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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.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
Feb 17, 2021
Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 (Updated as on July 29, 2021)	1152 kb
Oct 25, 2018
Master Direction - Fit and Proper Criteria for Sponsors - Asset Reconstruction Companies (Reserve Bank) Directions, 2018	146 kb
Oct 04, 2017
Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on December 23, 2019)	549 kb
Jun 08, 2017
Master Direction - Information Technology Framework for the NBFC Sector	254 kb
Nov 10, 2016
Master Directions - Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 (Updated as on November 22, 2019)	260 kb
Sep 29, 2016
Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016	148 kb
Master Direction - Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016	160 kb
Master Direction - Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016	236 kb
Sep 02, 2016
Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Updated as on November 22, 2019)	498 kb
Sep 01, 2016
Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on February 17, 2020)	1387 kb
Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on February 17, 2020)	1642 kb
Aug 25, 2016
Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)	273 kb
Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016 (Updated as on October 05, 2020)	1158 kb
Master Direction - Exemptions from the provisions of RBI Act, 1934 (Updated as on November 24, 2020)	144 kb
Master Direction - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 2016	97 kb
Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016 (Updated as on November 22, 2019)	844 kb
Master Direction - Residuary Non-Banking Companies (Reserve Bank) Directions, 2016 (Updated as on February 22, 2019)	385 kb