RBI Withdraws 34 Outdated Audit and Reporting Circulars

What changed

RBI reviewed and withdrew 34 circulars listed in the annex, covering topics like statutory auditor appointments, remuneration, half-yearly audit reviews, and DICGC claims certificates. These circulars, issued between 1966 and 2016, are now obsolete. The withdrawal is effective from March 1, 2024.

What it means for you

Banks and lenders can now ignore these outdated circulars, reducing compliance clutter. This cleanup aligns with RBI's ongoing effort to streamline regulations. However, banks must ensure they follow current master directions and circulars on audit and reporting. No new requirements are introduced.

What banks were required to do at the time

• Review the annex of withdrawn circulars and remove them from your compliance checklists.
• Update internal policies and training materials to reflect only current audit and reporting guidelines.
• Ensure statutory auditors and audit committees are aware of these withdrawals to avoid confusion.
• Cross-check current RBI master directions on audit and financial reporting for any overlapping requirements.

Who it affects

All commercial banks (excluding RRBs), All Primary (Urban) Co-operative Banks (UCBs), Statutory auditors and audit committees, Compliance and legal departments of banks