RBI Withdraws 30 Old Payment System Circulars Under RRA 2.0
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2021-2022/164 · issued 18 Feb 2022 · ~1 min read
Quick answerRBI has withdrawn 30 circulars on RTGS, NEFT, and prepaid payment instruments effective close of business on February 18, 2022, as part of RRA 2.0 interim recommendations. Banks and payment operators must comply with current master directions and circulars.
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Banks and payment system operators must ensure they are following the latest master directions and circulars, as the withdrawn circulars are no longer valid.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.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Review the list of 30 withdrawn circulars and remove them from your compliance reference documents.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Ensure your payment systems (RTGS, NEFT, PPIs) comply with the latest regulatory framework, not the withdrawn circulars.
Communicate the withdrawal to relevant teams (compliance, operations, legal) to avoid reliance on outdated instructions.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
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 06:50 IST
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Which circulars were withdrawn?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.
📜 Read the original circular — full text as issued by RBI
RBI/2021-2022/164
CO.DPSS.OVRST.No.S1477/06-08-001/2021-2022
February 18, 2022
The Chairman /Managing Director /
Chief Executive Officer
Authorised Payment System Operators /
Banks
Madam /Dear Sir,
Regulations Review Authority (RRA 2.0) – Interim Recommendations –
Withdrawal of Circulars
Please refer to the press release dated February 18, 2022 issued on the captioned subject.
2. The circulars listed in the Annex are withdrawn with effect from close of business today.
Yours faithfully,
(P. Vasudevan)
Chief General Manager
Encl.: As above.
Annex
List of Circulars withdrawn with effect from February 18, 2022
(Enclosure to CO.DPSS.OVRST.No. S1477 / 06-08-001 / 2021-2022 dated February 18, 2022)
Sr.No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-2022/164 · issued 18 Feb 2022. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12237&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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