On April 8, 2026, the Reserve Bank of India released draft consolidated supervisory instructions for public consultation as part of its ongoing regulatory simplification initiative. Building on its earlier consolidation of over 9,000 regulatory circulars into 238 Master Directions, the Department of Supervision has now merged existing supervisory instructions into 64 Master Directions covering 11 types of regulated entities across nine functional areas. As a result, 626 circulars, including prior Master Circulars and Directions, are proposed to be repealed. The initiative aims to enhance clarity, accessibility, and consistency of supervisory norms, while reducing compliance burdens and improving understanding of applicability across entities. The draft directions and list of repealed circulars have been published for stakeholder feedback until May 8, 2026, via the “Connect 2 Regulate” portal or email. However, suggestions seeking substantive changes to instructions will not be considered in this consolidation exercise.
Reserve Bank of India
April 08, 2026
Consolidation of Supervisory Instructions – Drafts for Comments
The Reserve Bank has constantly endeavoured to refine and strengthen its regulatory and supervisory framework with a view, inter alia, to rationalising the requirements and minimising compliance costs through periodic evaluation for their continued relevance.
2. In furtherance of this objective, Reserve Bank of India had undertaken a comprehensive consolidation exercise of the instructions administered by the Department of Regulation, on an ‘as is’ Attention is drawn to Press Release dated November 28, 2025 communicating the consolidation of more than 9,000 circulars relating to Regulation into 238 Master Directions across 30 functions / areas.
3. In continuation, Department of Supervision has also undertaken a similar exercise for the supervisory instructions. Under this exercise, the existing universe of supervisory instructions up to April 8, 2026 have been consolidated into 64 Master Directions, across 11 types of regulated entities on up to nine functions / areas. Consequently, 626 circulars (including Master Circulars / Master Directions) administered by the Department of Supervision will be repealed. A detailed background of the consolidation exercise is provided here.
4. This exercise is expected to (i) enhance the accessibility and clarity of supervisory instructions for the regulated entities, (ii) reduce compliance burden, and (iii) improve the understanding of the applicability of instructions across different categories of regulated entities.
5. Accordingly, the Reserve Bank has placed today the following draft documents on its website for public comments pertaining to their completeness and accuracy:
(i) Drafts of 64 consolidated Directions
(ii) List of circulars proposed to be repealed.
6. Comments / feedback on these documents may be submitted on or before May 8, 2026 through either of the following channels:
(i) ‘Connect 2 Regulate’ section of the Reserve Bank’s website, using the corresponding hyperlink provided against each document on the hosting page; or
(ii) Email, with the subject line: ‘Feedback on <full name of the draft Direction (including the type of Regulated Entity)>’.
7. It may be noted that feedback or suggestions seeking modification / substantive review of instructions will not be considered as part of this consolidation exercise.
Press Release: 2026-2027/43
(Brij Raj)
Chief General Manager
