To celebrate the festival of Diwali in India, we start with deep cleaning our houses. To make room for a simpler and cleaner compliance framework the RBI has also decided to potentially make 9000 circulars redundant.
The said circulars will be replaced by master directions, and the draft of such master directions have been put forward for public comments. The intent behind this herculean task is to improve the accessibility of regulatory instructions for the regulated entities at one place.
The central bank has pointed out that the consolidation has been done on an ‘as-is’ basis, with only select editorial interventions to update terminologies or to remove ambiguities in the existing language, i.e., there has been no review of instructions.
For further details, please see:
Consolidation of Regulations – Drafts for comments
Drafts of the 238 consolidated Master Directions / Guidelines (RE-wise)
List of the circulars proposed to be repealed
For any queries / clarifications, please feel free to ping us and we will be happy to chat:
