What changed
RBI withdrew 44 circulars dating from 1972 to 2013, covering topics like interest rate on lending to the agricultural sector, interest rates on deposits and advances, penal interest on advances, rupee export credit, acceptance of sitting fees, travelling and halting allowances, lateral movement of staff, board of directors, and Liberalisation of Exchange Co (source: Sr. No. 44 subject 'Liberalisation of Exchange Co'). These circulars are no longer valid from close of business on May 13, 2022.
What it means for you
Banks no longer need to reference these old circulars for compliance, as they are withdrawn effective from close of business on May 13, 2022, as per RBI notification RBI/2022-23/48 DoR.RRA.36/01.01.101/2022-23.
What you must do
- The source does not specify required actions; it only states the circulars are withdrawn. Banks should refer to current applicable directions.
Who it affects
All scheduled commercial banks (including regional rural banks), All payments banks, All small finance banks, All local area banks, All authorized dealers, All primary (urban) co-operative banks
Do I need to change my current lending rates because of this withdrawal?
The source does not address this; it only states the circulars are withdrawn. No change is mandated by this notification alone.
What happens if I still follow one of these withdrawn circulars?
The source does not specify consequences; it only states the circulars are withdrawn. Banks should follow current applicable directions.
Are there any new circulars replacing these withdrawn ones?
The source does not mention replacements; it only lists withdrawn circulars.