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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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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/2025-26/369 DOR.FIN.REC.No.288/23-11-001/2025-26 November 28, 2025 Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 10 Chapter-III – Prudential Regulations 15 Chapter-IV – Corporate Governance 27 Chapter-V - Miscellaneous instructions 28 Chapter-VIII – Repeal and Other Provisions 33
RBI/DOR/2025-26/369 DOR.FIN.REC.No.288/23-11-001/2025-26 November 28, 2025 Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025 Table of Contents Chapter-I – Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 10 Chapter-III – Prudential Regulations 15 Chapter-IV – Corporate Governance 27 Chapter-V - Miscellaneous instructions 28 Chapter-VIII – Repeal and Other Provisions 33
పిడిఎఫ్ (RBI/DOR/2025-26/370 DOR.FIN.REC.No.289/03.10.124/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 4 Chapter-III – Prudential Norms 10 Chapter-IV – Corporate Governance 17 Chapter-V – Miscellaneous Instructions 20 Chapter-VI – Repeal and Other Provisions 22 Annex I 24
RBI/DOR/2025-26/370 DOR.FIN.REC.No.289/03.10.124/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board, Registration and Permissible Activities 4 Chapter-III – Prudential Norms 10 Chapter-IV – Corporate Governance 17 Chapter-V – Miscellaneous Instructions 20 Chapter-VI – Repeal and Other Provisions 22 Annex I 24
RBI/DOR/2025-26/371 DOR.FIN.REC.290/ 03-10-038/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board of Directors and Registration Requirements 6 Chapter-III – Qualifying Assets and Permissible Activities 7 Chapter-IV – Prudential Regulations 9 Chapter-V – Shareholding and Corporate Governance 12 Chapter-VI - Risk Management 13 Chapter-VII – Miscellaneous Instructions 14 Chapter-VIII – Repeal and Other Provisions 18
RBI/DOR/2025-26/371 DOR.FIN.REC.290/ 03-10-038/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Role of Board of Directors and Registration Requirements 6 Chapter-III – Qualifying Assets and Permissible Activities 7 Chapter-IV – Prudential Regulations 9 Chapter-V – Shareholding and Corporate Governance 12 Chapter-VI - Risk Management 13 Chapter-VII – Miscellaneous Instructions 14 Chapter-VIII – Repeal and Other Provisions 18
RBI/DOR/2025-26/372 DoR.LIC.REC.No.291/16.13.218/2025-26 November 28, 2025 Reserve Bank of India (Non-Operative Financial Holding Company) Directions, 2025 Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Registration, Regulatory Structure and Shareholding 5 A. Registration 5 B. Regulatory Structure 5 C. Shareholding 6 Chapter-III Corporate Governance of NOFHC 8 Chapter-IV Prudential Norms for the NOFHC 10 A. NOFHC on a stand-alone basis 10 B. NOFHC on a consolidated basis 11 C. Exposure Norms 11 C.1 Exposure Norms for stand-alone NOFHC 11 C.2 Exposure Norms for consolidated NOFHC 12 C.3 Exposure norms for the bank held by the NOFHC 12 C.4 Exposure norms for the financial entities (other than bank) held by the NOFHC 13 Chapter-V Non-Permitted Activities of an NOFHC 14 Chapter-VI Consolidated Supervision 16 Chapter-VII Repeal and Other Provisions 17 A. Repeal and Saving 17 B. Application of other laws not barred 17 C. Interpretations 17 D. Exemptions 18
RBI/DOR/2025-26/372 DoR.LIC.REC.No.291/16.13.218/2025-26 November 28, 2025 Reserve Bank of India (Non-Operative Financial Holding Company) Directions, 2025 Chapter-I Preliminary 2 A. Short Title and Commencement 2 B. Applicability 2 C. Definitions 2 Chapter-II Registration, Regulatory Structure and Shareholding 5 A. Registration 5 B. Regulatory Structure 5 C. Shareholding 6 Chapter-III Corporate Governance of NOFHC 8 Chapter-IV Prudential Norms for the NOFHC 10 A. NOFHC on a stand-alone basis 10 B. NOFHC on a consolidated basis 11 C. Exposure Norms 11 C.1 Exposure Norms for stand-alone NOFHC 11 C.2 Exposure Norms for consolidated NOFHC 12 C.3 Exposure norms for the bank held by the NOFHC 12 C.4 Exposure norms for the financial entities (other than bank) held by the NOFHC 13 Chapter-V Non-Permitted Activities of an NOFHC 14 Chapter-VI Consolidated Supervision 16 Chapter-VII Repeal and Other Provisions 17 A. Repeal and Saving 17 B. Application of other laws not barred 17 C. Interpretations 17 D. Exemptions 18
