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 Each withdrawn circular had already been superseded by a later circular, as detailed in the annexure.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 you must do
- Review the annexure to identify which of your bank's internal policies reference any of the 16 withdrawn circulars.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- Communicate the withdrawal to your audit and compliance teams to avoid reliance on outdated instructions.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
What is the effective date of withdrawal of these circulars?
The circulars were withdrawn with effect from the close of business on November 16, 2021.
Do I need to take any immediate action for ongoing audits?
No immediate action is needed for ongoing audits if you are already following the superseding circulars. However, update your reference documents to remove the withdrawn circulars.
Are there any new compliance requirements from this notification?
No, this notification only withdraws redundant circulars. No new requirements are introduced; banks must continue to follow the superseding circulars listed in the annexure.