RBI Withdraws 46 Old Export Credit Circulars Under RRA 2.0
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2022-23/39 · issued 02 May 2022 · ~2 min read
Quick answerRBI has withdrawn 46 circulars related to the Export Credit (Interest Subsidy) Scheme, 1968, effective May 2, 2022, as part of the Regulations Review Authority (RRA 2.0) interim recommendations. This cleanup removes outdated instructions no longer relevant.
What changed
RBI withdrew 46 circulars dating from 1968 to 1990, all tied to the Export Credit (Interest Subsidy) Scheme, 1968. These circulars covered interest subsidy, packing credit, and audit requirements for export credit. The withdrawal is effective from close of business on May 2, 2022.
What it means for you
Banks no longer need to reference these decades-old circulars for export credit operations, simplifying compliance. The move signals RBI's push under RRA 2.0 to streamline regulations and remove obsolete instructions. Lenders should ensure their internal policies align with current export credit frameworks, not these withdrawn circulars.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Remove references to the 34 withdrawn circulars from your internal compliance checklists and manuals.
Update your export credit processing systems to rely on current RBI master directions and circulars.
Brief your trade finance and compliance teams on this withdrawal to avoid using outdated instructions.
Review any pending claims or audits that might have referenced these circulars and adjust accordingly.
Who it affects
Scheduled Commercial Banks including RRBs, Payments Banks, Small Finance Banks, Local Area Banks, Authorized Dealers, Primary (Urban) Co-operative Banks
❓ Common questions
Regulatory timeline
Stated effective dateeffective May 2, 2022
Decoded by BankPulse2026-06-18 06:17 IST
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Why did RBI withdraw these 34 circulars?
As part of the Regulations Review Authority (RRA 2.0) interim recommendations, RBI is cleaning up outdated circulars that are no longer relevant. These specific circulars from 1968-1984 pertained to the Export Credit (Interest Subsidy) Scheme, 1968, which has been superseded by modern frameworks.
Do I need to take any immediate action for past claims under these circulars?
The circulars are withdrawn effective May 2, 2022. For past claims, you should consult current RBI guidelines on export credit. The withdrawal does not retroactively affect valid claims made before this date, but future operations must follow updated regulations.
📜 Read the original circular — full text as issued by RBI
RBI/2022-23/39
DoR.RRA.31/01.01.101/2022-23
May 2, 2022
All Scheduled Commercial Banks (including Regional Rural Banks)
All Payments Banks
All Small Finance Banks
All Local Area Banks
All Authorized Dealers
All Primary (Urban) Co-operative Banks
Madam / Dear Sir,
Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
Please refer to the Press Release dated May 2, 2022 issued on the captioned subject.
2. The circulars listed in the Annexure are withdrawn with effect from close of business today.
Yours faithfully,
(R Lakshmi Kanth Rao)
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/2022-23/39 · issued 02 May 2022. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
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=12307&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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