India, Dec. 8 -- The Reserve Bank of India (RBI) has issued the final Master Direction on Rupee Interest Rate Derivatives (IRD), updating the regulatory framework introduced in June 2019. The revised directions aim to support a growing market for IRD products driven by broader participation from residents and non-residents, expanding product availability, external loan benchmarking and greater reliance on market-based finance.
A draft of the updated framework was released on June 16, 2025, inviting stakeholder feedback. After reviewing comments, RBI incorporated necessary modifications into the final version.
The updated Master Direction is designed to enhance transparency, align regulations with market developments and address risk manag...