The Reserve Bank of India has scrapped over 9,000 circulars and consolidated rules into 244 Master Directions across 11 types of regulated entities in order to ease regulatory framework and improve compliance.
In a statement, the RBI said that the Reserve Bank has recently undertaken a fundamental reorganisation of the regulatory instructions administered by its Department of Regulation-marking a paradigm shift in its regulatory communication.
The comprehensive exercise involved consolidation of more than 9000 existing circular/guidelines administered by Department of Regulation into 238 function-wise Master Directions (MDs), specific to each category of regulated entity. Instructions issued by NABARD to Regional Rural Banks, State Co-operative Banks and Central Co-operative Banks were also consolidated in consultation with NABARD.
The central bank will repeal 9,446 circulars. Among these, 3,809 have been subsumed or incorporated into master circulars and the rest 5,673 have been repealed for being obsolete.
This exercise is expected to enhance clarity, ease of access, and reduce compliance burden for REs, thereby supporting the broader objective of improving ease of doing business.
