IST,
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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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/2025-26/339 DOR.FIN.REC.No.258/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Framework for Scale Based Regulation 9 Chapter-III – Registration requirement 18 Chapter-IV - Exemptions from the provisions of the RBI Act, 1934 22 Chapter-V – Reporting Requirements 26 Chapter-VI – Repeal and Other Provisions 27
RBI/DOR/2025-26/339 DOR.FIN.REC.No.258/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Framework for Scale Based Regulation 9 Chapter-III – Registration requirement 18 Chapter-IV - Exemptions from the provisions of the RBI Act, 1934 22 Chapter-V – Reporting Requirements 26 Chapter-VI – Repeal and Other Provisions 27
పిడిఎఫ్ (RBI/DOR/2025-26/340 DOR.HOL.REC.259/16.13.100/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Acquisition of Shareholding or Control) Directions, 2025 Table of Contents Chapter I- Preliminary 2 A. Short Title and Commencement. 2 B. Applicability 2 C. Definitions 3 Chapter II: Acquisition of Shareholding or Control 4 A. Acquisition of Shareholding or Control of NBFCs 4 B. Application for prior Approval 5 C. Requirement of prior Public Notice about Change in Control/ Management 5 D. Investment from FATF non-compliant jurisdictions 6 Chapter III- Repeal and Other Provisions 7 A. Repeal and saving 7 B. Application of other laws not barred 7 C. Interpretations 7 Annex I 9
RBI/DOR/2025-26/340 DOR.HOL.REC.259/16.13.100/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Acquisition of Shareholding or Control) Directions, 2025 Table of Contents Chapter I- Preliminary 2 A. Short Title and Commencement. 2 B. Applicability 2 C. Definitions 3 Chapter II: Acquisition of Shareholding or Control 4 A. Acquisition of Shareholding or Control of NBFCs 4 B. Application for prior Approval 5 C. Requirement of prior Public Notice about Change in Control/ Management 5 D. Investment from FATF non-compliant jurisdictions 6 Chapter III- Repeal and Other Provisions 7 A. Repeal and saving 7 B. Application of other laws not barred 7 C. Interpretations 7 Annex I 9
RBI/DOR/2025-26/341 DoR.HOL.REC.No.260/16-13-100/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Voluntary Amalgamation) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 D. Scope 3 Chapter II – Grant of No Objection Certificate (NOC) / Approval by RBI 4
RBI/DOR/2025-26/341 DoR.HOL.REC.No.260/16-13-100/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Voluntary Amalgamation) Directions, 2025 Table of Contents Chapter I - Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 D. Scope 3 Chapter II – Grant of No Objection Certificate (NOC) / Approval by RBI 4
RBI/DOR/2025-26/342 DOR.RAUG.REC.No.261/23-27-013/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025 Table of Contents Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Branch Authorisation 3 A. Opening of branches 3 A1. Deposit taking NBFCs 3 A2. Housing Finance Companies (HFC) 3 A3. Investment and Credit Companies (NBFC-ICC) 3 A4. Opening of Branch abroad 4 B. Closure of branches 4 C. Opening of representative offices abroad 4 Chapter-III Repeal and other Provisions 6 A. Repeal and saving 6 B. Application of other laws not barred 6 C. Interpretations 6
RBI/DOR/2025-26/342 DOR.RAUG.REC.No.261/23-27-013/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025 Table of Contents Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Branch Authorisation 3 A. Opening of branches 3 A1. Deposit taking NBFCs 3 A2. Housing Finance Companies (HFC) 3 A3. Investment and Credit Companies (NBFC-ICC) 3 A4. Opening of Branch abroad 4 B. Closure of branches 4 C. Opening of representative offices abroad 4 Chapter-III Repeal and other Provisions 6 A. Repeal and saving 6 B. Application of other laws not barred 6 C. Interpretations 6
