RBI Press Conference Live: Over 9,000 Circulars Repealed To Optimise Regulatory Framework, Says SC Murmu

RBI Deputy Governor SC Murmu said of the 9,446 circulars repealed, 3,809 have been subsumed or incorporated into master circular and the rest 5,673 have been repealed for being obsolete.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

The RBI is repealing 9,446 circulars are being repealed under an exercise to ease regulatory burden. The new guidelines will cover 11 types of regulated entities.

This exercise is expected to significantly improve the accessibility of regulatory instructions for the regulated entities, thereby reducing their compliance cost. Also, consolidation of regulatory instructions separately for each type of regulated entities will improve the clarity on applicability of each instruction to a regulated entity.

Reserve Bank of India Deputy Governor SC Murmu said the central bank has undertaken large scale exercise over last five months.

"Today we will be issuing 244 consolidated master directions. These consolidated all regulations issued to entities over several decades since 1940," he said.

"The RBI has continuously endeavoured to optimise its regulatory framework. On Oct 10, 238 consolidated draft master directions were released. The RBI received comments, which were duly considered. Now 244 master directions have been issued today on an as-is basis," he said.