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RBI Master Direction Overview

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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

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Master Directions

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Apr 01, 2024
Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public

DCM (CC) No.G-1/ 03.44.01/ 2024-25 April 01, 2024 The Chairman/Managing Director/Chief Executive Officers All banks Madam / Dear Sir, Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public In terms of the Preamble to and Section 45 of the RBI Act, 1934 and Section 35 A of the Banking Regulation Act, 1949; Reserve Bank of India issues guidelines / instructions for realising the objectives of Clean Note Policy and enhancing the operational efficiency as part of currency management. In order to ensure that all bank branches provide proper customer service, the Bank has formulated a Scheme of Penalties for bank branches including Currency Chests, for deficiency in rendering customer service to the members of public.

DCM (CC) No.G-1/ 03.44.01/ 2024-25 April 01, 2024 The Chairman/Managing Director/Chief Executive Officers All banks Madam / Dear Sir, Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public In terms of the Preamble to and Section 45 of the RBI Act, 1934 and Section 35 A of the Banking Regulation Act, 1949; Reserve Bank of India issues guidelines / instructions for realising the objectives of Clean Note Policy and enhancing the operational efficiency as part of currency management. In order to ensure that all bank branches provide proper customer service, the Bank has formulated a Scheme of Penalties for bank branches including Currency Chests, for deficiency in rendering customer service to the members of public.

Feb 29, 2024
Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024

RBI/DoS. DSG / 2023-24 /111 CO.DPSS.POLC.No. S1114 / 02-27-020 / 2023-2024 February 29, 2024 The Chairman / Managing Director / Chief Executive
All Scheduled Commercial Banks including RRBs /
Urban Cooperative Banks / State Cooperative Banks / District Central Cooperative Banks / NPCI Bharat BillPay Limited / Non-bank Payment System Participants

RBI/DoS. DSG / 2023-24 /111 CO.DPSS.POLC.No. S1114 / 02-27-020 / 2023-2024 February 29, 2024 The Chairman / Managing Director / Chief Executive
All Scheduled Commercial Banks including RRBs /
Urban Cooperative Banks / State Cooperative Banks / District Central Cooperative Banks / NPCI Bharat BillPay Limited / Non-bank Payment System Participants

Feb 27, 2024
Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions - 2024

All Commercial Banks excluding Regional Rural Banks All Primary (Urban) Cooperative Banks  Select All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID) All Non-Banking Financial Companies (excluding Housing Finance Companies) and All Asset Reconstruction Companies
 

All Commercial Banks excluding Regional Rural Banks All Primary (Urban) Cooperative Banks  Select All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID) All Non-Banking Financial Companies (excluding Housing Finance Companies) and All Asset Reconstruction Companies
 

Jan 03, 2024
Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024

RBI/FMRD/2023-24/109 FMRD.DIRD.09/14.02.001/2023-24 January 03, 2024 To All Eligible Market Participants Madam/Sir Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 Please refer to paragraph 6 of the Statement on Developmental and Regulatory Policies, announced as a part of the second Bi-monthly Monetary Policy Statement for 2019-20 dated June 06, 2019 regarding Comprehensive Review of Money Market Directions. Accordingly, the draft Directions on Call, Notice and Term Money, Certificate of Deposit and the Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year markets were released for market feedback on December 04, 2020. The Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 and the Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021 were issued on April 01, 2021 and June 04, 2021 respectively.

RBI/FMRD/2023-24/109 FMRD.DIRD.09/14.02.001/2023-24 January 03, 2024 To All Eligible Market Participants Madam/Sir Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 Please refer to paragraph 6 of the Statement on Developmental and Regulatory Policies, announced as a part of the second Bi-monthly Monetary Policy Statement for 2019-20 dated June 06, 2019 regarding Comprehensive Review of Money Market Directions. Accordingly, the draft Directions on Call, Notice and Term Money, Certificate of Deposit and the Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year markets were released for market feedback on December 04, 2020. The Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 and the Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021 were issued on April 01, 2021 and June 04, 2021 respectively.

Dec 29, 2023
Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023

RBI/2022-2023/108  CEPD.PRD. No. S1228 /13.01.019 /2023-24 December 29, 2023 (1) Chairman/Managing Director/CEO of All Scheduled Commercial Banks (excluding RRBs) (2) Chairman/Managing Director/CEO of All NBFCs (3) Chairman/Managing Director/CEO of Non-Bank System Participants (4) Chairman/Managing Director/CEO of All Credit Information Companies

RBI/2022-2023/108  CEPD.PRD. No. S1228 /13.01.019 /2023-24 December 29, 2023 (1) Chairman/Managing Director/CEO of All Scheduled Commercial Banks (excluding RRBs) (2) Chairman/Managing Director/CEO of All NBFCs (3) Chairman/Managing Director/CEO of Non-Bank System Participants (4) Chairman/Managing Director/CEO of All Credit Information Companies

Nov 07, 2023
Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices

RBI/2023-24/107

DoS.CO.CSITEG/SEC.7/31.01.015/2023-24                                    November 7, 2023

The Chairman/Managing Director/Chief Executive Officer

Scheduled Commercial Banks (excluding Regional Rural Banks);

Small Finance Banks; Payments Banks;

Non-Banking Financial Companies;

Credit Information Companies; and

All India Financial Institutions (EXIM Bank, NABARD, NaBFID, NHB and SIDBI)

Madam/Dear Sir,

RBI/2023-24/107

DoS.CO.CSITEG/SEC.7/31.01.015/2023-24                                    November 7, 2023

The Chairman/Managing Director/Chief Executive Officer

Scheduled Commercial Banks (excluding Regional Rural Banks);

Small Finance Banks; Payments Banks;

Non-Banking Financial Companies;

Credit Information Companies; and

All India Financial Institutions (EXIM Bank, NABARD, NaBFID, NHB and SIDBI)

Madam/Dear Sir,

Oct 19, 2023
UPDATED: 10 Oct, 2024
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on October 10, 2024)

RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24 October 19, 2023 (Updated as on October 10, 2024) (Updated as on March 21, 2024) (Updated as on November 10, 2023) Master Direction – Reserve Bank of India (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023 The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Non-Banking Financial Company from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such NBFCs, and in exercise of the powers conferred under sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011 (Act 12 of 2012), hereby issues to every NBFC, in supersession of the Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016 and Non-Banking Financial Company–Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016, Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (the Directions), hereinafter specified. (J P Sharma) Chief General Manager

RBI/DoR/2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24 October 19, 2023 (Updated as on October 10, 2024) (Updated as on March 21, 2024) (Updated as on November 10, 2023) Master Direction – Reserve Bank of India (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023 The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Non-Banking Financial Company from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such NBFCs, and in exercise of the powers conferred under sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011 (Act 12 of 2012), hereby issues to every NBFC, in supersession of the Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016 and Non-Banking Financial Company–Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016, Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (the Directions), hereinafter specified. (J P Sharma) Chief General Manager

Sep 21, 2023
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

RBI/DoR/2023-24/105
DoR.FIN.REC.40/01.02.000/2023-24

September 21, 2023

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

In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (hereinafter called the Reserve Bank) being satisfied that it is necessary and expedient in the public interest and in the interest of financial sector policy so to do, hereby, issues the Directions hereinafter specified.

RBI/DoR/2023-24/105
DoR.FIN.REC.40/01.02.000/2023-24

September 21, 2023

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

In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (hereinafter called the Reserve Bank) being satisfied that it is necessary and expedient in the public interest and in the interest of financial sector policy so to do, hereby, issues the Directions hereinafter specified.

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