RBI Master Direction on Money Changing Activities — current text (updated 2 April 2026)

The RBI's Master Direction – Money Changing Activities (FED Master Direction No. 3/2015-16) is the consolidated rulebook for Full-Fledged Money Changers, non-bank AD Category-II and franchisees. The current text is updated as on 02 April 2026 and covers licensing and Net Owned Funds, additional branches, franchisees, renewal, operational instructions, KYC/AML/CFT, revocation and fit-and-proper criteria.

FEMTA has summarised the key points in plain language across the Knowledge Base. Always rely on the latest RBI text on the RBI Master Directions page.