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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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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/2025-26/155 DOR.AUT.REC.No.74/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Conduct of Credit Card Business 6 Chapter III – Issue of Debit Card by Banks 21 Chapter IV – Form Factor 22 Chapter V – Co-branding Arrangement 23 Chapter VI – General Guidelines for Credit and Debit Cards 25 Chapter VII – Miscellaneous 31 Chapter VIII – Repeal and Other Provisions 34
RBI/DOR/2025-26/155 DOR.AUT.REC.No.74/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Conduct of Credit Card Business 6 Chapter III – Issue of Debit Card by Banks 21 Chapter IV – Form Factor 22 Chapter V – Co-branding Arrangement 23 Chapter VI – General Guidelines for Credit and Debit Cards 25 Chapter VII – Miscellaneous 31 Chapter VIII – Repeal and Other Provisions 34
പിഡിഎഫ് (RBI/DOR/2025-26/156 DOR.FIN.REC.No.75/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 3 Chapter-II Membership of CICs 5 Chapter-III Credit Information Reporting and Dissemination 6 A. Data formats 6 B. Reporting timelines and updation 6 C. Reporting guidelines 6 D. Rectification of rejected data and review of Data Quality Index (DQI) 13 E. Correction of Credit Information Report 13 F. Use of credit information reports in credit appraisal 13 G. Display of information 13 H. Applicability of other instructions issued by Department of Regulation 15 Chapter-IV Technical Working Group 17 Chapter-V Customer Service and Grievance Redressal 18 A. Strengthening of customer service 18 B. Framework for compensation to customers 20 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 27 D. Appointment of Internal Ombudsman 27 Chapter-VI Best Practices 29 Chapter-VII Repeal and Other Provisions 30 A. Repeal and saving 30 B. Application of other laws not barred 30 C. Interpretations 31 Annex I 32 Annex II 63 Annex III 64 Annex IV 71 Annex V 72
RBI/DOR/2025-26/156 DOR.FIN.REC.No.75/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Credit Information Reporting) Directions, 2025 Table of Contents Chapter-I Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 3 Chapter-II Membership of CICs 5 Chapter-III Credit Information Reporting and Dissemination 6 A. Data formats 6 B. Reporting timelines and updation 6 C. Reporting guidelines 6 D. Rectification of rejected data and review of Data Quality Index (DQI) 13 E. Correction of Credit Information Report 13 F. Use of credit information reports in credit appraisal 13 G. Display of information 13 H. Applicability of other instructions issued by Department of Regulation 15 Chapter-IV Technical Working Group 17 Chapter-V Customer Service and Grievance Redressal 18 A. Strengthening of customer service 18 B. Framework for compensation to customers 20 C. Reserve Bank- Integrated Ombudsman Scheme, 2021 27 D. Appointment of Internal Ombudsman 27 Chapter-VI Best Practices 29 Chapter-VII Repeal and Other Provisions 30 A. Repeal and saving 30 B. Application of other laws not barred 30 C. Interpretations 31 Annex I 32 Annex II 63 Annex III 64 Annex IV 71 Annex V 72
RBI/DOR/2025-26/157 DOR.CRE.REC.76/07-02-001/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Credit Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - Board Approved Policies 7 Chapter III - Credit Risk Evaluation 8 Chapter IV - Statutory Restrictions 10 Chapter V - Regulatory Restrictions 16 Chapter VI - Country Risk Management
RBI/DOR/2025-26/157 DOR.CRE.REC.76/07-02-001/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Credit Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - Board Approved Policies 7 Chapter III - Credit Risk Evaluation 8 Chapter IV - Statutory Restrictions 10 Chapter V - Regulatory Restrictions 16 Chapter VI - Country Risk Management
RBI/DOR/2025-26/158 DOR.CRE.REC.77/07-03-001/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Concentration Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II – Role of the Board 8 Chapter III - Large Exposures Framework 10 Chapter IV - Enhancing Credit Supply for Large Borrowers through Market Mechanism 35 Chapter V - Exposure Norms 36 Chapter VI - Prudential Limits on Intra-Group Transactions and Exposure 45 Chapter VII – Management of Country Risk Exposure 50 Chapter VIII - Prudential Limits for Inter-Bank Liabilities (IBL) 52 Chapter IX - Repeal and other provisions 53 Annex - I 54 Annex - II 56
