On December 08, 2025, the RBI issued the Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025. The regulatory framework for Rupee Interest Rate Derivative (IRD) was initially issued in June 2019. These directions update the regulatory framework for IRD to support risk management and foster greater transparency. The draft Master Direction was published on June 16, 2025, seeking feedback from stakeholders, and the final Master Direction incorporates modifications based on this feedback. A statement on the major feedback received is provided in the Annex. The press release number is 2025-2026/1661. The Chief General Manager is Brij Raj. Website: www.rbi.org.in, email: helpdoc@rbi.org.in, phone: 022 - 2266 0502.
Key Entities Referenced
Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025: The Master Direction issued by the Reserve Bank of India (RBI) pertaining to Rupee Interest Rate Derivatives.
Reserve Bank of India: The central bank of India, issuing the Master Direction.
Annex: A document containing statement on the major feedback received on the draft Master Direction.
Mumbai: Location of the Central Office of the Department of Communication.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
December 08, 2025
RBI Issues Master Direction – Reserve Bank of India (Rupee Interest Rate
Derivatives) Directions, 2025
The Reserve Bank issued the regulatory framework for Rupee Interest Rate
Derivative (IRD) in June 2019. Since then, the market for interest rate derivatives has
developed with the availability of a larger bouquet of IRD products and increasing
participation by residents and non-residents. A growing reliance of the financial system
on market-based finance and external benchmarking of loans also necessitates a
more developed IRD market. Accordingly, a comprehensive review of the Directions
was undertaken and the draft Master Direction – Reserve Bank of India (Rupee
Interest Rate Derivatives) Directions, 2025 was published on June 16, 2025, seeking
feedback from stakeholders. The Master Direction updates the regulatory framework
for IRD in line with developments in the IRD market and with a view to support the risk
management needs of the broader financial system. It also aims at fostering greater
transparency in the Rupee IRD market.
2. The feedback received on the draft has been examined and consequent
modifications have been suitably incorporated in the final Master Direction. Statement
on the major feedback received is provided in the Annex. The final Master Direction is
being issued today.
(Brij Raj)
Press Release: 2025-2026/1661 Chief General Manager