**Executive Summary:**
This document, RBI/2022-23/48, issued on May 13, 2022, announces the withdrawal of several circulars listed in the Annexure, effective from the close of business on the same day. The circulars being withdrawn pertain to various directives concerning interest rates on lending, deposits, and advances, export credit schemes, and other regulatory matters. This action follows recommendations from the Regulations Review Authority (RRA) 2.0.
**Key Points / Main Content:**
* **Withdrawal of Circulars:**
* The circulars listed in the Annexure are withdrawn.
* The withdrawal is effective from the close of business on May 13, 2022.
* **Subject Matter of Withdrawn Circulars:**
* Interest rates on lending to the general agricultural sector.
* Interest rates on deposits and advances.
* Cash credit interest rates on advances.
* Interest rates on advances and penal rates of interest.
* Advances against FCNRA deposits.
* Post-shipment export credit denominated in foreign currency (PSCFC).
* Rupee export credit interest rates.
* Special financial packages for large value exports.
* Acceptance of sitting fees and allowances by bank officers on boards of financial institutions/companies.
* Lateral movement of staff.
* Board of Directors matters.
* Liberalisation of exchange control regulations for foreign visits of Chairman/Chief Executive Officers.
* SEBI Committee guidelines on corporate governance for listed Indian commercial banks.
* Restriction on Credit to certain Sectors
**Impact Analysis:**
**Scheduled Commercial Banks (including Regional Rural Banks), Payments Banks, Small Finance Banks, Local Area Banks, Authorized Dealers, and Primary Urban Cooperative Banks:**
* *Impact:* These institutions are no longer bound by the directives outlined in the withdrawn circulars.
* *Action Required:* Update internal policies and procedures to reflect the withdrawal of these circulars and ensure compliance with current regulations.
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 2.0: An authority established to review and streamline regulations.
R Lakshmi Kanth Rao: Chief General Manager-in-Charge at the Reserve Bank of India.
All Scheduled Commercial Banks including Regional Rural Banks: A category of banks regulated by the Reserve Bank of India.
All Payments Banks: A type of bank licensed by the Reserve Bank of India to provide basic banking services.
All Small Finance Banks: A type of bank in India focused on providing financial services to underserved populations.
All Authorized Dealers: Entities authorized by the Reserve Bank of India to deal in foreign exchange.
All Primary Urban Cooperative Banks: A type of cooperative bank in India primarily serving urban areas.
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
RBI/2022-23/48
DoR.RRA.36/01.01.101/2022-23 May 13, 2022
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
Madam / Dear Sir,
Regulations Review Authority (RRA 2.0) - Recommendations for Withdrawal of
Circulars
Please refer to the Press Release dated May 13, 2022 issued on the captioned
subject.
2. The circulars listed in the Annexure are withdrawn with effect from close of business
today.
Yours faithfully,
(R Lakshmi Kanth Rao)
Chief General Manager-in-Charge
Encl: As aboveAnnexure
List of Circulars withdrawn
Sr Circular No. Date Subject
No.
