Executive Summary:
The Reserve Bank of India has reviewed its previously issued circulars and decided to withdraw certain guidelines with immediate effect. This action is communicated to all commercial banks (excluding RRBs) and all primary urban cooperative banks (UCBs). The circulars being withdrawn are listed in the annex to the notification.
Key Points / Main Content:
Withdrawal of Circulars:
* The Reserve Bank of India (RBI) has withdrawn several circulars with immediate effect.
* The circulars withdrawn are listed in the annex to the notification RBI202324129.
List of Withdrawn Circulars:
* Banking Regulation Act, 1949 As Applicable to Cooperative Societies Section 31 Submission of Balance Sheet, Profit Loss Account and Auditor's Report - April 19, 1966
* The Banking Regulation Act, 1949 As Applicable to Cooperative Societies Section 31 Submission of Balance Sheet, Profit and Loss Account and Auditor's Report - May 8, 1967
* Appointment of Statutory Central Auditors for the Year 1970 - June 29, 1970
* Appointment of Statutory Central Auditors for the Year 1970 - July 1, 1970
* Appointment of Branch Auditors for Indian Branches for the Year 1970 - September 19, 1970
* Nationalised Banks Remuneration of Statutory Central Auditors and Branch Auditors for Audit of Indian Branches for 1970 - April 26, 1971
* Appointment of Branch Auditors for Indian Branches for the Year 1971 - December 15, 1971
* Nationalised Banks Remuneration of Statutory Central Auditors and Branch Auditors for Audit of Branches for 1971 - January 7, 1972
* Appointment of Central Statutory Auditors for the year 1972 - June 13, 1972
* Discontinuance of HalfYearly Audit & Selection of Branches for Annual Audit - May 14, 1973
* Standards for Audit Classification of Primary Urban Cooperative Banks - February 25, 1982
* Discontinuance of Halfyearly Audit - April 29, 1982
* Remuneration Payable to Statutory Central and Branch Auditors of Nationalised Banks - December 14, 1984
* Fees Payable for Submitting Long Form Audit Reports LFARs by Statutory CentralBranch Auditors of Public Sector Banks - June 26, 1986
* Role of State Cooperative Banks in the Development of Urban Co operative Banks and Entrusting the Audit of Urban Cooperative Banks to Chartered Accountants - July 30, 1988
* Remuneration Payable to Statutory Central and Branch Auditors of Nationalised Banks - March 21, 1989
* DICGC Claims Certificate to be issued by Statutory Auditors - April 17, 1995
* Remuneration Payable to Statutory Central Auditors and Branch Auditors for the year 199798 - January 17, 1998
* Year 2000 Y2K Issues Statutory Audit for the Year 199899 - May 25, 1998
* Appointment of Statutory Central Auditors for the year 199899 - January 19, 1999
* Year 2000 Y2K Issues Statutory Audit for the Year 199899 - May 25, 1999
* DICGC Claims Certificate to be Issued by Statutory Auditors - May 25, 1999
* Assessment of Auditors' Performance for 199899 - June 11, 1999
* Introduction of Halfyearly Review of Accounts of Public Sector Banks - May 17, 2001
* Introduction of Halfyearly Review of Accounts of Public Sector Banks - October 25, 2001
* Introduction of Half Yearly Review of Accounts of Public Sector Banks - November 5, 2001
* Inspection under Section 35 of the Banking Regulation Act, 1949 As Applicable to Coop. Societies Comment on Quality of Audit - January 25, 2003
* Half yearly Quarterly Review of Accounts of Public Sector Banks - June 5, 2003
* Guidelines for Consolidated Accounting and other Quantitative Methods to Facilitate Consolidated Supervision Audit of Consolidated Financial Statements - July 8, 2003
* Assessment of Auditors' Performance for 200203 - August 20, 2003
* Appointment of Statutory Central Auditors of Associate Banks of SBI Payment of Fees for Certifying Data for the Preparation of CFS of SBI Group - April 20, 2004
* Terms and Conditions of Appointment of Statutory Concurrent Internal Auditors Implementation of the Recommendations of the Committee on Legal Aspects of Bank Frauds and the Recommendations of the High Level Group Set up by the Central Vigilance Commission CVC - August 27, 2004
* Half yearly Quarterly Review of Accounts of Public Sector Banks - September 23, 2015
* Half yearly Quarterly Review of Accounts of Public Sector Banks - July 28, 2016
Impact Analysis:
All Commercial Banks (Excluding RRBs) and All Primary Urban Cooperative Banks (UCBs):
* Impact: These banks are no longer required to adhere to the guidelines and instructions provided in the withdrawn circulars.
