The Reserve Bank of India (RBI), on September 22, 2026, issued the Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025, which was updated as on September 22, 2026. The Directions were finalised after considering stakeholder feedback received on the draft Master Direction issued for comments on June 16, 2025.
The Directions provide the regulatory framework applicable to participants in Rupee interest rate derivatives markets and have been issued by RBI under the powers conferred by Section 45W of the Reserve Bank of India Act, 1934. The updated Master Direction consolidates the applicable regulatory requirements governing transactions in rupee interest rate derivatives.
The Directions are applicable with effect from March 1, 2026. The September 22, 2026 update therefore represents an update to the existing regulatory framework rather than a change in the original effective date.
[Master Direction No. RBI/FMRD/2025-26/380]
