In a bid to consolidate the regulations pertaining to borrowing and lending transactions of resident Indians as well as others the Reserve Bank of India (RBI) will issue consolidated norms for forex loans as well as masala bonds. Masala bonds refer to rupee-denominated borrowings issued by Indian entities in overseas markets. The RBI said in a press release that the consolidated guidelines will be issued by the end of December 2018. \u201cAs part of the ongoing efforts at rationalising multiple regulations framed over a period of time under FEMA, 1999, it is proposed to consolidate the regulations governing all types of borrowing and lending transactions between a person resident in India and a person resident outside India in both foreign currency and INR, in consultation with the Government,\u201d RBI said in a release. The proposed norms will look to further \u00a0improve the ease of doing business in India. Also read:\u00a0Share market LIVE updates: Sensex drops 350 pts, Nifty tanks to 10,750-level as RBI refuses to soften stance The RBI will also issue draft directions for allowing non-resident Indians access to the Rupee Interest Rate Derivatives (IRD) market in India for non-hedging purposes. \u201cNon-residents will also be permitted to participate in the Overnight Indexed Swap (OIS) market for nonhedging purposes, subject to a macro-prudential limit on exposure of all non-residents in terms of the interest rate risk undertaken,\u201d RBI said in the release. Apart from the above, the RBI has also decided to implement \u2018Ombudsman Scheme for Digital Transactions\u2019 covering services provided by entities falling under Reserve Bank\u2019s regulatory jurisdiction. \u201cWith the digital mode for financial transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel,\u201d RBI said in the release, adding that the Scheme will be notified by the end of January 2019. The Reserve Bank of India (RBI) on Wednesday not only kept the repo rate unchanged at 6.5% but also maintained the \u2018calibrated tightening\u2019 stance. While the market was expecting another status quo from the central bank\u2019s monetary policy committee upon moderate inflation, lower crude oil price and strengthening of the rupee, no change in stance could come as a disappointment to many.