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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Non-Banking Financial Companies
Nov 28, 2025
Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025	454 kb
Reserve Bank of India (Non-Banking Financial Companies – Acquisition of Shareholding or Control) Directions, 2025	336 kb
Reserve Bank of India (Non-Banking Financial Companies – Voluntary Amalgamation) Directions, 2025	238 kb
Reserve Bank of India (Non-Banking Financial Companies – Branch Authorisation) Directions, 2025	220 kb
Reserve Bank of India (Non-Banking Financial Companies – Undertaking of Financial Services) Directions, 2025 (Updated as on December 05, 2025)	507 kb
Reserve Bank of India (Non-Banking Financial Companies – Governance) Directions, 2025	451 kb
Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Capital Adequacy) Directions, 2025	613 kb
Reserve Bank of India (Non-Banking Financial Companies – Acceptance of Public Deposits) Directions, 2025	363 kb
Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Directions, 2025	538 kb
Reserve Bank of India (Non-Banking Financial Companies – Credit Cards: Issuance and Conduct) Directions, 2025	433 kb
Reserve Bank of India (Non-Banking Financial Companies – Credit Information Reporting) Directions, 2025	848 kb
Reserve Bank of India (Non-Banking Financial Companies – Credit Risk Management) Directions, 2025	298 kb
Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Directions, 2025	298 kb
Reserve Bank of India (Non-Banking Financial Companies – Transfer and Distribution of Credit Risk) Directions, 2025	379 kb
Reserve Bank of India (Non-Banking Financial Companies – Securitisation Transactions) Directions, 2025	473 kb
Reserve Bank of India (Non-Banking Financial Companies – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025	264 kb
Reserve Bank of India (Non-Banking Financial Companies – Asset Liability Management) Directions, 2025	676 kb
Reserve Bank of India (Non-Banking Financial Companies – Income Recognition, Asset Classification and Provisioning) Directions, 2025	321 kb
Reserve Bank of India (Non-Banking Financial Companies – Resolution of Stressed Assets) Directions, 2025	650 kb
Reserve Bank of India (Non-Banking Financial Companies – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025	407 kb
Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025	816 kb
Reserve Bank of India (Non-Banking Financial Companies – Prudential Norms on Declaration of Dividends) Directions, 2025	359 kb
Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Directions, 2025	639 kb
Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025	485 kb
Reserve Bank of India (Non-Banking Financial Companies – Managing Risks in Outsourcing) Directions, 2025	4205 kb
Reserve Bank of India (Non-Banking Financial Companies – Climate Finance and Management of Climate Change Risks) Directions, 2025	246 kb
Reserve Bank of India (Housing Finance Companies) Directions, 2025	1022 kb
Reserve Bank of India (Standalone Primary Dealers) Directions, 2025	759 kb
Reserve Bank of India (Core Investment Companies) Directions, 2025	445 kb
Reserve Bank of India (Non-Banking Financial Companies - Account Aggregator) Directions, 2025	400 kb
Reserve Bank of India (Mortgage Guarantee Companies) Directions, 2025	470 kb
Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025	690 kb
Reserve Bank of India (Non-Banking Financial Companies – Microfinance Institution) Directions, 2025	295 kb
Reserve Bank of India (Non-Operative Financial Holding Companies) Directions, 2025 (Updated as on December 05, 2025)	323 kb
Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Directions, 2025	318 kb