RBI/DOR/2025-26/158 DOR.CRE.REC.77/07-03-001/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Concentration Risk Management) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II – Role of the Board 8 Chapter III - Large Exposures Framework 10 Chapter IV - Enhancing Credit Supply for Large Borrowers through Market Mechanism 35 Chapter V - Exposure Norms 36 Chapter VI - Prudential Limits on Intra-Group Transactions and Exposure 45 Chapter VII – Management of Country Risk Exposure 50 Chapter VIII - Prudential Limits for Inter-Bank Liabilities (IBL) 52 Chapter IX - Repeal and other provisions 53 Annex - I 54 Annex - II 56
RBI/DOR/2025-26/159 DOR.STR.REC.No.78/21.04.048/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Transfer and Distribution of Credit Risk) Directions, 2025 Table of Contents Chapter I - Preliminary 2 PART A - TRANSFER OF LOAN EXPOSURES 4 Chapter I - Scope and Definitions 4 Chapter II- General Conditions applicable for all loan transfers 9 Chapter III-Transfer of Loans which are not in default 13 Chapter IV- Transfer of stressed loans 19 PART B: CO-LENDING ARRANGEMENTS (CLAs) 30 Chapter I - Scope and Definitions 30 Chapter II- Prudential Norms 31 PART C - OTHER TYPES OF LENDING AND RISK TRANSFER ARRANGEMENTS 36 Chapter I – Lending under Consortium / Multiple Banking Arrangements 36 Chapter II – Inter-Bank Participations 37 Chapter III– Transfer of Borrower Accounts at the Request/Instance of Borrower 40 PART D: REPEAL AND OTHER PROVISIONS 41 Annex I 43 Annex II 46 Annex III 53
RBI/DOR/2025-26/159 DOR.STR.REC.No.78/21.04.048/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Transfer and Distribution of Credit Risk) Directions, 2025 Table of Contents Chapter I - Preliminary 2 PART A - TRANSFER OF LOAN EXPOSURES 4 Chapter I - Scope and Definitions 4 Chapter II- General Conditions applicable for all loan transfers 9 Chapter III-Transfer of Loans which are not in default 13 Chapter IV- Transfer of stressed loans 19 PART B: CO-LENDING ARRANGEMENTS (CLAs) 30 Chapter I - Scope and Definitions 30 Chapter II- Prudential Norms 31 PART C - OTHER TYPES OF LENDING AND RISK TRANSFER ARRANGEMENTS 36 Chapter I – Lending under Consortium / Multiple Banking Arrangements 36 Chapter II – Inter-Bank Participations 37 Chapter III– Transfer of Borrower Accounts at the Request/Instance of Borrower 40 PART D: REPEAL AND OTHER PROVISIONS 41 Annex I 43 Annex II 46 Annex III 53
RBI/DOR/2025-26/160 DOR.STR.REC.79/21.04.177/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Securitisation Transactions) Directions, 2025 Table of Contents Chapter I- Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 3 Chapter II - General requirements for securitisation 9 A. Assets eligible for securitisation 9 B. Minimum Retention Requirement (MRR) 10 C. Origination Standards 12 D. Payment priorities and observability 12 E. Limit on Total Retained Exposures by Originators 13 F. Issuance and Listing 14 G. Conditions to be satisfied by the special purpose entity 14 H. Representations and Warranties 15 I. Accounting Provisions 16 Chapter III - Simple, transparent and comparable (STC) securitisations 18 A. STC Securitisations- Criteria for regulatory capital purposes 18 B. Disclosure and Prudential Oversight for STC Securitisations 27 Chapter IV - Provision of facilities supporting securitisation structures 29 A. General Conditions 29 B. Credit Enhancement Facilities 30 C. Reset of credit enhancements 31 D. Liquidity Facilities 33 E. Underwriting Facilities 35 F. Servicing Facilities 35 Chapter V - Requirements to be met by a bank who is an investor in securitisation exposures 37 A. Due Diligence Requirements 37 B. Stress Testing 38 C. Credit monitoring and valuation 39 Chapter VI - Capital requirements for Securitisation exposures and Disclosures Norms 40 A. Capital requirements for securitisation exposures 40 B. Disclosures 40 Chapter VII - Repeal and other provisions 42 A. Repeal and saving 42 Application of other laws not barred 42 B. Interpretations 42 Annex I 44
RBI/DOR/2025-26/160 DOR.STR.REC.79/21.04.177/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Securitisation Transactions) Directions, 2025 Table of Contents Chapter I- Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 3 Chapter II - General requirements for securitisation 9 A. Assets eligible for securitisation 9 B. Minimum Retention Requirement (MRR) 10 C. Origination Standards 12 D. Payment priorities and observability 12 E. Limit on Total Retained Exposures by Originators 13 F. Issuance and Listing 14 G. Conditions to be satisfied by the special purpose entity 14 H. Representations and Warranties 15 I. Accounting Provisions 16 Chapter III - Simple, transparent and comparable (STC) securitisations 18 A. STC Securitisations- Criteria