The Reserve Bank of India (RBI) on April 10, 2026, issued amendment to the Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025.
The Reserve Bank of India has referred to the existing regulatory framework under the Foreign Exchange Management Act, 1999, specifically the Foreign Exchange Management (Debt Instruments) Regulations, 2019 and the updated Master Direction - Non-resident Investment in Debt Instruments, 2025. These govern investments in debt instruments by Non-Resident Indians (NRIs) and related operational guidelines.
Over time, the RBI has issued multiple instructions covering areas such as NRI investments in debt instruments and the use of such instruments as collateral for exchange-traded derivative transactions. These scattered instructions have now been consolidated into the updated Master Direction to provide a clearer and more streamlined regulatory framework.
Authorised Dealer Category-I (AD Category-I) banks are advised to inform their customers and stakeholders about these updated directions. The circular has been issued under Sections 10(4) and 11(1) of FEMA, and compliance with these directions is required alongside any other applicable legal approvals.
The updated Master Direction - https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12765
[Notification No. RBI/2026-27/10 A.P. (DIR Series) Circular No. 06]
