**Executive Summary**
The Reserve Bank of India (RBI) has issued 244 Master Directions (MDs) on November 28, 2025, consolidating over 9000 existing circulars and guidelines administered by its Department of Regulation. This comprehensive effort aims to enhance clarity, ease of access, and reduce compliance burden for Regulated Entities (REs). The MDs are accessible on the RBI website under Notifications → Master Directions → Department of Regulation (Functions Filter).
**Key Points / Main Content**
* **Consolidation of Regulations:**
* More than 9000 existing circulars/guidelines have been consolidated into 238 function-wise Master Directions.
* Approximately 3500 directions, circulars, and guidelines were consolidated into 238 Master Directions.
* Instructions issued by NABARD to Regional Rural Banks, State Co-operative Banks and Central Co-operative Banks were also consolidated in consultation with NABARD.
* **Scope and Coverage:**
* The consolidation covers 11 types of regulated entities, including Commercial Banks, Small Finance Banks, Payments Banks, Local Area Banks, Regional Rural Banks, Urban Co-operative Banks, Rural Co-operative Banks, All India Financial Institutions, Non-Banking Financial Companies, Asset Reconstruction Companies, and Credit Information Companies.
* 244 Master Directions consolidating the instructions currently administered by the Department of Regulation on an ‘as-is' basis.
* **Public Consultation and Finalization:**
* Drafts of the MDs were placed on the RBI website for public comments, as per the press release dated October 10, 2025.
* Over 770 comments were received from stakeholders and considered during the finalization process. Suggestions for regulatory changes outside the scope of consolidation were not considered.
* **Availability of Documents:**
* The consolidated Master Directions are accessible through the RBI website under Notifications → Master Directions → Department of Regulation (Functions Filter).
* A list of 9445 circulars being repealed/withdrawn following the issue of consolidated MDs can be accessed through Notifications → List of withdrawn circulars → Circulars withdrawn by the Department of Regulation.
* **Objective:**
* This exercise is expected to enhance clarity, ease of access, and reduce compliance burden for REs, thereby supporting the broader objective of improving ease of doing business.
**Impact Analysis**
**Regulated Entities (REs)**
* **Impact:** REs will benefit from a more streamlined and accessible regulatory framework, reducing compliance burden and improving ease of doing business.
* **Action Required:** Access and familiarize themselves with the new consolidated Master Directions on the RBI website under Notifications → Master Directions → Department of Regulation (Functions Filter).
**RBI Department of Regulation**
* **Impact:** A more manageable and organized regulatory framework, with a clear and comprehensive set of Master Directions.
* **Action Required:** Ensure the effective implementation and monitoring of the consolidated Master Directions.
**General Public/Stakeholders**
* **Impact:** Increased transparency and clarity in regulatory guidelines, promoting confidence in the financial system.
* **Action Required:** Access the repealed/withdrawn list under Notifications → List of withdrawn circulars → Circulars withdrawn by the Department of Regulation.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for issuing the consolidated master directions.
Master Directions (MDs): Consolidated regulatory instructions specific to each category of regulated entity, issued by the Reserve Bank of India.
Department of Regulation: The department within the Reserve Bank of India responsible for administering the regulatory instructions consolidated into Master Directions.
Regulated Entities (REs): Entities regulated by the Reserve Bank of India to whom the Master Directions apply.
NABARD: National Bank for Agriculture and Rural Development, consulted in the consolidation of instructions for Regional Rural Banks, State Co-operative Banks and Central Co-operative Banks.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
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
November 28, 2025
Reserve Bank of India issues Consolidated Master Directions
The Reserve Bank has issued numerous directions over the years, under the
statutory powers conferred upon it by various Acts. While increase in regulatory
guidelines is a natural process as the financial system evolves, this was further
driven by an expanding regulatory perimeter, distributed supervisory/ regulatory
jurisdiction over certain regulated entities, and non-repeal of some of the earlier
instructions when new ones were issued. Being mindful of compliance burden to the
Regulated Entities (REs), the Reserve Bank has continuously endeavoured to
optimise its regulatory framework.
2. Against this backdrop, the Reserve Bank has recently undertaken a fundamental
reorganisation of the regulatory instructions administered by its Department of
Regulation – marking a paradigm shift in its regulatory communication. The
comprehensive exercise involved consolidation of more than 9000 existing circular/
guidelines administered by Department of Regulation into 238 function-wise Master
Directions (MDs), specific to each category of regulated entity. Instructions issued by
NABARD to Regional Rural Banks, State Co-operative Banks and Central Co-
operative Banks were also consolidated in consultation with NABARD. This exercise
is expected to enhance clarity, ease of access, and reduce compliance burden for
REs, thereby supporting the broader objective of improving ease of doing business.
3. Under this consolidation effort, instructions contained in approximately 3500
directions, circulars, and guidelines, were consolidated into 238 Master Directions,
across 11 types of regulated entities. For this purpose, the 11 types of regulated
entities identified are: (a) Commercial Banks; (b) Small Finance Banks; (c) Payments
Banks; (d) Local Area Banks; (e) Regional Rural Banks; (f) Urban Co-operative
Banks; (g) Rural Co-operative Banks; (h) All India Financial Institutions; (i) Non-
Banking Financial Companies; (j) Asset Reconstruction Companies; and (k) Credit
Information Companies. Instructions contained in remaining directions / circulars
were identified as obsolete and marked for repeal once the consolidated MDs are
issued.
4. Accordingly, the drafts of these 238 MDs were placed on website of the Reserve
Bank for public comments regarding completeness and accuracy vide press release
dated October 10, 2025. The list of circulars that were proposed to be repealed
following the issue of consolidated MDs as well as a list of notifications that were to
be retained as standalone were also provided.
5. The Reserve Bank had received over 770 comments from various stakeholders on
the draft MDs. Several suggestions were for regulatory changes, which were outside
the scope of this consolidation exercise, and hence have not been considered for the
purpose of consolidation. The remaining comments, relevant to the finalisation of the
MDs have been duly considered while finalising the consolidated MDs.2
6. Consequently, the following set of final documents are issued today:
(i) 2441 Master Directions consolidating the instructions currently administered by
the Department of Regulation on an ‘as-is’ basis. These instructions have
been issued separately for 11 types of regulated entities and are cohesively
organised across various regulatory areas. These documents can be
accessed through Notifications → Master Directions → Department of
Regulation (Functions Filter). These Master Directions will serve as the sole
library of regulations administered by the Department of Regulation.
(ii) List of 9445 circulars that are being repealed / withdrawn following the issue of
these consolidated Master Directions can be accessed through Notifications
→ List of withdrawn circulars → Circulars withdrawn by the Department of
Regulation.
(Brij Raj)
Press Release: 2025-2026/1588 Chief General Manager
1 Including 7 new MDs on Digital Banking Channels Authorisation for 7 types of REs issued today