RBI to consolidate more circulars across departments to cut compliance cost

After consolidating over 9,000 Department of Regulation circulars into 244 master directions, RBI said it will take up similar exercises across other departments to ease compliance

After consolidating more than 9,000 circulars of the Department of Regulation into 244, the central bank plans to conduct a similar exercise for other departments to further ease compliance costs and enhance ease of doing business.

 

What did the RBI consolidate, and why does it plan to do more?

 

“To enhance clarity and applicability of regulatory instructions, reduce compliance costs, and thereby improve convenience and ease of doing business, the Reserve Bank consolidated more than 9,000 existing circulars and guidelines pertaining to the Department of Regulation into 244 function-wise Master Directions, specific to 11 types of regulated entities (REs),” the Reserve Bank of India said in its Trend and Progress report.

 

 

“Work is now being undertaken to consolidate the circulars and directions of other departments,” the report said.