RBI/DOR/2025-26/373 DOR.FIN.REC.No.292/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Miscellaneous instructions applicable to NBFCs in Base Layer 5 Chapter-III – Miscellaneous Instructions applicable to NBFCs in Middle Layer 11 Chapter-IV – Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011 12 Chapter-V – Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs) 16 Chapter-VI – Repeal and Other Provisions 18
RBI/DOR/2025-26/373 DOR.FIN.REC.No.292/ 03-10-119/2025-26 November 28, 2025 Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025 Table of Contents Chapter-I - Preliminary 2 Chapter-II – Miscellaneous instructions applicable to NBFCs in Base Layer 5 Chapter-III – Miscellaneous Instructions applicable to NBFCs in Middle Layer 11 Chapter-IV – Specific directions applicable to NBFC-Factors and NBFC-ICCs registered under the Factor Regulation Act, 2011 12 Chapter-V – Specific directions applicable to Infrastructure Debt Funds – Non-Banking Financial Company (IDF-NBFCs) 16 Chapter-VI – Repeal and Other Provisions 18
RBI/DoR/2025-26/374 DoR.FIN.REC.No.293/26.03.001/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies) Directions, 2025 Table of Contents Chapter-I Preliminary 2 Chapter-II Role of Board of Directors, Registration and Related Matters 6 Chapter-III Guidelines on Asset Reconstruction and Securitisation 11 Chapter-IV Prudential Regulations 29 Chapter-V Governance and Conduct 31 Chapter-VI Accounting and Disclosures 42 Chapter-VII Miscellaneous Instructions 53 Chapter-VIII Repeal and Other Provisions 55 Annex I 57 Annex II 60 Annex III 64 Annex IV 65 Annex V 70 Annex VI 77
RBI/DoR/2025-26/374 DoR.FIN.REC.No.293/26.03.001/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies) Directions, 2025 Table of Contents Chapter-I Preliminary 2 Chapter-II Role of Board of Directors, Registration and Related Matters 6 Chapter-III Guidelines on Asset Reconstruction and Securitisation 11 Chapter-IV Prudential Regulations 29 Chapter-V Governance and Conduct 31 Chapter-VI Accounting and Disclosures 42 Chapter-VII Miscellaneous Instructions 53 Chapter-VIII Repeal and Other Provisions 55 Annex I 57 Annex II 60 Annex III 64 Annex IV 65 Annex V 70 Annex VI 77
RBI/DOR/2025-26/375 DOR.FIN.REC.No.294/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – 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) 11 E. Correction of Credit Information Report 12 F. Use of credit information reports in credit appraisal 12 G. Display of information 12 Chapter-IV Technical Working Group 15 Chapter-V Customer Service and Grievance Redressal 17 A. Strengthening of customer service 17 B. Framework for compensation to customers 18 Chapter-VI Best Practices 26 Chapter-VII Repeal and Other Provisions 27 A. Repeal and saving 27 B. Application of other laws not barred 27 C. Interpretations 28 Annex I 29 Annex II 59 Annex III 60 Annex IV 66 Annex V 67
RBI/DOR/2025-26/375 DOR.FIN.REC.No.294/20.16.056/2025-26 November 28, 2025 Reserve Bank of India (Asset Reconstruction Companies – 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) 11 E. Correction of Credit Information Report 12 F. Use of credit information reports in credit appraisal 12 G. Display of information 12 Chapter-IV Technical Working Group 15 Chapter-V Customer Service and Grievance Redressal 17 A. Strengthening of customer service 17 B. Framework for compensation to customers 18 Chapter-VI Best Practices 26 Chapter-VII Repeal and Other Provisions 27 A. Repeal and saving 27 B. Application of other laws not barred 27 C. Interpretations 28 Annex I 29 Annex II 59 Annex III 60 Annex IV 66 Annex V 67
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
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
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