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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Payment and Settlement System
Aug 27, 2021
Master Directions on Prepaid Payment Instruments (PPIs) (Updated as on February 10, 2023)	980 kb
Oct 11, 2017
Master Direction on Issuance and Operation of Prepaid Payment Instruments (Updated as on November 17, 2020)	604 kb
Jan 19, 2017
Master Directions on Access Criteria for Payment Systems (Updated as on July 28, 2021)	1359 kb