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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Non-banking
Jul 15, 2024
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)PDF - Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)
Apr 24, 2024
Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 (Updated as on April 23, 2025)PDF - Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 (Updated as on April 23, 2025)
Oct 19, 2023
Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on July 17, 2025)PDF - Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on July 17, 2025)
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 (Updated as on February 17, 2025)PDF - 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 (Updated as on February 17, 2025)
Feb 17, 2021
Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 (Updated as on July 17, 2025)PDF - Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 (Updated as on July 17, 2025)
Oct 25, 2018
Master Direction - Fit and Proper Criteria for Sponsors - Asset Reconstruction Companies (Reserve Bank) Directions, 2018 (This Master Direction has been repealed and imbibed in the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 dated April 24, 2024)PDF - Master Direction - Fit and Proper Criteria for Sponsors - Asset Reconstruction Companies (Reserve Bank) Directions, 2018 (This Master Direction has been repealed and imbibed in the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 dated April 24, 2024)
Oct 04, 2017
Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on February 27, 2025)PDF - Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on February 27, 2025)
Jun 08, 2017
Master Direction - Information Technology Framework for the NBFC SectorPDF - Master Direction - Information Technology Framework for the NBFC Sector
Nov 10, 2016
Master Directions - Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 (Updated as on May 05, 2025)PDF - Master Directions - Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 (Updated as on May 05, 2025)
Sep 29, 2016
Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016PDF - Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016
Master Direction - Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016PDF - Master Direction - Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016
Master Direction - Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016PDF - Master Direction - Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016
Sep 02, 2016
Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Updated as on September 06, 2024)PDF - Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Updated as on September 06, 2024)
Sep 01, 2016
Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (This Master Direction has been repealed and imbibed in the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023)PDF - Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (This Master Direction has been repealed and imbibed in the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023)
Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (This Master Direction has been repealed and imbibed in the Master Direction – Reserve Bank of India (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023 dated October 19, 2023)PDF - Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (This Master Direction has been repealed and imbibed in the Master Direction – Reserve Bank of India (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023 dated October 19, 2023)
Aug 25, 2016
Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (Updated as on February 27, 2025)PDF - Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (Updated as on February 27, 2025)
Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 (Updated as on August 01, 2025)PDF - Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 (Updated as on August 01, 2025)
Master Direction - Exemptions from the provisions of RBI Act, 1934 (Updated as on April 01, 2022)PDF - Master Direction - Exemptions from the provisions of RBI Act, 1934 (Updated as on April 01, 2022)
Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016PDF - Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016
Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016 (Updated as on May 05, 2025)PDF - Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016 (Updated as on May 05, 2025)
Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)PDF - Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)