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News Topical, Digital Desk : The Reserve Bank of India (RBI) has made a major change to the banking system, canceling more than 5,000 circulars. The RBI says these circulars, which had been in effect since 1944, were no longer useful. Meanwhile, more than 9,000 circulars have been converted into 244 master guidelines.
Giving information about this decision of RBI, Deputy Governor SC Murmu said that with this, banks will get all the rules at one place, so that they can easily read the guidelines related to their work.
What will be the impact on common people?
What impact will these RBI changes have on the common man? In response, SC Murmu said that changes have been made to the circular regarding loans linked to government securities. Therefore, this could impact those purchasing government securities. The RBI has also established seven master guidelines for digital banking, which could impact not only banks but also customers.
Rules were in place since 1944
Giving details of the new guidelines, the Deputy Governor said that after reviewing thousands of circulars, RBI officials have rescinded many of them, dating back to 1944. Furthermore, many circulars have been consolidated into 244 master guidelines.
The draft was presented in October
It's worth noting that this is the first time the RBI has made changes to its circulars. However, information on how long this will last hasn't been shared yet. The RBI had introduced a draft of 238 master guidelines in October. Now, on Friday, 244 master guidelines were issued.
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