What changed
RBI withdrew 30 circulars covering RTGS service charges, NEFT penal interest, prepaid payment instrument guidelines, and customer grievance reporting. The withdrawals are effective from close of business on February 18, 2022, under the Regulations Review Authority (RRA 2.0) initiative.
What it means for you
Banks and payment system operators must ensure they are following the latest master directions and circulars, as the withdrawn circulars are no longer valid. This cleanup reduces regulatory clutter, but entities should verify that their compliance frameworks reference only current RBI instructions.
What you must do
- Review the list of 30 withdrawn circulars and remove them from your compliance reference documents.
- Update internal policies and training materials to reflect only current RBI master directions and circulars.
- Ensure your payment systems (RTGS, NEFT, PPIs) comply with the latest regulatory framework, not the withdrawn circulars.
- Communicate the withdrawal to relevant teams (compliance, operations, legal) to avoid reliance on outdated instructions.
Who it affects
All scheduled commercial banks, Authorised payment system operators, Prepaid payment instrument issuers, Compliance and legal teams in banks
Which circulars were withdrawn?
RBI withdrew 30 circulars covering RTGS service charges, NEFT penal interest, prepaid payment instrument guidelines, and customer grievance reporting. The full list is in the annex to the RBI notification.