* Action Required: Review current practices and discontinue those based solely on the withdrawn circulars.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking sector and issuing circulars.
All Commercial Banks: Refers to all banks excluding Regional Rural Banks (RRBs) operating in India.
All Primary Urban Cooperative Banks: Refers to all UCBs operating in India.
Banking Regulation Act, 1949: An act to regulate banking companies in India
Statutory Central Auditors: Auditors appointed to conduct statutory audits of banks.
Public Sector Banks: Banks in India which are owned by the government.
Deposit Insurance and Credit Guarantee Corporation: DICGC, Insurance provider for bank deposits
Mumbai, Maharashtra: City in India where the central office of the Reserve Bank of India is located.
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
RBI/2023-24/129
DoS.CO.ARG/SEC.11/08.91.001/2023-24 March 01, 2024
The Chairman / Managing Director / Chief Executive Officer,
All Commercial Banks (Excluding RRBs)
All Primary (Urban) Co-operative Banks (UCBs)
Madam / Dear Sir,
Review of Guidelines - Withdrawal of Circulars
Consequent upon review of Circulars issued by the Reserve Bank from time to time,
it has been decided to withdraw Circulars listed in the Annex with immediate effect.
Yours faithfully,
(Rajnish Kumar)
Chief General Manager
Encl: As above
पर्यवेक्षण ववभाग, भारतीर् ररजवय बैंक, कें द्रीर् कार्ायलर्, वर्ल्य ट्रेड सेन्टर, सेन्टर 1, कफ परेड ,कोलाबा,
मुम्बई – 400005, ट्ेवलफोन 022 – 22182528, ईमेल- cgmicdosco@rbi.org.in
Department of Supervision, Reserve Bank of India, Central Office, World Trade Centre 1,Cuffe Parade, Colaba,
Mumbai - 400 005, Tel: 022- 22182528, e-mail: cgmicdosco@rbi.org.in
व िंदी आसान ै, इसका प्रर्ोग बढाइएAnnex
List of Circulars withdrawn
Sl.
Circular No.
Subject Date
No.
