RBI Withdraws 8 Outdated Circulars on Compliance and Audit
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2024-25/37 · issued 21 May 2024 · ~1 min read
Quick answerRBI has withdrawn eight circulars on compliance, internal audit, and risk-based audit, effective May 21, 2024. Banks can now drop these obsolete instructions from their compliance checklists, simplifying regulatory adherence.
The rule, in the simplest words
RBI (the central bank of India) removed 8 old rules about checking banks' work and money safety.
Banks can stop following these old rules from May 21, 2024.
This makes it easier for banks to follow only the current rules.
Banks must update their checklists and tell their teams about this change.
How it plays out — a real example
A compliance officer in a Mumbai bank, Priya, updates her team's checklist to remove the 8 old circulars. Now, when she reviews the bank's internal audit reports, she only checks the latest RBI rules, saving time and avoiding confusion.
What changed
RBI conducted an internal review to identify and remove obsolete or superfluous instructions. As a result, eight circulars related to compliance officers, internal audit, and risk-based audit have been withdrawn with immediate effect.
What it means for you
Banks no longer need to follow these specific circulars, reducing regulatory clutter. This cleanup helps streamline compliance processes and allows banks to focus on current, relevant guidelines. It signals RBI's ongoing effort to rationalize regulations.
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Remove the eight withdrawn circulars from your compliance monitoring systems.
Update internal audit and compliance checklists to reflect the withdrawal.
Inform relevant teams (compliance, audit, risk) about the change.
Monitor for any future circulars that may replace or update these instructions.
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Which circulars have been withdrawn?
Eight circulars from 1995 to 2006 covering compliance officers, internal audit, risk-based audit, and audit committees. Full list is in the RBI notification annex.
Do I need to take any action immediately?
Yes, update your compliance and audit checklists to remove these circulars. No further action is required unless RBI issues replacement guidelines.
Will this affect current audit practices?
No, the withdrawn circulars were outdated. Current practices should already align with more recent RBI master directions and circulars.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
📜 Read the original circular — full text as issued by RBI
RBI/2024-25/37
DoS.CO.PPG.SEC.2/11.01.005/2024-25
May 21, 2024
All Scheduled Commercial Banks
All Primary (Urban) Cooperative Banks
Madam / Dear Sir,
Internal Review – Interim Recommendations – Withdrawal of Circulars
An internal review of regulations was carried out to remove obsolete/ outdated/ superfluous instructions, and to rationalize and simplify existing instructions.
2. In view of above, the circulars listed in the Annex are withdrawn with effect from close of business today.
Yours faithfully,
(Tarun Singh)
Chief General Manager
Encl: As above
Annex
List of Circulars withdrawn
S. No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2024-25/37 · issued 21 May 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=12687&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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