| Year |
Date |
Topic |
| Financial Markets Regulation Department |
| 2022-23 |
June 1, 2022 |
Master Direction - Reserve Bank of India (Variation Margin) Directions, 2022, were issued, mandating covered entities to exchange variation margin for non-centrally cleared derivative (foreign exchange, interest rate and credit) transactions. |
| June 16, 2022 |
Draft directions prescribing guidelines for exchange of initial margin for non-centrally cleared derivatives (NCCDs) were issued. |
| February 17, 2023 |
Draft directions to permit lending and borrowing of G-secs were issued. Final directions were issued on December 27, 2023. |
| 2023-24 |
December 28, 2023 |
Draft directions to introduce bond forwards on G-secs were issued. |
| January 3, 2024 |
Directions on commercial paper (CP) and non-convertible debentures (NCDs) of original maturity up to one year were reviewed and revised directions were issued to bring consistency across products in terms of issuers, investors and other participants in these markets. |
| January 5, 2024 |
The regulatory framework for hedging of foreign exchange (FX) risks was reviewed and revised directions were issued, consolidating the previous rules and notifications in respect of all types of transactions - OTC and exchange traded - under a single Master Direction, expanding the suite of permitted FX derivative products and refining the user classification framework to enable a larger set of users with the necessary risk management capabilities to efficiently manage their risks. |
| 2024-25 |
April 29, 2024 |
Draft Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2024, were issued to review the regulatory framework for electronic trading platforms. |
| May 8, 2024 |
Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024 were issued, mandating covered entities to exchange initial and variation margin for non-centrally cleared derivative (foreign exchange, interest rate and credit) transactions. |
| February 21, 2025 |
Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025 were issued to enable long-term investors such as insurance funds to manage their interest rate risk across interest rate cycles. Introduction of these forward contracts will also facilitate efficient pricing of derivatives that use bonds as underlying instruments. |
| Foreign Exchange Department |
| 2022-23 |
August 22, 2022 |
Rationalisation of overseas investment framework under Foreign Exchange Management Act (FEMA), 1999 was undertaken. Based on feedback/comments from all stakeholders, rationalised ‘Overseas Investment Regulations’ were issued. |
| 2023-24 |
December 26, 2023 |
Draft Licensing Framework for Authorised Persons (APs) under FEMA, 1999 was issued. |
| 2024-25 |
July 2, 2024 |
To liberalise policies governing foreign exchange transactions under FEMA, 1999, the ‘Draft Regulations and Directions on Foreign Trade’ were issued. |
| Department of Regulation |
| 2022-23 |
July 27, 2022 |
Discussion paper on climate risk and sustainable finance. |
| September 2, 2022 |
Guidelines on digital lending. |
| October 11, 2022 |
Review of regulatory framework for asset reconstruction companies (ARCs). |
| January 16, 2023 |
Discussion paper on expected loss (EL) - based approach for loan loss provisioning by banks. |
| January 25, 2023 |
Discussion paper on securitisation of stressed assets framework (SSAF). |
| February 17, 2023 |
Draft guidelines on minimum capital requirements for market risk under Basel III. |
| 2023-24 |
April 28, 2023 |
Amendment to the Master Direction on KYC to align with Prevention of Money Laundering (PML) Rules, 2005 (amended from time to time) and Financial Action Task Force (FATF) recommendations. |
| May 4, 2023 |
Amendment to Master Direction on KYC - instructions on wire transfer. |
| June 8, 2023 |
Guidelines on default loss guarantee (DLG) in digital lending. |
| June 26, 2023 |
Master Direction on minimum capital requirements for operational risk. |
| August 18, 2023 |
• Reset of floating interest rate on equated monthly instalment (EMI) based personal loans.
• Fair Lending Practice - Penal Charges in Loan Accounts. |
| September 12, 2023 |
Master Direction on classification, valuation and operation of investment portfolio of commercial banks. |
| September 13, 2023 |
Circular on ‘Responsible Lending Conduct - Release of Movable/Immovable Property Documents on Repayment/Settlement of Personal Loans’. |
| September 21, 2023 |
• Draft Master Direction on treatment of wilful defaulters and large defaulters.
• 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. |
| October 17, 2023 |
Amendment to Master Direction on KYC to align with PML Rules, 2005 (amended from time to time) and FATF recommendations. |
| October 26, 2023 |
• Draft Master Direction on managing risks and code of conduct in outsourcing of financial services.
• Review of instructions on bulk deposits for Regional Rural Banks (RRBs). |
| January 1, 2024 |
Circular on inoperative accounts/unclaimed deposits in banks – revised instructions. |
| January 2, 2024 |
Draft circular on declaration of dividend by banks and remittance of profits to head office by foreign bank branches in India. |
| January 15, 2024 |
• Draft circular on credit/investment concentration norms – government owned non-banking financial companies (NBFCs).
