RBI Overhauls Regulatory Framework with Massive Circular Consolidation

The Reserve Bank of India has completed a significant consolidation exercise, simplifying its regulatory framework by repealing 5,673 obsolete circulars. This initiative results in a more accessible system, primarily through 244 newly organized master directions. The effort follows similar global movements toward modernizing regulatory compliance.

The Reserve Bank of India has executed a monumental task by consolidating its extensive array of circulars, resulting in the repeal of 5,673 outdated directives. This comprehensive overhaul aims to simplify compliance requirements and make regulatory frameworks more accessible to entities.

Through the classification of over 3,800 circulars into broader themes, the RBI now has 244 master directions tailored to streamline the regulatory environment. Deputy Governor S C Murmu characterized the initiative as unparalleled in the bank's history, emphasizing its impact on reducing compliance costs.

The consolidation process reflects RBI Governor Sanjay Malhotra's focus on compliance ease, aligning with global efforts to update regulatory practices. The successful reformation underlines a commitment to ensuring that guidelines are consistently followed in both letter and spirit.

(With inputs from agencies.)