RBI Withdraws 16 Redundant Circulars on Audit and Supervision

What changed

RBI withdrew 16 circulars effective November 16, 2021, covering topics like appointment of statutory auditors as internal auditors, concurrent audit systems, auditor remuneration for public sector banks, and supervisory action frameworks for urban cooperative banks. Each withdrawn circular had already been superseded by a later circular, as detailed in the annexure.

What it means for you

This cleanup reduces regulatory clutter for banks, ensuring they refer only to the most current guidelines. For lenders, it simplifies compliance by eliminating obsolete references, but no new requirements are introduced—banks must simply align with the superseding circulars already in effect.

What banks were required to do at the time

• Review the annexure to identify which of your bank's internal policies reference any of the 16 withdrawn circulars.
• Update your compliance manuals and audit procedures to cite only the superseding circulars listed in the annexure.
• Communicate the withdrawal to your audit and compliance teams to avoid reliance on outdated instructions.
• Ensure all future audit appointments and concurrent audit processes follow the latest RBI guidelines.

Who it affects

All Scheduled Commercial Banks, Small Finance Banks, Payments Banks, Local Area Banks, Primary Urban Cooperative Banks