RBI 244 Consolidated Master Directions: What Changes for Banks
Why in the news
RBI merged decades of scattered instructions into fewer Master Directions to reduce compliance complexity.
Key facts
- Number: 244 directions for Regulated Entities.
- Consent: explicit and documented; customers cannot be forced onto digital channels, and only they can apply.
- Risk controls: transaction limits, velocity checks and fraud detection; the stricter of RBI or payment operator rules applies.
- Third-party products from subsidiaries, JV partners or promoter group entities cannot be shown on digital channels without RBI permission.
Entities covered
Commercial, small finance, payments, local area, regional rural, urban and rural cooperative banks; All India Financial Institutions, NBFCs, ARCs and credit information companies.
Other directions
- Mobile banking, excluding apps, must work on all networks.
- Outlier transactions may need customer confirmation; alerts go only to registered numbers and emails.
Exam angle
- Count: 244; 11 entity types; about 3,500 reviewed.
- Law cited: Payment and Settlement Systems Act, 2007.