Executive Summary:
The Reserve Bank of India (RBI) has withdrawn several redundant circulars, as recommended by the Regulations Review Authority (RRA) 2.0. This action is effective from the close of business on November 16, 2021. The circulars being withdrawn pertain to various aspects of bank audits and supervisory actions for cooperative banks.
Key Points / Main Content:
Withdrawal of Circulars:
* Sixteen circulars listed in the annexure to the document are withdrawn.
* The withdrawal is effective from the close of business on November 16, 2021.
List of Withdrawn Circulars by Topic:
* **Statutory Auditor Appointments:** DBOD.No.APP.BC.118, DBS.ARS.No.599, DBS.ARS.No.BC.09, DBS.ARS.No.BC.08
* **Concurrent Audit Systems:** DBOD.No.BC.182, DOS.No.BC.16, DBS.BC.3308.91.0211, DBS.ARS.No.BC.18, DBS.CO.ARS.No.BC.2
* **Auditor Remuneration:** DBS.ARS.No.BC.7, DBS.ARS.BC.No.308.92.001200708, DBS.ARS.BC. No.07, DBS.ARS.BC.No.09, DBS.ARS.BC.No.09, DBS.ARS.BC.No.09
* **Long Form Audit Reports:** DBS.CO.ARS.BC.8
* **Supervisory Action Framework for Urban Cooperative Banks:** UBD.BPDPCB.Cir.No., UBD.CO.BPDPCB.Cir.No.
Impact Analysis:
Scheduled Commercial Banks (including Small Finance Banks and Payments Banks), Local Area Banks, and Primary Urban Cooperative Banks:
* Impact: These banks are no longer required to adhere to the guidelines and instructions provided in the withdrawn circulars.
* Action Required: Review and update internal policies and procedures to reflect the withdrawal of these circulars, ensuring that practices align with current regulatory requirements.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for monetary policy and regulation of the banking system.
Regulations Review Authority RRA 2.0: An authority established to review and streamline regulations.
Scheduled Commercial Banks: Banks in India that are listed in the Second Schedule of the Reserve Bank of India Act, 1934.
Small Finance Banks: A type of bank in India that caters to the financial needs of the underserved population.
Payments Banks: A type of bank in India that is allowed to accept deposits, offer remittance services, and provide internet banking.
Local Area Banks: A type of private sector bank in India, operating in a limited geographical area.
Primary Urban Cooperative Banks: Cooperative banks that operate in urban and semi-urban areas in India.
Mumbai, Maharashtra: A city in India where the Department of Supervision, Central Office is located
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
RBI/2021-22/132
DoS.CO.PPG./SEC.06/11.01.005/2021-22 November 16, 2021
All Scheduled Commercial Banks (including all Small Finance Banks & all Payments
Banks),
Local Area Banks &
All Primary Urban Cooperative Banks
Madam/Dear Sir,
Regulations Review Authority (RRA 2.0) – Interim Recommendations –
Withdrawal of Redundant Circulars
Please refer to the Press Release dated November 16, 2021 issued on the captioned
subject.
2. The circulars listed in the Annexure are withdrawn with effect from close of business
today.
Yours faithfully,
(Ajay Kumar Choudhary)
Chief General Manager-in- Charge
Encl: As enclosed
पय�वे�ण िवभाग, के�ीय काया�लय, व�� ट�ेड स�टर, स�टर-1, कफ परेड, कोलाबा, मुंबई – 400 005
टेलीफोन: 022- 2216 3395 फै�: 022-2218 0157 ई-मेल - cgmicdosco@rbi.org.in
Department of Supervision, Central Office, World Trade Centre, Centre I, Cuffe Parade, Colaba, Mumbai - 400 005
