Reserve Bank repeals 5,673 circulars, creates 244 master directions

The RBI on Friday completed a major six-month consolidation of its regulatory framework, repealing 5,673 outdated circulars and reorganising over 3,800 relevant ones into 244 function-wise master directions.

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In total, 9,446 circulars were subsumed, withdrawn or repealed.

Deputy Governor S C Murmu described the effort as unprecedented, noting that RBI staff reviewed every circular issued since the central bank's inception in 1935.