for regulatory capital purposes 18 B. Disclosure and Prudential Oversight for STC Securitisations 27 Chapter IV - Provision of facilities supporting securitisation structures 29 A. General Conditions 29 B. Credit Enhancement Facilities 30 C. Reset of credit enhancements 31 D. Liquidity Facilities 33 E. Underwriting Facilities 35 F. Servicing Facilities 35 Chapter V - Requirements to be met by a bank who is an investor in securitisation exposures 37 A. Due Diligence Requirements 37 B. Stress Testing 38 C. Credit monitoring and valuation 39 Chapter VI - Capital requirements for Securitisation exposures and Disclosures Norms 40 A. Capital requirements for securitisation exposures 40 B. Disclosures 40 Chapter VII - Repeal and other provisions 42 A. Repeal and saving 42 Application of other laws not barred 42 B. Interpretations 42 Annex I 44
RBI/DOR/2025-26/161 DOR.CRE.REC.80./13.03.000/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Interest Rates on Advances) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - General guidelines 4 Chapter III - Benchmark 6 Chapter IV - Other aspects of lending rates 10 Chapter V - Foreign Currency Advances 13 Chapter VI - Exemptions 14 Chapter VII - Repeal and Other Provisions 16 Annex 18
RBI/DOR/2025-26/161 DOR.CRE.REC.80./13.03.000/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks - Interest Rates on Advances) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II - General guidelines 4 Chapter III - Benchmark 6 Chapter IV - Other aspects of lending rates 10 Chapter V - Foreign Currency Advances 13 Chapter VI - Exemptions 14 Chapter VII - Repeal and Other Provisions 16 Annex 18
RBI/DOR/2025-26/162 DOR.MRG.REC.No.81/00-00-001/2025-26 Reserve Bank of India (Commercial Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025 Table of Contents Chapter I: Preliminary 3 A. Short Title 3 B. Effective Date 3 C. Applicability 3 D. Definitions 3 Chapter II: Role of the Board 11 Chapter III: General Guidelines 12 A. Investment Policy Framework 12 Chapter IV: Classification of Investments 15 A. Categorization of investments 15 B. Held To Maturity (HTM) 16 C. Available for Sale (AFS) 19 D. Fair Value through Profit and Loss (FVTPL) 19 D.1 Held For Trading (HFT) 20 E. Investments in Subsidiaries, Associates and Joint Ventures 24 Chapter V: Initial Recognition 30 Chapter VI: Subsequent Measurement 33 A. HTM 33 B. AFS 33 C. FVTPL 34 D. Investments in Subsidiaries, Associates and Joint Ventures 34 Chapter VII: Reclassifications between categories 38 Chapter VIII: Sale of investments from HTM 40 Chapter IX: Fair Value of investments 42 A. Quoted Securities 42 B. Unquoted SLR Securities 42 C. Unquoted Non-SLR Securities 42 Chapter X: Operational Guidelines 49 A. Government Securities 49 B. Non-SLR securities 51 C. Internal Control System 57 D. Engagement of brokers 59 E. Audit, review and reporting 61 Chapter XI: Income Recognition, Asset Classification and Provisioning 64 A. Income recognition 64 B. Accounting for Broken Period Interest 64 C. Non-Performing Investments (NPI) 64 D. Investment Fluctuation Reserve 68 Chapter XII: Derivatives 70 Chapter XIII: Repeal and Other Provisions 71 A. Repeal and Saving 71 B. Application of other laws not barred 71 C. Interpretations 72 Annex I: Reconciliation Statement 73 Annex II: Guidance on Journal Entries 76
RBI/DOR/2025-26/162 DOR.MRG.REC.No.81/00-00-001/2025-26 Reserve Bank of India (Commercial Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025 Table of Contents Chapter I: Preliminary 3 A. Short Title 3 B. Effective Date 3 C. Applicability 3 D. Definitions 3 Chapter II: Role of the Board 11 Chapter III: General Guidelines 12 A. Investment Policy Framework 12 Chapter IV: Classification of Investments 15 A. Categorization of investments 15 B. Held To Maturity (HTM) 16 C. Available for Sale (AFS) 19 D. Fair Value through Profit and Loss (FVTPL) 19 D.1 Held For Trading (HFT) 20 E. Investments in Subsidiaries, Associates and Joint Ventures 24 Chapter V: Initial Recognition 30 Chapter VI: Subsequent Measurement 33 A. HTM 33 B. AFS 33 C. FVTPL 34 D. Investments in Subsidiaries, Associates and Joint Ventures 34 Chapter VII: Reclassifications between categories 38 Chapter VIII: Sale of investments from HTM 40 Chapter IX: Fair Value of investments 42 A. Quoted Securities 42 B. Unquoted SLR Securities 42 C. Unquoted Non-SLR Securities 42 Chapter X: Operational Guidelines 49 A. Government Securities 49 B. Non-SLR securities 51 C. Internal Control System 57 D. Engagement of brokers 59 E. Audit, review and reporting 61 Chapter XI: Income Recognition, Asset Classification and Provisioning 64 A. Income recognition 64 B. Accounting for Broken Period Interest 64 C. Non-Performing Investments (NPI) 64 D. Investment Fluctuation Reserve 68 Chapter XII: Derivatives 70 Chapter XIII: Repeal and Other Provisions 71 A. Repeal and Saving 71 B. Application of other laws not barred 71 C. Interpretations 72 Annex I: Reconciliation Statement 73 Annex II: Guidance on Journal Entries 76