RBI/DOR/2025-26/343 DOR.AUT.REC.No.262/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025 Table of Contents Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 4 A. Role of the Board 6 B. Investments in Alternative Investment Funds (AIFs) 6 Chapter III - Financial Services 8 A. Opening Subsidiary / Joint Venture / or Undertaking Investment Abroad 8 A.2 Overseas Investment by NBFC-CIC 10 A.2.2 Investment in non-financial sector 11 B. Expansion of activities through automatic route 13 C. Entry into Insurance Business 13 C.1 Entry into Insurance Business by NBFCs (other than NBFC-CIC and HFC) 13 C.2. Entry into Insurance Business by CICs 16 C.3. Entry into Insurance Business by HFCs 18 D. Distribution of Mutual Fund products 22 E. Appointment of Non-Deposit Accepting NBFCs as sub-agents under Money Transfer Service Schemes (MTSS) 23 F. Undertaking of Point of Presence Services under Pension Fund Regulatory and Development Authority for National Pension System 23 G. Infrastructure Debt Funds (IDFs) – Non-Banking Financial Company (IDFs-NBFC) 24 A. Repeal and saving 25 B. Application of other laws not barred 25 C. Interpretations 25 Annex I 27 Annex II 28
RBI/DOR/2025-26/343 DOR.AUT.REC.No.262/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025 Table of Contents Chapter I – Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 4 A. Role of the Board 6 B. Investments in Alternative Investment Funds (AIFs) 6 Chapter III - Financial Services 8 A. Opening Subsidiary / Joint Venture / or Undertaking Investment Abroad 8 A.2 Overseas Investment by NBFC-CIC 10 A.2.2 Investment in non-financial sector 11 B. Expansion of activities through automatic route 13 C. Entry into Insurance Business 13 C.1 Entry into Insurance Business by NBFCs (other than NBFC-CIC and HFC) 13 C.2. Entry into Insurance Business by CICs 16 C.3. Entry into Insurance Business by HFCs 18 D. Distribution of Mutual Fund products 22 E. Appointment of Non-Deposit Accepting NBFCs as sub-agents under Money Transfer Service Schemes (MTSS) 23 F. Undertaking of Point of Presence Services under Pension Fund Regulatory and Development Authority for National Pension System 23 G. Infrastructure Debt Funds (IDFs) – Non-Banking Financial Company (IDFs-NBFC) 24 A. Repeal and saving 25 B. Application of other laws not barred 25 C. Interpretations 25 Annex I 27 Annex II 28
RBI/DOR/2025-26/344 DOR.GOV.REC.No. 263/ 18-10-013/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 5 Chapter II – Board approved policy and review 7 Chapter III - Directions applicable to all NBFCs 8 A. Experience of the Board 8 B. Risk Management Committee 8 C. Change in Directors and / or Management 8 Chapter IV – Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL) 9 A. Constitution of Board and Appointment of Directors 9 B. Reviews 10 C. Committees of the Board 10 D. Appointment of Chief Risk Officer 11 E. Appointment of Chief Compliance Officer 12 F. Key Managerial Personnel 12 G. Independent Director 13 H. Compensation of KMP and Senior Management 13 I. Miscellaneous Instructions 15 J. Internal Guidelines on Corporate Governance 16 Chapter V – Directions applicable to NBFCs-Upper Layer (NBFCs-UL) 17 Chapter VI – Repeal and other provisions 18 A. Repeal and saving 18 B. Application of other laws not barred 18 C. Interpretations 18 Annex I 20 Annex II 23 Annex III 27
RBI/DOR/2025-26/344 DOR.GOV.REC.No. 263/ 18-10-013/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions Table of Contents Chapter I - Preliminary 3 A. Short title and commencement 3 B. Applicability 3 C. Definitions 5 Chapter II – Board approved policy and review 7 Chapter III - Directions applicable to all NBFCs 8 A. Experience of the Board 8 B. Risk Management Committee 8 C. Change in Directors and / or Management 8 Chapter IV – Directions applicable to NBFCs-Middle Layer (NBFCs-ML) and Upper Layer (NBFCs-UL) 9 A. Constitution of Board and Appointment of Directors 9 B. Reviews 10 C. Committees of the Board 10 D. Appointment of Chief Risk Officer 11 E. Appointment of Chief Compliance Officer 12 F. Key Managerial Personnel 12 G. Independent Director 13 H. Compensation of KMP and Senior Management 13 I. Miscellaneous Instructions 15 J. Internal Guidelines on Corporate Governance 16 Chapter V – Directions applicable to NBFCs-Upper Layer (NBFCs-UL) 17 Chapter VI – Repeal and other provisions 18 A. Repeal and saving 18 B. Application of other laws not barred 18 C. Interpretations 18 Annex I 20 Annex II 23 Annex III 27
