What changed
RBI withdrew eight circulars related to audit classification, statutory auditor internal assignments, departmental audit violations, and computerization in urban co-operative banks. These circulars, dating from 1984 to 2009, were identified as redundant under the Regulations Review Authority (RRA 2.0) interim recommendations.
What it means for you
Banks and auditors no longer need to comply with these specific old circulars, reducing regulatory clutter. The withdrawal signals RBI's focus on streamlining legacy instructions, but banks must still follow current master directions on audit and IT. No new compliance burden is introduced.
What you must do
- Remove references to the withdrawn circulars from your internal compliance checklists.
- Ensure audit and IT practices align with current RBI master directions and circulars.
- Inform your statutory auditors and audit committee about the withdrawal of these circulars.
- Review any internal policies that may have relied on these circulars and update them.
Who it affects
Primary (Urban) Cooperative Banks, Statutory auditors of urban co-operative banks, Registrars of Cooperative Societies (States/UTs)
Which circulars were withdrawn?
Eight circulars were withdrawn, covering audit standards, statutory auditor internal assignments, departmental audit violations, and computerization in urban co-operative banks, issued between 1984 and 2009.
Do I need to change my current audit process?
No immediate change is required. The withdrawn circulars are outdated; you should continue following current RBI master directions on audit and IT.
Why did RBI withdraw these circulars?
As part of the Regulations Review Authority (RRA 2.0) interim recommendations, RBI is cleaning up legacy circulars that are no longer relevant or have been superseded.