What changed
RBI withdrew 42 circulars effective February 18, 2022, as part of the Regulations Review Authority (RRA 2.0) interim recommendations. The withdrawn circulars include old instructions on Section 35B of the Banking Regulation Act, 1949, CRR interest claims, director appointments, Local Advisory Boards, Hindi usage, and FCNR/NRE account conversions.
What it means for you
Banks no longer need to comply with these outdated circulars, simplifying compliance. This cleanup reduces the risk of following obsolete rules and lowers administrative burden, especially for legacy processes like CRR interest claims and board composition.
What you must do
- Review the list of 27 withdrawn circulars and update your internal compliance manuals accordingly.
- Ensure any processes referencing these circulars (e.g., CRR interest claims, director appointments) are aligned with current RBI master directions.
- Communicate the withdrawal to relevant departments like legal, compliance, and treasury to avoid inadvertent reliance on old instructions.
Who it affects
All Scheduled Commercial Banks, All Payments Banks, All Small Finance Banks, All Local Area Banks
Which circulars were withdrawn?
A total of 42 circulars were withdrawn, covering topics like Section 35B of the Banking Regulation Act, 1949, CRR interest claims, appointment of directors, Local Advisory Boards, Hindi implementation, and FCNR/NRE accounts. The full list is in the annexure of the RBI notification.