RBI/DOR/2025-26/163 DOR.LRG.No.82/13-10-001/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Asset Liability Management) Directions, 2025 Table of Contents Chapter I – Preliminary 5 A. Short Title and Commencement 5 B. Applicability 5 C. Definitions 5 Chapter II – Role of the Board 8 A. Responsibilities of the Board 8 B. Approval of Policies, limits and reviews 8 Chapter III – Liquidity Risk Management 11
RBI/DOR/2025-26/163 DOR.LRG.No.82/13-10-001/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Asset Liability Management) Directions, 2025 Table of Contents Chapter I – Preliminary 5 A. Short Title and Commencement 5 B. Applicability 5 C. Definitions 5 Chapter II – Role of the Board 8 A. Responsibilities of the Board 8 B. Approval of Policies, limits and reviews 8 Chapter III – Liquidity Risk Management 11
RBI/DOR/2025-26/164 DOR.STR.REC.83./21.04.048/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 4 Chapter II - General Instructions 7 A. Role of the Board 7 B. Prudence in Lending and Consumer Education 7 C. Disclosure Requirements 10 Chapter III - Asset Classification 11 A. General Instructions on Asset Classification 11 B. Automation of Income Recognition, Asset Classification and Provisioning processes 12 C. Classification as non-performing asset 17 D. Accounts regularised near about the balance sheet date 19 E. Specific cases of asset classification 20 F. Categories of non-performing assets 26 G. Upgradation of loan accounts classified as NPAs 27 Chapter IV - Provisioning Norms 28 A. General Principles for Provisioning 28 B. Provisions in respect of Standard assets 29 C. Provisions in respect of substandard assets 30 D. Provisions in respect of Doubtful Assets 31 E. Provisions in respect of Loss Assets 32 F. Prudential norms on creation and utilisation of floating provisions 32 G. Additional Provisions at higher than prescribed rates 33 H. Provisions under Special Circumstances 34 I. Provisioning Coverage Ratio (PCR) 41 Chapter V - Income Recognition 42 A. General Principles for Income Recognition 42 B. Reversal of income upon classification as NPA 42 C. Interest application after NPA classification 43 D. Appropriation of recovery from NPAs 43 E. Income recognition in special cases 43 F. Tax treatment in respect of provisions 45 Chapter VI - Repeal and Other Provisions 46 A. Repeal and saving 46 B. Application of other laws not barred 46 C. Interpretations 47 Annex I 48 Annex II 49
RBI/DOR/2025-26/164 DOR.STR.REC.83./21.04.048/2025-26 November 28, 2025 Reserve Bank of India (Commercial Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025 Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 4 Chapter II - General Instructions 7 A. Role of the Board 7 B. Prudence in Lending and Consumer Education 7 C. Disclosure Requirements 10 Chapter III - Asset Classification 11 A. General Instructions on Asset Classification 11 B. Automation of Income Recognition, Asset Classification and Provisioning processes 12 C. Classification as non-performing asset 17 D. Accounts regularised near about the balance sheet date 19 E. Specific cases of asset classification 20 F. Categories of non-performing assets 26 G. Upgradation of loan accounts classified as NPAs 27 Chapter IV - Provisioning Norms 28 A. General Principles for Provisioning 28 B. Provisions in respect of Standard assets 29 C. Provisions in respect of substandard assets 30 D. Provisions in respect of Doubtful Assets 31 E. Provisions in respect of Loss Assets 32 F. Prudential norms on creation and utilisation of floating provisions 32 G. Additional Provisions at higher than prescribed rates 33 H. Provisions under Special Circumstances 34 I. Provisioning Coverage Ratio (PCR) 41 Chapter V - Income Recognition 42 A. General Principles for Income Recognition 42 B. Reversal of income upon classification as NPA 42 C. Interest application after NPA classification 43 D. Appropriation of recovery from NPAs 43 E. Income recognition in special cases 43 F. Tax treatment in respect of provisions 45 Chapter VI - Repeal and Other Provisions 46 A. Repeal and saving 46 B. Application of other laws not barred 46 C. Interpretations 47 Annex I 48 Annex II 49
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