RBI/DOR/2025-26/345 DOR.CAP.REC.264/21-01-002/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025 Table of Contents Chapter I Preliminary 2 A Short title and commencement 2 B Applicability 2 C Definitions 3 Chapter II Regulatory capital 7 A Limits and minima 7 B Elements of Common Equity Tier 1 (CET1) capital 8 C Elements of owned fund 11 D Elements of Tier 1 capital 11 E Elements of Tier 2 capital 16 F Treatment of Deferred Tax Asset (DTA) and Deferred Tax Liability (DTL) for regulatory capital 17 G Other adjustments to be made from regulatory capital 17 H Leverage Ratio 20 Chapter III Risk Weight Assets (RWAs) 21 A Risk Weight Assets (RWAs) 21 B Securitisation exposures 33 Chapter IV Guidelines for credit default swap (CDS) 48 Chapter V Internal Capital Adequacy Assessment Process (ICAAP) [Applicable to NBFC-ML and above] 54 Chapter VI Repeal and Other Provisions 55
RBI/DOR/2025-26/345 DOR.CAP.REC.264/21-01-002/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025 Table of Contents Chapter I Preliminary 2 A Short title and commencement 2 B Applicability 2 C Definitions 3 Chapter II Regulatory capital 7 A Limits and minima 7 B Elements of Common Equity Tier 1 (CET1) capital 8 C Elements of owned fund 11 D Elements of Tier 1 capital 11 E Elements of Tier 2 capital 16 F Treatment of Deferred Tax Asset (DTA) and Deferred Tax Liability (DTL) for regulatory capital 17 G Other adjustments to be made from regulatory capital 17 H Leverage Ratio 20 Chapter III Risk Weight Assets (RWAs) 21 A Risk Weight Assets (RWAs) 21 B Securitisation exposures 33 Chapter IV Guidelines for credit default swap (CDS) 48 Chapter V Internal Capital Adequacy Assessment Process (ICAAP) [Applicable to NBFC-ML and above] 54 Chapter VI Repeal and Other Provisions 55
RBI/DOR/2025-26/346 DOR.FIN.REC.No.265/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Acceptance of Public Deposits) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II- Requirement of Maintenance of Liquid Assets 12 Chapter III- Restriction on Acceptance of Public Deposit by NBFC 13 Chapter IV - General Provisions regarding repayment of Public Deposit 20 Chapter V- Miscellaneous Instructions 23 Chapter VI- Reporting Requirements 31 Chapter VII- Repeal and Other Provisions 32 Annex I 36 Annex II 43
RBI/DOR/2025-26/346 DOR.FIN.REC.No.265/03.10.119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies- Acceptance of Public Deposits) Directions, 2025 Table of Contents Chapter I - Preliminary 2 Chapter II- Requirement of Maintenance of Liquid Assets 12 Chapter III- Restriction on Acceptance of Public Deposit by NBFC 13 Chapter IV - General Provisions regarding repayment of Public Deposit 20 Chapter V- Miscellaneous Instructions 23 Chapter VI- Reporting Requirements 31 Chapter VII- Repeal and Other Provisions 32 Annex I 36 Annex II 43
RBI/DOR/ 2025-26/347 DOR.CRE.REC.No.266 /07-01-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Credit Facilities) Directions, 2025 Table of Contents Introduction 4 Chapter I - Preliminary 5 A. Short Title and Commencement 5 B. Applicability 5 C. Definitions 6 Chapter II - Board Approved Policies 13 A. Role of Board 13 Chapter III - Digital Lending 14 A. General Requirements for NBFC-LSP Arrangements 14 B. Conduct and Customer Protection Requirements 15 C. Technology and Data Requirement 19 D. Reporting of Credit Information and DLAs 21 E. Loss sharing arrangement in case of default 23 F. General Provisions 28 Chapter IV - Lending against Gold and Silver Collateral 29 A. General Provisions 29 B. Restrictions and Ceilings 30 C. Valuation and Assaying of Gold and Silver collateral 31 D. Loan to Value Ratio (LTV) 31 E. Other Provisions 32 Chapter V - Microfinance Loan 34 A. Assessment of Household Income 34 B. Limit on Loan Repayment Obligations of a Household 36 C. Flexibility of repayment periodicity 37 D. Pricing of Microfinance Loans 37 E. Other aspects related to microfinance loans 37 Chapter VI - Project