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Reserve Bank of India issues Consolidated Supervisory Directions
MandatoryRBI Consolidates 628 Circulars into 64 Master Directions (2026)
RBI's Department of Supervision has replaced 628 circulars and Master Circulars with 64 consolidated Master Directions across 11 entity types, effective July 31, 2026.
Reserve Bank of India issues Consolidated Supervisory Directions
31 July 2026Eff. 31 July 20269 min
RBI issues Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026
MandatoryRBI Issues Master Direction on Credit Derivatives, 2026 — Introduces TRS and Credit Index Products
RBI's Master Direction – Credit Derivatives, 2026 (effective June 25, 2026) introduces CDS and TRS on corporate bonds, plus exchange-traded credit index derivatives, supersedes 2022 norms, and permits FPI participation in CDS up to 5% of corporate bond stock.
RBI issues Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026
26 June 2026Eff. 25 June 202620 min
RBI releases draft Master Direction – Reserve Bank of India (Secondary Market Transactions in Government Securities) Directions, 2026
MandatoryRBI Releases Draft Master Direction on Secondary Market Transactions in Government Securities, 2026
RBI has released a draft Master Direction consolidating rules for outright, 'When Issued', and short sale transactions in Government securities, superseding 30+ existing circulars. Banks, dealers, and investors can submit comments by July 17, 2026.
RBI releases draft Master Direction – Reserve Bank of India (Secondary Market Transactions in Government Securities) Directions, 2026
25 June 202619 min
Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026
MandatoryRBI Issues Master Direction on Trade Receivables Discounting System (TReDS) 2026
RBI issued final TReDS Master Directions 2026 (RBI/DPSS/2026-27/406) on June 23, 2026. MSME seller due diligence removed, ₹25 crore net worth mandated (existing operators by Mar 31, 2028), credit guarantee from GoI trusts permitted, re-discounting enabled.
Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026
24 June 2026Eff. 23 June 202619 min
RBI Issues Master Directions on Authorisation to operate a Payment System
MandatoryRBI Issues Master Directions on Authorisation to Operate a Payment System
RBI issued Master Directions on Authorisation to Operate a Payment System on June 15, 2026. The framework consolidates earlier rules, strengthens perpetual validity, on-tap authorisation, surrender, cooling period, and FATF-linked investment restrictions.
RBI Issues Master Directions on Authorisation to operate a Payment System
16 June 2026Eff. 15 June 202633 min