No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2024-25/12 · issued 02 Apr 2024 · ~2 min read
Quick answerRBI issued a revised Master Circular on prudential norms for income recognition, asset classification, and provisioning (IRAC) as of April 2, 2024. It consolidates all instructions issued up to March 31, 2024, without introducing new guidelines. Banks must use this as the single reference for IRAC compliance.
What changed
The RBI replaced the previous Master Circular dated April 1, 2023, with a revised version updated to include all instructions issued up to March 31, 2024. The circular explicitly states it only consolidates existing instructions and does not contain any new guidelines. Annex 5 lists the circulars that have been consolidated.
What it means for you
Banks now have a single, updated reference document for all IRAC norms, reducing the need to track multiple circulars. This consolidation ensures uniformity in compliance and reporting across commercial banks (excluding RRBs). Lenders should review the updated annexes and ensure their internal policies align with the latest consolidated instructions.
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
Replace the old Master Circular (dated April 1, 2023) with this revised version for all IRAC-related compliance and reporting.
Review Annex 5 to identify any circulars that have been newly consolidated and ensure your bank's practices reflect them.
Update internal training materials and policy documents to reference this Master Circular as the single source for IRAC norms.
Ensure that no new instructions are being implemented inadvertently; this is purely a consolidation exercise.
Who it affects
All Commercial Banks (excluding RRBs), Risk management and credit departments, Compliance and audit teams, Loan officers handling asset classification and provisioning
RBI’s words: “Please refer to the Master Circular DOR.STR.REC.8/21.04.048/2024-25 dated April 2, 2024 consolidating instructions”
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #125: DOR.STR.REC.8/21.04.048/2024-25 — "Master Circular - Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances" date”
📜 Read the original circular — full text as issued by RBI
RBI/2024-25/12
DOR.STR.REC.8/21.04.048/2024-25
April 02, 2024
All Commercial Banks (excluding RRBs)
Madam/Dear Sir
Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances
Please refer to the Master Circular DOR.STR.REC.3/21.04.048/2023-24 dated April 1, 2023 consolidating instructions / guidelines issued to banks till March 31, 2023 on matters relating to prudential norms on income recognition, asset classification and provisioning pertaining to advances.
2. Attached is the revised Master Circular , updated to reflect all instructions issued upto March 31, 2024 on the above matter, as listed in Annex 5 . It may be noted that this Master Circular only consolidates all instructions on the above matter issued up to March 31, 2024 and does not contain any new instructions/guidelines.
Yours faithfully
(Vaibhav Chaturvedi)
Chief General Manager
Encl.: As above
MASTER CIRCULAR - PRUDENTIAL NORMS ON INCOME RECOGNITION, ASSET
CLASSIFICATION AND PROVISIONING PERTAINING TO ADVANCES
Table of Contents
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2024-25/12 · issued 02 Apr 2024. 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=12657&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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