Finance 38 A. Introduction 38 B. General Guidelines 38 C. Prudential Conditions Related to Disbursement and Monitoring 40 D. Miscellaneous 41 E. Disclosures 42 Chapter VII - Partial Credit Enhancement 43 A. Salient features of the PCE facility 43 B. Additional conditions for providing PCE to bonds of NBFCs 45 C. Other Aspects of PCE 45 Chapter VIII - Other Regulatory Restrictions 47 A. Ceiling on IPO Funding 47 B. Loans against NBFC’s own shares 47 C. Loans against security of shares 47 D. Demand / Call Loans 47 E. Finance for Housing Projects 48 Chapter IX - Other Regulations applicable to Non-Banking Financial Companies 49 A. Loans and advances to Real Estate Sector 49 B. Commercial Real Estate 49 Chapter X - Repeal and other Provisions 50 A. Repeal and saving 50 B. Application of other laws not barred 50 C. Interpretations 50 Annex-I 52 Annex-II 53 Annex-III 56
RBI/DOR/ 2025-26/347 DOR.CRE.REC.No.266 /07-01-008/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies– Credit Facilities) Directions, 2025 Table of Contents Introduction 4 Chapter I - Preliminary 5 A. Short Title and Commencement 5 B. Applicability 5 C. Definitions 6 Chapter II - Board Approved Policies 13 A. Role of Board 13 Chapter III - Digital Lending 14 A. General Requirements for NBFC-LSP Arrangements 14 B. Conduct and Customer Protection Requirements 15 C. Technology and Data Requirement 19 D. Reporting of Credit Information and DLAs 21 E. Loss sharing arrangement in case of default 23 F. General Provisions 28 Chapter IV - Lending against Gold and Silver Collateral 29 A. General Provisions 29 B. Restrictions and Ceilings 30 C. Valuation and Assaying of Gold and Silver collateral 31 D. Loan to Value Ratio (LTV) 31 E. Other Provisions 32 Chapter V - Microfinance Loan 34 A. Assessment of Household Income 34 B. Limit on Loan Repayment Obligations of a Household 36 C. Flexibility of repayment periodicity 37 D. Pricing of Microfinance Loans 37 E. Other aspects related to microfinance loans 37 Chapter VI - Project Finance 38 A. Introduction 38 B. General Guidelines 38 C. Prudential Conditions Related to Disbursement and Monitoring 40 D. Miscellaneous 41 E. Disclosures 42 Chapter VII - Partial Credit Enhancement 43 A. Salient features of the PCE facility 43 B. Additional conditions for providing PCE to bonds of NBFCs 45 C. Other Aspects of PCE 45 Chapter VIII - Other Regulatory Restrictions 47 A. Ceiling on IPO Funding 47 B. Loans against NBFC’s own shares 47 C. Loans against security of shares 47 D. Demand / Call Loans 47 E. Finance for Housing Projects 48 Chapter IX - Other Regulations applicable to Non-Banking Financial Companies 49 A. Loans and advances to Real Estate Sector 49 B. Commercial Real Estate 49 Chapter X - Repeal and other Provisions 50 A. Repeal and saving 50 B. Application of other laws not barred 50 C. Interpretations 50 Annex-I 52 Annex-II 53 Annex-III 56
RBI/DOR/2025-26/348 DOR.AUT.REC.No.267/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Conduct of Credit Card Business 6 Chapter III – Form Factor 22 Chapter IV – Co-branding Arrangement 23 Chapter V – General Guidelines for Credit Cards 25 Chapter VI – Miscellaneous 31 Chapter VII – Repeal and Other Provisions 34
RBI/DOR/2025-26/348 DOR.AUT.REC.No.267/24-01-041/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025 Table of Contents Chapter I – Preliminary 2 Chapter II – Conduct of Credit Card Business 6 Chapter III – Form Factor 22 Chapter IV – Co-branding Arrangement 23 Chapter V – General Guidelines for Credit Cards 25 Chapter VI – Miscellaneous 31 Chapter VII – Repeal and Other Provisions 34
HTML Example
A paragraph is a self-contained unit of a discourse in writing dealing with a particular point or idea. Paragraphs are usually an expected part of formal writing, used to organize longer prose.
భారతీయ రిజర్వ్ బ్యాంక్ మొబైల్ అప్లికేషన్ను ఇన్స్టాల్ చేయండి మరియు తాజా వార్తలకు త్వరిత యాక్సెస్ పొందండి!
మా యాప్ను ఇన్స్టాల్ చేయడానికి QR కోడ్ను స్కాన్ చేయండి
పేజీ చివరిగా అప్డేట్ చేయబడిన తేదీ:
పేజీ చివరిగా అప్డేట్ చేయబడిన తేదీ: ఫిబ్రవరి 04, 2026
పేజీ చివరిగా అప్డేట్ చేయబడిన తేదీ: ఫిబ్రవరి 04, 2026
