circulars repealed in respect of Scheduled Commercial Banks 16 List of Circulars repealed in respect of Urban Cooperative Banks 20
RBI/2025-26/139 DOR.STR.REC.44 /13.07.010/2025-26 August 06, 2025 Reserve Bank of India (Co-Lending Arrangements) Directions, 2025 Index Introduction 2 Short title and commencement 2 Applicability 2 Definitions 3 General Guidelines 3 Interest Rate and Other Fees/ Charges 4 Operational Arrangements 5 Reporting to credit information companies (CICs) 6 Default Loss Guarantee 7 Asset Classification Norms 7 Transfer of Loan Exposures 7 Disclosures 7 Repeal Provisions 8
RBI/2025-26/139 DOR.STR.REC.44 /13.07.010/2025-26 August 06, 2025 Reserve Bank of India (Co-Lending Arrangements) Directions, 2025 Index Introduction 2 Short title and commencement 2 Applicability 2 Definitions 3 General Guidelines 3 Interest Rate and Other Fees/ Charges 4 Operational Arrangements 5 Reporting to credit information companies (CICs) 6 Default Loss Guarantee 7 Asset Classification Norms 7 Transfer of Loan Exposures 7 Disclosures 7 Repeal Provisions 8
RBI/2025-26/138 DOR.STR.REC.43/21.04.048/2025-26 July 29, 2025 Reserve Bank of India (Investment in AIF) Directions, 2025 The Reserve Bank had issued the circulars DOR.STR.REC.58/21.04.048/2023-24 dated December 19, 2023 and DOR.STR.REC.85/21.04.048/2023-24 dated March 27, 2024 (“existing circulars”), prescribing the regulatory guidelines in respect of investment by the regulated entities of the Reserve Bank (REs) in Alternative Investment Funds (AIFs). The above guidelines have been reviewed, inter alia, taking into account industry feedback as well as the regulations issued by the Securities and Exchange Board of India (SEBI) relating to specific due diligence of investors and investments of AIFs.
RBI/2025-26/138 DOR.STR.REC.43/21.04.048/2025-26 July 29, 2025 Reserve Bank of India (Investment in AIF) Directions, 2025 The Reserve Bank had issued the circulars DOR.STR.REC.58/21.04.048/2023-24 dated December 19, 2023 and DOR.STR.REC.85/21.04.048/2023-24 dated March 27, 2024 (“existing circulars”), prescribing the regulatory guidelines in respect of investment by the regulated entities of the Reserve Bank (REs) in Alternative Investment Funds (AIFs). The above guidelines have been reviewed, inter alia, taking into account industry feedback as well as the regulations issued by the Securities and Exchange Board of India (SEBI) relating to specific due diligence of investors and investments of AIFs.
RBI/FMRD/2025-26/137 FMRD.MIOD.No. 02/14.03.027/2025-26 June 16, 2025 To All operators of Electronic Trading Platforms Madam/Sir, Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025
RBI/FMRD/2025-26/137 FMRD.MIOD.No. 02/14.03.027/2025-26 June 16, 2025 To All operators of Electronic Trading Platforms Madam/Sir, Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025
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