RBI Press Conference: 11 Sectors Set To Have Easier Regulatory Framework — Key Highlights

India's booming financial sector will get what it has long sought: easier rulebooks.

The RBI on Friday scrapped over 9,000 circulars, most of them obsolete, and consolidated rules under a large pack of Master Directions.

Deputy Governor SC Murmu said the measures have been taken after extensive industry consultations.

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"As far as department of regulation is concerned, this is a one time exercise. From here on, we will add to what has been built as a foundation," said SC Murmu.

The RBI deputy governor also said response from regulated entities has been good on these measures amd all stakeholders have been engaged for this process.

RBI Deputy Governor SC Murmu said of the 9,446 circulars repealed, 3,809 have been subsumed or incorporated into master circular and the rest 5,673 have been repealed for being obsolete.

RBI regulated sectors in focus for regulatory framework optimisation:

• Commercial Banks

• Small Finance Banks

• Payments Banks

• Local Area Banks

• Regional Rural Banks

• Urban Cooperative Banks

• Rural Cooperative Banks

• All India Financial Institutions

• Non-Banking Financial Companies

• Asset Reconstruction Companies

• Credit Information Companies

"All circulars applicable to commercial banks have been covered under 32 master directions. Stakeholders need to only follow directions listed under the master directions. On bank licensing, the guidelines across various entities have been consolidated as well," said RBI Deputy Governor SC Murmu.

He further said in any situation where the regulations require any changes or updation those will also be put within these master directions.