1 DBOD.No.BP.BC.39/C.453(K)- March 15, Interest Rate on Lending to the
General-79 1979 Agricultural Sector
2 DBOD.No.Dir.BC.44/C.96-90 March 27, Interest Rates on Deposits and
1980 Advances - Clarification
3 DBOD.No.Dir.BC.76/C.96-30 June 19, Interest Rates on Deposits and
1980 Advances - Clarification
4 DBOD.No.CAS(COD)BC.145/ December Report of the Working Group to
WGCC-80 09, 1980 Review the System of Cash
Credit - Interest Rates on
advances
5 DBOD.No.Dir.BC.88/C.96-89 March 08, Interest Rates on Advances -
1989 Penal Rate of Interest -
Clarification
6 DBOD.No.Dir.BC.109/C.96-91 April 12, Interest Rates on Advances
1991
DBOD.No.Dir.BC.108/C.96-91
7 DBOD.No.Dir.BC.57/C.347(l)-91 November Advances against FCNRA
30, 1991 Deposits - Manner of Charging
DBOD.No.Dir.BC.56/C.347(l)-91 Interest
8 IECD.No.43/EFD/819-POL- December Post-shipment Export Credit
ECR/91-92 31, 1991 denominated in Foreign Currency
(PSCFC)
DBOD.No.Dir.BC.66/C.96-91
9 DBOD.No.BC.112/13.07.01/92 April 21, Interest Rates on Advances
1992
DBOD.No.BC.111/13.07.01/92
10 DBOD.No.BC.29/13.07.01/92 October 08, Interest Rates on Advances
1992
DBOD.No.BC.28/13.07.01/92
11 IECD.No.EFD.39/04.02.06/94-95 April 17, Post-Shipment Credit
1995 denominated in Foreign Currency
DBOD.No.Dir.BC.51/13.07.01/95 (PSCFC)
12 IECD.No.23/04.02.02/2001-02 May 07, Concessive Rupee Export Credit
2002 for Deemed Exports
13 IECD.No.10/04.02.01/2002-03 November Rupee Export Credit Interest
07, 2002 Rates
14 DBOD.Dir.(Exp).BC.No.37/ October 20, Rupee Export Credit Interest
04.02.01/2006-07 2006 Rate
DBOD.Dir.(Exp).BC.No.36/
04.02.01/2006-07
15 DBOD.Dir.(Exp).BC.No.22/ July 13, Rupee Export Credit Interest
04.02.01/2007-08 2007 RatesDBOD.Dir.(Exp).BC.No.21/
04.02.01/2007-08
16 DBOD.Dir.(Exp).BC.No.34B/ October 06, Rupee Export Credit Interest
04.02.01/2007-08 2007 Rates - Extension of Period &
Widening of Coverage of Sectors
DBOD.Dir.(Exp).BC.No.34A/
04.02.01/2007-08
17 DBOD.Dir.(Exp).BC.No.54/ November Rupee Export Credit Interest
04.02.01/2007-08 30, 2007 Rates
DBOD.Dir.(Exp).BC.No.53/
04.02.01/2007-08
18 DBOD.Dir.(Exp).BC.No.77/ April 28, Rupee Export Credit Interest
04.02.01/2007-08 2008 Rate
DBOD.Dir.(Exp).BC.No.76/
04.02.01/2007-08
19 DBOD.Dir.(Exp).BC.No.28/ August 01, Rupee Export Credit Interest
04.02.01/2008-09 2008 Rates
DBOD.Dir.(Exp).BC.No.27/
04.02.01/2008-09
20 DBOD.Dir.(Exp).BC.No.77/ November Rupee Export Credit Interest
04.02.01/2008-09 07, 2008 Rates Subvention
21 DBOD.Dir.(Exp).BC.No.101/ December Rupee Export Credit Interest
04.02.01/2008-09 16, 2008 Rates
DBOD.Dir.(Exp).BC.No.100/
04.02.01/2008-09
22 DBOD.Dir.(Exp).BC.No.117/ March 25, Rupee Export Credit Interest
04.02.01/2008-09 2009 Rates
DBOD.Dir.(Exp).BC.No.116/
04.02.01/2008-09
23 DBOD.Dir.(Exp).BC.No.26/ July 31, Rupee Export Credit Interest
04.02.001/2009-10 2009 Rates
DBOD.Dir.(Exp).BC.No.25/
04.02.001/2009-10
24 DBOD.Dir.(Exp).BC.No.48/ October 12, Rupee Export Credit Interest
04.02.001/2009-10 2009 Rates
DBOD.Dir.(Exp).BC.No.47/
04.02.001/2009-10
