64 master directions replace 628 supervisory circulars
The Reserve Bank of India has issued 64 consolidated Master Directions, replacing 628 existing supervisory circulars across 11 categories of regulated entities to streamline regulatory compliance and reduce costs.
Restructuring framework across eleven sectors
The Department of Supervision has finalized a comprehensive restructuring of its supervisory universe, replacing 628 circulars, Master Circulars, and Master Directions with 64 function-wise, entity-specific Master Directions.
The streamlined instructions cover up to nine functional areas across 11 distinct classes of regulated entities, including commercial banks, small finance banks, payment banks, co-operative banks, non-banking financial companies, asset reconstruction companies, and credit information companies.
This overhaul follows a public consultation launched on April 8, 2026, during which the central bank received 767 comments from stakeholders.
While suggestions requiring policy changes outside the consolidation scope were deferred for separate review, comments clarifying technical accuracy were incorporated into the final directions.
Single reference library launched
The newly issued 64 Master Directions are now hosted on the Reserve Bank of India website under the Department of Supervision section, creating a single reference library for all operational instructions.
Simultaneously, the central bank issued a dedicated circular formally repealing and withdrawing the 628 legacy instructions.
Regulated institutions can access the historical list of withdrawn circulars through the designated portal notifications.
This framework aims to reduce compliance friction by establishing a unified supervisory standard.
Housecleaning without policy shift
Consolidating legacy circulars provides practical administrative relief rather than substantive policy reform.
While a single library reduces legal friction for compliance teams, underlying regulatory burdens remain intact.
The long-term benefit hinges on preventing new rule creep over coming years.