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RBI Withdraws 44 Old Circulars on Interest Rates, Export Credit, and Other Topics

Current · Source: Reserve Bank of India · RBI/2022-23/48 · issued 13 May 2022 · ~2 min read
Quick answerRBI has withdrawn 44 outdated circulars on interest rates for agriculture, deposits, advances, export credit, as well as topics like sitting fees, travelling and halting allowances, lateral movement of staff, board of directors, and Liberalisation of Exchange Co (as per source subject 'Liberalisation of Exchange Co' for Sr. No. 44), effective from close of business on May 13, 2022. This cleanup under RRA 2.0 removes obsolete instructions, simplifying compliance for banks.
The rule, in the simplest words
How it plays out — a real example

An agri & priority-sector lending officer in Indore, Priya, used to check a 1985 circular for interest rates on farm loans. After May 13, 2022, she knows that rule is gone, so she only looks at the latest RBI directions to set rates for her farmer customers, saving time and avoiding confusion.

What changed

RBI withdrew 44 circulars dating from 1972 to 2013, covering topics like interest rate on lending to the agricultural sector, interest rates on deposits and advances, penal interest on advances, rupee export credit, acceptance of sitting fees, travelling and halting allowances, lateral movement of staff, board of directors, and Liberalisation of Exchange Co (source: Sr. No. 44 subject 'Liberalisation of Exchange Co'). These circulars are no longer valid from close of business on May 13, 2022.

What it means for you

Banks no longer need to reference these old circulars for compliance, as they are withdrawn effective from close of business on May 13, 2022, as per RBI notification RBI/2022-23/48 DoR.RRA.36/01.01.101/2022-23.

What you must do

Who it affects

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

❓ Common questions

Do I need to change my current lending rates because of this withdrawal?

The source does not address this; it only states the circulars are withdrawn. No change is mandated by this notification alone.

What happens if I still follow one of these withdrawn circulars?

The source does not specify consequences; it only states the circulars are withdrawn. Banks should follow current applicable directions.

Are there any new circulars replacing these withdrawn ones?

The source does not mention replacements; it only lists withdrawn circulars.

📜 Read the original circular — full text as issued by RBI
RBI/2022-23/48 DoR.RRA.36/01.01.101/2022-23 May 13, 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) - Recommendations for Withdrawal of Circulars Please refer to the Press Release dated May 13, 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/2022-23/48 · issued 13 May 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 (including regional rural banks), All payments banks, All small finance banks, All local area banks, All authorized dealers, All primary (urban) co-operative banks), your first concrete step on “RBI Withdraws 44 Old Circulars on Interest Rates, Export Credit, and Other Topics” is: “The source does not specify required actions; it only states the circulars are withdrawn. Banks should refer to current applicable directions.” (RBI issued this 13 May 2022).

  1. Circular: RBI/2022-23/48 -- RBI Withdraws 44 Old Circulars on Interest Rates, Export Credit, and Other Topics
  2. Issued: 13 May 2022
  3. Action required: The source does not specify required actions; it only states the circulars are withdrawn. Banks should refer to current applicable directions.
  4. Owner: ____________ Target date: ____________
  5. Board/committee approval needed? Y / N
  6. 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 02 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=12315&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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