RBI issued the Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026 on June 25, 2026, superseding the earlier Credit Derivatives Directions, 2022. The revised framework aims to deepen India's corporate bond market by broadening the range of credit derivative products, expanding market participation, and strengthening the regulatory framework governing credit risk transfer instruments. The Directions came into effect immediately.

RBI, vide A.P. (DIR Series) Circular No. 18 dated June 24, 2026, has undertaken a comprehensive review of circulars issued under the FEMA since June 1, 2000. As part of its ongoing regulatory rationalisation initiative, RBI has withdrawn circulars that have become inoperative due to subsequent amendments, redundancy, overlap or supersession by later directions. The circular has been issued under Sections 10(4) and 11(1) of FEMA and is effective immediately. It does not introduce any new regulatory requirements or amend the existing FEMA framework.

RBI has issued the First Amendment Directions, 2026 to amend the Non-Banking Financial Companies – Governance Directions, 2025 and Second Amendment Directions, 2026 to amend the Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures Directions, 2025. These amendments provide an exemption from the mandatory listing requirement applicable to NBFCs in the Upper Layer (NBFC-UL) for entities that are fully owned and controlled by the Government. The amendment came into force on June 24, 2026.

The RBI has issued (Non-Banking Financial Companies – Concentration Risk Management) Third Amendment Directions, 2026 on June 24, 2026 to amend the NBFC Concentration Risk Management Directions, 2025, following a review of Scale Based Regulatory Framework norms for Upper Layer NBFCs and Credit/ Investment concentration norms for Government-owned NBFCs.

RBI has issued (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Second Amendment Directions, 2026 to replace the two-pronged (parametric scoring + top 10 asset size) methodology for identifying Upper Layer NBFCs (NBFC-UL) with a single, absolute asset size threshold, and added a carve out for NBFCs that are group entities of Scheduled Commercial Banks (SCBs).

RBI issued the Commercial Banks – Prudential Norms on Capital Adequacy Tenth Amendment Directions, 2026 on June 24, 2026. The amendment revises the methodology for calculation of Net Open Position (NOP) and capital charge for foreign exchange (forex) risk, aligning the framework with international standards and ensuring consistent implementation across commercial banks. The amended provisions shall come into effect from April 1, 2027.

RBI issued the Commercial Banks – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) Third Amendment Directions, 2026 on June 19, 2026. The amendment modifies the Commercial Banks – Cash Reserve Ratio and Statutory Liquidity Ratio Directions, 2025 by providing a temporary CRR and SLR exemption for eligible Non-Resident (External) Rupee (NRE) term deposits. The amendment came into force with immediate effect. Similar amendments are introduced for Small Finance Banks, Regional Rural Banks, Rural Co-operative Banks and Urban Co-operative Banks.

RBI has issued the Commercial Banks – Interest Rate on Deposits Amendment Directions, 2026, effective June 17, 2026. These amendments are temporary measures aimed at encouraging greater inflow of foreign currency deposits into Indian banks. The amendments provide banks with greater flexibility in offering interest rates on FCNR(B) and NRE deposits of specified tenors by temporarily removing existing interest rate restrictions until September 30, 2026. Similar amendments are introduced for Small Finance Banks, Regional Rural Banks, Rural Co-operative Banks, Urban Co-operative Banks, and Local Area Banks.

RBI has issued the Non-Banking Financial Companies – Prudential Norms on Capital Adequacy Third Amendment Directions, 2026, effective June 16, 2026. The amendment aligns RBI's prudential framework with the Government's Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 (‘the Scheme’) enabling NBFCs to receive capital relief on eligible guaranteed loans. The amendment introduces a 0% risk weight for a specified portion of ECLGS 5.0 guaranteed exposures, thereby reducing the capital requirement for NBFCs while continuing to apply existing prudential norms to the remaining exposure. Similar amendments are introduced for Small Finance Banks, Regional Rural Banks, Urban Co-operative Banks, All India Financial Institutions, and Commercial Banks.

Notification dated June 23, 2026 introducing Chapter IIA for Credit Facilities Linked to Specific Payment Instruments including pre-sanctioned UPI credit lines. Similar amendments are introduced for Small Finance Banks.

Under Section 101A of the Insurance Act, 1938, general insurers are required to cede a prescribed percentage of the sum insured under each policy to the Indian reinsurer(s). This Obligatory Cession mechanism supports domestic reinsurance capacity and strengthens the Indian insurance market. This amendment applies to all General Insurance Policies attaching during the financial year from April 1, 2026 to March 31, 2027.