RBI Circulars, Decoded in Plain Language
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RBI/2026-27/06
Floating Rate Savings Bonds, 2020 (Taxable) - FRSB 2020 (T) - Operational Guidelines
RBI has issued revised operational guidelines for Floating Rate Savings Bonds, 2020 (Taxable) [FRSB 2020(T)], effective April 2, 2026. These supersede the earlier guidelines dated June 30, 2020 (as updated June 27, 2022). All Receiving Offices must transition to the new guidelines immediately.
RBI/2026-27/05
Memorandum of Instructions governing money changing activities – Location of Forex Counters in International Airports in India
RBI now permits Indian residents (in addition to non-residents) to exchange Indian Rupee notes at forex counters located in departure hall Duty-Free Areas or Security Hold Areas beyond the Immigration/Customs desk at international airports. This amends the previous restriction that limited such exchange facilities in the departure hall security hold to non-residents only. Authorised Persons must inform their constituents and customers accordingly.
RBI/2026-27/01
Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Listing of 01 Entry
RBI has notified regulated entities of a new UNSC ISIL/Al-Qaida sanctions list addition — individual Hamidah Nabagala (QDi.439), a Ugandan national linked to ISIL financing in Central Africa. All regulated entities must immediately screen their accounts and customer databases against this updated list and take required action under Section 51A of UAPA, 1967. No new accounts should be held in the name of this listed individual, and any existing accounts must be frozen in accordance with the UAPA Order.
RBI/2026-27/02
Reporting under Foreign Exchange Management Act, 1999 – Returns pertaining to Foreign Exchange Management (Guarantees) Regulations, 2026
RBI has introduced standardised reporting forms (GRN Issue, GRN Modification, GRN Invocation) for guarantees under the new FEMA 8(R) Regulations 2026. Authorised Dealer banks must submit these returns to RBI via CIMS within 30 calendar days from end of the respective quarter. Late Submission Fees apply for delayed invocation reporting based on liability created, while issue and modification forms carry nil 'A' value for LSF computation.
RBI/DCM/2026-27/393
Master Direction on Incentives for Currency Distribution and Exchange and Penalties / Penal Provisions for Bank Branches and Currency Chests for Deficiency in Rendering Customer Service and Reporting of Transactions / Balances
RBI has issued a comprehensive Master Direction consolidating all extant guidelines on incentives for currency distribution/exchange and penalties/penal provisions for bank branches and Currency Chests (CCs) regarding customer service deficiencies and reporting lapses. This replaces all previously issued Master Directions and circulars on the subject listed in Annex III. All banks are immediately subject to these consolidated directions effective from the date of publication on RBI's official website.
RBI/2026-27/04
Risk Management and Inter-Bank Dealings (Revised)
With immediate effect, Authorised Dealers (ADs) are prohibited from offering Non-Deliverable Derivative (NDD) contracts involving INR to any user (resident or non-resident), from permitting rebooking of any cancelled INR foreign exchange derivative contract, and from transacting INR forex derivatives with their related parties. These are sweeping restrictions on INR derivative market activity applicable to all ADs until further review.
RBI/DCM/2026-27/395
Master Direction – Facility for Exchange of Notes and Coins
RBI has issued a consolidated Master Direction mandating all bank branches to provide currency exchange services (fresh notes, soiled/mutilated note exchange, coin acceptance) to all members of the public without discrimination. Small Finance Banks (within 2 years of commencement) and Payment Banks have limited optional obligations. All prior circulars and Master Circulars on this subject stand withdrawn from April 1, 2026.
RBI/DCM/2026-27/394
Master Direction on Counterfeit Notes – Detection, Reporting and Monitoring
RBI has issued a consolidated Master Direction on Counterfeit Notes replacing all previous circulars and Master Directions on the subject, effective April 1, 2026. All banks must detect, impound, report, and monitor counterfeit notes per the updated unified framework. Non-compliance, including failure to impound detected counterfeit notes, will be treated as wilful involvement and attract penalties.
RBI/2026-27/03
Overseas Investment – Submission of References to the Reserve Bank
With effect from April 1, 2026, Overseas Investment references from Persons Resident in India must no longer be sent to RBI's Central Office but instead routed to one of seven designated Regional Offices via the PRAVAAH portal, based on the UIN prefix of the foreign entity. AD Category I Banks must update their internal submission workflows immediately. Amendments to the Master Direction on Overseas Investment dated July 24, 2024 are also being made.
RBI/2025-26/263
Reserve Bank of India (Trade Relief Measures) Directions, 2026
RBI has issued the Trade Relief Measures Directions, 2026 (effective immediately) in response to the West Asian geopolitical crisis, extending the maximum export credit period to 450 days for disbursements made up to June 30, 2026. Additionally, existing packing credit facilities where dispatch could not occur may now be liquidated through alternate sources including domestic sale proceeds or substitution with another export order. All regulated entities engaged in export financing must implement these measures promptly.
RBI/2025-26/258
Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) – Amendment Directions, 2026 (Revised)
RBI has revised two sub-paragraphs in the Commercial Banks (Undertaking of Financial Services) Directions, 2025, specifically modifying the permitted/restricted financial services language around acquisition/bridge finance and lending against eligible securities. These amendments are consequential to the Credit Facilities Amendment Directions (Revised) dated March 30, 2026, and supersede the earlier February 13, 2026 amendment. Banks must implement these changes either when they adopt the Credit Facilities Amendment Directions or by July 1, 2026, whichever is earlier.
RBI/2025-26/257
Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) – Third Amendment Directions, 2026 (Revised)
RBI has revised the disclosure format for 'Exposure to Capital Markets' in Notes to Accounts (para 10(5)) under the Financial Statements Directions, 2025. The old sub-paragraph 10(5)(ii) is deleted and replaced with a new, expanded table (sub-para iia) that includes additional line items such as REITs, InvITs, AIFs, acquisition finance sub-categories, and clearing member trade exposures. This supersedes the earlier Third Amendment Directions dated February 13, 2026, and must be implemented by July 1, 2026 at the latest.
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