Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025

RBI/FMRD/2025-26/380
FMRD.DIRD.No.06/14.03.046/2025-26
 

December 08, 2025

To
All participants in Rupee interest rate derivatives markets
 

Dear Sir / Madam,
 

Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025
 

Please refer to press release dated June 16, 2025, inviting stakeholder comments/feedback on the Draft Master Direction - Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025.
 

2. Based on the feedback received, the Directions have since been finalised and issued herewith.
 

3. These Directions have been issued by the Reserve Bank in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934, and of all the powers enabling it in this behalf.
 

4. These Directions shall be applicable from March 01, 2026.

 

Yours faithfully

(Dimple Bhandia)
Chief General Manager

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