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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Financial Market
Mar 27, 2026
Master Direction - Reserve Bank of India (Unique Identifiers in Financial Markets) Directions, 2026	279 kb
Dec 08, 2025
Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025	352 kb
Nov 11, 2025
Master Direction – Reserve Bank of India (Repurchase Transactions (Repo)) Directions, 2025	188 kb
Jun 16, 2025
Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025	422 kb
Feb 07, 2025
Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025 (Updated as on April 27, 2026)	251 kb
Jan 07, 2025
Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025 (Updated as on April 10, 2026)	486 kb
Oct 18, 2024
Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2024	311 kb
May 08, 2024
Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024 (Updated as on February 21, 2025)	574 kb
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	362 kb
Dec 12, 2022
Master Direction – Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 (Updated as on April 15, 2024)	353 kb
Jun 01, 2022
Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022	304 kb
Feb 10, 2022
Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022 (Updated as on January 01, 2025)	375 kb
Sep 16, 2021
Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021 (Updated as on February 21, 2025)	259 kb
Jun 04, 2021
Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021	268 kb
Apr 01, 2021
Master Direction - Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 (Updated as on June 08, 2023)	250 kb
Jul 07, 2016
Master Direction on Money Market Instruments: Call/Notice Money Market, Commercial Paper, Certificates of Deposit and Non-Convertible Debentures (original maturity up to one year) (This Master Direction has been superseded)	1066 kb
Jul 05, 2016
Master Direction - Risk Management and Inter-Bank Dealings (Updated as on September 22, 2025)	557 kb