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RBI Withdraws 42 Outdated Circulars Under RRA 2.0

Current · Source: Reserve Bank of India · RBI/2021-22/169 · issued 18 Feb 2022 · ~1 min read
Quick answerRBI has withdrawn 42 circulars, some dating back to 1959, covering topics like Section 35B of the Banking Regulation Act, CRR interest, board appointments, Hindi implementation, and FCNR/NRE accounts. This cleanup reduces regulatory clutter for banks.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, was updating her bank's compliance manual. She found an old circular from 1975 about converting FCNR (foreign currency accounts for NRIs) to NRE (rupee accounts for NRIs). Thanks to the RBI's withdrawal, she crossed it out, saving her team hours of confusion and ensuring they only follow current rules.

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 The withdrawn circulars include old instructions on Section 35B of the Banking Regulation Act, 1949, CRR interest claims, director appointments, Local Advisory Boards, Hindi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Banks no longer need to comply with these outdated circulars, simplifying compliance.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

Who it affects

All Scheduled Commercial Banks, All Payments Banks, All Small Finance Banks, All Local Area Banks

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Which circulars were withdrawn?

A total of 42 circulars were withdrawn, covering topics like Section 35B of the Banking Regulation Act, 1949, CRR interest claims, appointment of directors, Local Advisory Boards, Hindi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.

📜 Read the original circular — full text as issued by RBI
RBI/2021-22/169 DoR.RRA.89/01.01.101/2021-22 February 18, 2022 All Scheduled Commercial Banks All Payments Banks All Small Finance Banks All Local Area 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 Annexure are withdrawn with effect from close of business today. Yours faithfully, (Neeraj Nigam) Chief General Manager-in-Charge Encl: As above Annexure List of Circulars withdrawn Sr No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-22/169 · issued 18 Feb 2022. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All Scheduled Commercial Banks, All Payments Banks, All Small Finance Banks, All Local Area Banks), your first concrete step on “RBI Withdraws 42 Outdated Circulars Under RRA 2.0” is: “Review the list of 27 withdrawn circulars and update your internal compliance manuals accordingly.” (RBI issued this 18 Feb 2022).

  1. Circular: RBI/2021-22/169 -- RBI Withdraws 42 Outdated Circulars Under RRA 2.0
  2. Issued: 18 Feb 2022
  3. Action required: Review the list of 27 withdrawn circulars and update your internal compliance manuals accordingly.
  4. Action required: Ensure any processes referencing these circulars (e.g., CRR interest claims, director appointments) are aligned with current RBI master directions.
  5. Action required: Communicate the withdrawal to relevant departments like legal, compliance, and treasury to avoid inadvertent reliance on old instructions.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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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=12241&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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