• Draft circular on review of regulatory framework for housing finance companies (HFCs) and harmonisation of regulations applicable to HFCs and NBFCs. |
| 2023-24 |
February 9, 2024 |
Circular on participation of Indian banks on India International Bullion Exchange IFSC Ltd. (IIBX). |
| February 28, 2024 |
Draft disclosure framework on climate-related financial risks, 2024. |
| March 7, 2024 |
Amendments to Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 – updated guidelines, along with related frequently asked questions (FAQs), were issued as Appendix to the above Master Direction and also placed on the Reserve Bank’s website. |
| March 21, 2024 |
Omnibus framework for recognition of self-regulatory organisations (SROs) for REs of the Reserve Bank. |
| 2024-25 |
August 5, 2024 |
Draft circular on regulatory principles for management of model risks in credit. |
| October 4, 2024 |
Draft circular on ‘Forms of Business and Prudential Regulation for Investments’ was released seeking public feedback till November 20, 2024. Paragraphs 4 and 5 of the Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 dated May 26, 2016, consolidate the regulations on forms of business and prudential regulation for investments by banks. The draft circular reviews these regulations with an objective to ringfence the banks’ core business from other risk bearing non-core businesses as well as to provide operational freedom to banks for making investments in financial services/non- financial services companies and Alternative Investment Funds. |
| FinTech Department |
| 2023-24 |
January 15, 2024 |
Draft framework for recognising SROs for FinTech sector was issued. |
| 2024-25 |
May 30, 2024 |
‘Framework for Recognising Self-Regulatory Organisation(s) for FinTech Sector’ (SRO-FT framework) was announced on May 30, 2024, based on comments and feedback received from stakeholders on the draft released for the purpose on January 15, 2024. |
| Department of Supervision |
| 2022-23 |
March 6, 2023 |
Revised guidelines for appointment/re-appointment of statutory branch auditors (SBAs) of public sector banks (PSBs)/norms on business coverage under statutory branch audit of PSBs were issued. |
| 2023-24 |
April 10, 2023 |
Master Direction on outsourcing of information technology services was issued. |
| October 13, 2023 |
General approval to PSBs was granted for deciding remuneration payable to their SBAs for audit of non-performing asset (NPA) recovery branches and branches with zero advances. |
| November 7, 2023 |
Master Direction on information technology governance, risk, controls and assurance practices was issued. |
| January 15, 2024 |
Guidelines on appointment/re-appointment of statutory auditors of state co-operative banks and central co-operative banks were issued. |
| Department of Payment and Settlement Systems |
| 2022-23 |
May 19, 2022 |
Interoperable card-less cash withdrawal (ICCW) at ATMs was enabled. |
| May 26, 2022 |
Guidelines on Bharat Bill Payment System were amended. |
| June 16, 2022 |
On a review of implementation of the e-mandate framework and the protection available to customers, the limit for relaxation of additional factor of authentication (AFA) was increased from ₹5,000 to ₹15,000 per transaction. |
| July 28, 2022 |
Regulation of Payment Aggregators – timeline for submission of applications for authorisation was reviewed. |
| August 17, 2022 |
Discussion paper on charges in payment systems was issued. |
| 2023-24 |
June 2, 2023 |
Draft Master Directions on cyber resilience and digital payment security controls for payment system operators (PSOs) were issued. |
| June 7, 2023 |
The scope of trade receivables discounting system was expanded. |
| July 5, 2023 |
Draft circular on arrangements with card networks for issue of debit, credit, and prepaid cards was issued. |
| August 24, 2023 |
Transaction limits for small value digital payments in offline mode were enhanced. |
| October 31, 2023 |
Circular on ‘Regulation of Payment Aggregator – Cross Border’ was issued. |
| December 12, 2023 |
Limits for subsequent recurring transactions undertaken without AFA under the e-mandate framework were enhanced for specified categories. |
| December 20, 2023 |
Card-on-File Tokenisation (CoFT) – tokenisation through card issuing banks was enabled. |
| December 29, 2023 |
Payments Infrastructure Development Fund (PIDF) scheme was enhanced and extended by a further period of two years, i.e., up to December 31, 2025. |
| February 23, 2024 |
Master Direction on Prepaid Payment Instruments (PPIs) was amended. |
| February 29, 2024 |
Master Direction on Bharat Bill Payment System was issued. |
| March 6, 2024 |
Circular on ‘Arrangements with Card Networks for Issue of Credit Cards’ was issued. |
| 2024-25 |
April 16, 2024 |
Draft directions on regulation of Payment Aggregators were issued. This covers new draft directions on regulation of Payment Aggregators, encompassing physical point of sale as well as amendments to the existing directions on Payment Aggregators. |
| July 30, 2024 |
‘Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-bank PSOs’ was issued. |
| July 31, 2024 |
• Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions was issued.
• Draft Directions on Due Diligence of Aadhaar Enabled Payment System (AePS) Touchpoint Operators were issued. |
| December 27, 2024 |
Unified payments interface (UPI) payments from / to full-KYC PPIs through third-party UPI applications were enabled. |
| February 7, 2025 |
Draft Directions on AFA for Cross-border Card Not Present (CNP) Transactions were issued. |
| March 28, 2025 |
ATM networks were permitted to decide the ATM interchange fee. Further, maximum permissible customer charges for ATM transactions, beyond the mandatory number of free transactions, were revised. |
| 1 Include new/major regulatory policies as well as incremental changes and comprehensive reviews of the existing guidelines, post consultations through draft circulars, reports, discussion papers and stakeholder engagements. Public consultations for some draft circulars/draft guidelines/discussion papers included in this Annex are still in progress. |