25 DBOD.Dir.(Exp).BC.No.94/ April 23, Rupee Export Credit Interest
04.02.001/2009-10 2010 Rates
DBOD.Dir.(Exp).BC.No.93/
04.02.001/2009-10
26 DBOD.Dir.(Exp).BC.No.38/ October 11, Rupee Export Credit Interest
04.02.001/2011-12 2011 Rates
DBOD.Dir.(Exp).BC.No.37/
04.02.001/2011-1227 DBOD.Dir.(Exp).BC.No.70/ January 14, Rupee Export Credit - Interest
04.02.001/2012-13 2013 Subvention
DBOD.Dir.(Exp).BC.No.69/
04.02.001/2012-13
28 DBOD.Dir.BC.No.94/ May 24, Rupee Export Credit - Interest
04.02.001/2012-13 2013 Subvention
DBOD.Dir.BC.No.93/
04.02.001/2012-13
29 DBOD.Dir.BC.No.43/ August 26, Rupee Export Credit - Interest
04.02.001/2013-14 2013 Subvention
DBOD.Dir.BC.No.42/
04.02.001/2013-14
30 DBOD.No.Dir.BC.20/ August 20, Penal Interest on Advances
C.96-88 1988
31 UBD(PCB)38/ November Restriction on Credit to certain
DC.(R.1)-91/92 13, 1991 Sectors
32 IECD.No.14/ April 19, Interest Rates on Export Credit in
04.02.01/2000-01 2001 Foreign Currency
33 IECD.No.5/ September Special Financial Package for
04.02.01/2001-2002 24, 2001 large value exports - Rupee
Credit Interest Rates
DBOD.No.BC.28/
13.07.01/2001
DBOD.No.BC.29/
13-07-01/2001
34 IECD.No.12/ November Special Financial Package for
04.02.01/2001-2002 22, 2001 Large Value Exports - Rupee
Credit Interest Rates
35 IECD.No.19/ April 19, Special Financial Package for
04.02.01/2001-02 2002 Large Value Exports - Rupee
Credit Interest Rates
36 IECD.No.24/04.02.01/ June 06, Special Financial Package for
2001-2002 2002 Large Value Exports
37 IECD.No.8/ September Special Financial Package for
04.02.01/2002-2003 28, 2002 Large Value Exports - Rupee
Credit Interest Rates
DBOD.No.BC.27/
13.07.01/2002
38 IECD.No.2/ October 07, Special Financial Package for
04.02.01/2003-04 2003 Large Value Exports - Rupee
Credit Interest Rates
39 DBOD.No.ARS.525/ June 09, Acceptance of Sitting Fees by
C.234(B)-72 1972 Custodians/ Officers of
Nationalised Banks Nominated
on the Boards of Financial
Institutions/Companies40 DBOD.No.App.BC.64/ June 21, Acceptance of Travelling and
C.234(B)-76 1976 Halting Allowances by Officers or
Employees of Public Sector
Banks Nominated on the Boards
of Financial
Institutions/Companies
41 DBOD.No.B.P.B.C.25/ February Lateral Movement of Staff
C.469 (W. 4)-77 26, 1977
42 DBOD.No.App.BC.57/ May 31, Acceptance of Sitting Fees by
C.234(B)-82 1982 Whole-time Officers of Banks
Nominated on the Boards of
Financial Institutions/Companies
43 DBOD.No. 419/ October 31, Board of Directors
08.95-004-92 1992
44 DBOD. No.435/ October 31, Liberalisation of Exchange
08.95.004/92 1992 Control Regulations - Deputation
of Chairman & Chief Executive
Officers - Visits abroad
45 DBOD.No.BC.48/ May 30, Official Visits Abroad by
08.95.004/98 1998 Chairman and Chief Executive
Officer
46 DBOD.No.BC.107/ May 21, SEBI Committee on Corporate
08.138.001/2002-03 2003 Governance - Guidelines to
Indian Commercial Banks Listed
on Stock Exchanges
47 DBOD.No.BC.62/ January 13, Official Visits Abroad by
08.95.004/2003-2004 2004 Chairman & Chief Executive
Officer