The Reserve Bank of India (RBI) on Monday published the Draft Master Direction – Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025 on its official website. The central bank has invited comments and suggestions from banks, market participants, and other stakeholders by July 7, 2025.

Feedback on the draft can be submitted to the Chief General Manager, Financial Markets Regulation Department, RBI, at the central office in Mumbai, or via email with the subject line “Feedback on Draft Reserve Bank of India (Rupee Interest Rate Derivatives) Directions, 2025”.

The proposed guidelines follow a comprehensive review of the existing regulatory framework for Rupee Interest Rate Derivatives (IRD), last issued in June 2019. The revised draft takes into account recent market developments, including the introduction of new derivative products and increased participation by non-resident entities.

According to the RBI, the draft directions aim to align the regulatory framework with evolving market practices and global trends. Additionally, reporting requirements have been simplified to reduce the compliance burden. A new proposal for reporting IRD transactions conducted globally is also included, with the objective of improving transparency in the rupee IRD market.