Tel: 022-2216 3395 Fax: 022-2218 0157 e-mail: cgmicdosco@rbi.org.inAnnexure
S. Circular Referred Date Subject Effective date of Circular No. vide
No. Supersession/with which Superseded
drawal
1 DBOD.No.APP.BC.118/ April 22, 1989 Appointment of Statutory December 31, 2008 DBS.ARS.No.BC.02/08.
C.452(K)-89 (Central / Branch) Auditors 91.001/2008-09
as Internal Auditors of Banks
2 DBOD.No.BC.182/ October 11, 1993 Introduction of a System of August 14, 1996 DOS.No.BC.16/08.91.02
16.13.100/93-94 Concurrent Audit in Banks as 1/96
Recommended by the
Ghosh Committee on Frauds
and Malpractices in Banks
3 DOS.No.BC.16/ August 14, 1996 Concurrent Audit System in July 15, 2015 DBS.CO.ARS.No.BC.2/
08.91.021/96 Commercial Banks - 08.91.021/2015-16
Revision of RBI's Guidelines
4 DBS.BC.33/08.91.021/1 April 6, 2000 Guidelines relating to July 15, 2015 DBS.CO.ARS.No.BC.2/
999-2000 Concurrent Audit System in 08.91.021/2015-16
Commercial Banks
5 DBS.ARS.No.599/ January 21, 2003 Terms and Conditions of August 27, 2004 DBS.ARS.No.B.C.4/08.9
08.91.001/2002-03 Appointment of 1.001/2004-05
Statutory/Concurrent/Interna
l Auditors - Implementation
of the Recommendations of
the Committee on Legal
Aspects of Bank Frauds and
the Recommendations of
the High-Level Group set up
1by the Central Vigilance
Commission (CVC)
6 DBS.ARS.No.BC.18/ June 24, 2003 Concurrent Audit of Forex July 15, 2015 DBS.CO.ARS.No.BC.2/
08.91.021/2002-03 Transactions in Banks 08.91.021/2015-16
7 DBS.ARS.No.BC.7/ March 17, 2004 Remuneration Payable to June 6, 2007 DBS.ARS.No.BC.08/08.
08.92.001/2003-04 the Statutory Central and 92.001/2006-07
Branch Auditors of Public
Sector Banks from the year
2003-04
8 DBS.ARS.No.BC.09/ April 20, 2004 Appointment of Statutory January 6, 2005 DBS.ARS.No.B.C.15/08.
08.91.001/2003-04 Auditors in Banks - 91.001/2004-05
Obtention of Declaration of
Indebtedness
9 DBS.ARS.No.BC.08/ June 6, 2007 Remuneration Payable to June 25, 2013 DBS.ARS.No.BC.08/08.
08.92.001/2006-07 the Statutory Central and 92.001/2012-13
Branch Auditors of Public
Sector Banks from the year
2006-07
10 DBS.ARS.BC.No.3/08.9 July 25, 2007 Remuneration Payable to June 25, 2013 DBS.ARS.No.BC.08/08.
2.001/2007-08 the Statutory Central and 92.001/2012-13
Branch Auditors of Public
Sector Banks from the Year
2006-07
11 DBS.ARS.BC. No.07/ December 20, 2007 Remuneration Payable to June 25, 2013 DBS.ARS.No.BC.08/08.
08.92.001/2007-08 the Statutory Central and 92.001/2012-13
Branch Auditors of Public
Sector Banks from the Year
2006-07
212 DBS.ARS.BC.No.09/ December 31, 2009 Remuneration Payable to June 25, 2013 DBS.ARS.No.BC.08/08.
08.92.001/2009-10 the Statutory Central and 92.001/2012-13
Branch Auditors of Public
Sector Banks from the year
2006-07
13 DBS.CO.ARS.BC.8/ June 4, 2015 Submission of Long Form January 7, 2021 Norms on eligibility,
08.91.001/2014-15 Audit Report (LFAR) by empanelment and
Concurrent Auditors appointment of Statutory
Branch Auditors in Public
Sector Banks from the
year 2020-21 and
onwards
14 DBS.CO.ARS.No.BC.2/ July 15, 2015 Concurrent Audit System in September 18, 2019 DBS.CO.ARS.No.BC.01
08.91.021/2015-16 Commercial Banks - /08.91.021/2019-20
Revision of RBI's Guidelines
15 UBD.BPD(PCB).Cir.No. March 1, 2012 Supervisory Action November 27, 2014 DCBR.BPD.(PCB).Cir
22/12.05.001/2011-12 Framework for Urban No.3/12.05.001/2014-15
Cooperative Banks (UCBs)
16 UBD.CO.BPD(PCB).Cir. October 17, 2012 Supervisory Action November 27, 2014 DCBR.BPD.(PCB).Cir
No.20/12.05.001/2012- Framework (SAF) for Urban No.3/12.05.001/ 2014-
13 Co-operative Banks (UCBs) 15
3