This move is expected to enhance clarity, improve accessibility, and reduce the compliance burden for regulated entities, thereby easing the process of doing business, RBI said in a statement.
Speaking to the media, Deputy Governor S.C. Murmu said that 3,809 circulars have been incorporated into master circulars, while 5,673 were classified as obsolete and are no longer operative. The oldest circular repealed was on “Advances against government securities,” issued on April 24, 1944.
Murmu added that RBI undertook this exercise in June under the direction of Governor Sanjay Malhotra to simplify compliance for both regulated entities and the regulator.
A team of 37 officials was directly involved in the process, with participation from all departments. RBI clarified that artificial intelligence was not used for this exercise.
Murmu also noted that the consolidation will improve compliance by eliminating the risk of missing regulatory requirements.The 11 regulated entities covered include:(a) Commercial Banks; (b) Small Finance Banks; (c) Payments Banks; (d) Local Area Banks; (e) Regional Rural Banks; (f) Urban Co-operative Banks; (g) Rural Co-operative Banks; (h) All India Financial Institutions; (i) Non-Banking Financial Companies; (j) Asset Reconstruction Companies; and (k) Credit Information Companies.
Source link
https://www.infinitycompliance.in/product/online-company-registration-in-india/