1. Banking Regulation Act, 1949 (As April 19, ACD.BR.825/A.11(31)/65/
Applicable to Co-operative 1966 6
Societies) - Section 31 -
Submission of Balance Sheet,
Profit & Loss Account and Auditor's
Report
2. The Banking Regulation Act, 1949 May 8, ACD.BR.1979/A.12(29-
(As Applicable to Co-operative 1967 31)/66-7
Societies) - Section 31 -
Submission of Balance Sheet,
Profit and Loss Account and
Auditor's Report
3. Appointment of Statutory Central June 29, DBOD.No.EFS.1429/C.45
Auditors for the Year 1970 1970 2(K)-70
4. Appointment of Statutory Central July 1, DBOD.No.EFS.1451/C.45
Auditors for the Year 1970 1970 2(K)-70
5. Appointment of Branch Auditors for September DBOD.No.EFS.2065/C.45
Indian Branches for the Year 1970 19, 1970 2(K)-70
6. Nationalised Banks - April 26, DBOD.No.ARS.367/C.452
Remuneration of Statutory Central 1971 (K)-71
Auditors and Branch Auditors for
Audit of Indian Branches for 1970
7. Appointment of Branch Auditors for December DBOD.No.ARS.1132/C.45
Indian Branches for the Year 1971 15, 1971 2(K)-71
8. Nationalised Banks - January 7, DBOD.No.ARS.18/C.452
Remuneration of Statutory Central 1972 (K)-72
Auditors and Branch Auditors for
Audit of Branches for 1971
29. Appointment of Central Statutory June 13, DBOD.No.ARS.533/C.452
Auditors for the year 1972 1972 (K)-72
10. (i) Discontinuance of Half-Yearly May 14, DBOD.No.ARS.421/C.452
Audit 1973 (K)-73
(ii) Selection of Branches for
Annual Audit
11. Standards for Audit Classification February ACD.UBD.120/UB-8(3)-
of Primary (Urban) Co-operative 25, 1982 81/82
Banks
12. Discontinuance of Half-yearly Audit April 29, DBOD.No.Ret.BC.45/C.46
1982 9(F)-82
13. Remuneration Payable to Statutory December DBOD.No.App.BC.123/C.
Central and Branch Auditors of 14, 1984 452(K)-84
Nationalised Banks
14. Fees Payable for Submitting Long June 26, DBOD.No.App.1275/C.45
Form Audit Reports (LFARs) by 1986 2(K)-86
Statutory Central/Branch Auditors
of Public Sector Banks
15. Role of State Co-operative Banks July 30, UBD.P&O.82/UB.23-88/
in the Development of Urban Co- 1988 89
operative Banks and Entrusting the
Audit of Urban Co-operative Banks
to Chartered Accountants
16. Remuneration Payable to Statutory March 21, DBOD.No.App.BC.93/C.4
Central and Branch Auditors of 1989 52(K)-89
Nationalised Banks
17. DICGC Claims - Certificate to be April 17, DOS.No.BC.4/16.10.001/9
issued by Statutory Auditors 1995 5
18. Remuneration Payable to Statutory January DBS.No.330/08.92.001/
Central Auditors and Branch 17, 1998 97-98
Auditors for the year 1997-98
19. Year 2000 (Y2K) Issues - Statutory May 25, DBS.No.Y2K.BC/52/35.01
Audit for the Year 1998-99 1998 .00/98-99
320. Appointment of Statutory Central January DBS.ARS.No.383/08.03.0
Auditors for the year 1998-99 19, 1999 03/98-99
21. Year 2000 (Y2K) Issues - Statutory May 25, DBS.CO.Y2K.BC.52/35.01
Audit for the Year 1998-99 1999 .00/98-99
22. DICGC Claims - Certificate to be May 25, DBS.ARS.No.790/08:91:0
Issued by Statutory Auditors 1999 01/98-99
23. Assessment of Auditors' June 11, DBS.ARS.No.850/08:91:0
Performance for 1998-99 1999 11/98-99
24. Introduction of Half-yearly Review May 17, DBS.ARS.No.BC.13/08.91
of Accounts of Public Sector Banks 2001 .001/2000-01
25. Introduction of Half-yearly Review October DBS.ARS.No.BC.4/08.91.
of Accounts of Public Sector Banks 25, 2001 001/2001-02
26. Introduction of Half Yearly Review November DBS.ARS.No.BC.6/08.91.
of Accounts of Public Sector Banks 5, 2001 001/2001-02
27. Inspection under Section 35 of the January UBD.No.BSD.IP.RO.13/12
Banking Regulation Act, 1949 (As 25, 2003 .05.01/2002-03
Applicable to Co-op. Societies) -
Comment on Quality of Audit
28. Half yearly / Quarterly Review of June 5, DBS.ARS.No.BC.17/08.91
Accounts of Public Sector Banks 2003 .001/2002-03
29. Guidelines for Consolidated July 8, DBS.ARS.No.BC.2/08.92.
Accounting and other Quantitative 2003 001/2002-03
Methods to Facilitate Consolidated
Supervision - Audit of Consolidated
Financial Statements
30. Assessment of Auditors' August 20, DBS.ARS.No.122/08.91.0
Performance for 2002-03 2003 11/2003-04
31. Appointment of Statutory Central April 20, DBS.ARS.No.BC.10/08.92
Auditors of Associate Banks of SBI 2004 .001/2003-04
- Payment of Fees for Certifying
Data for the Preparation of CFS of
SBI Group
432. Terms and Conditions of August 27, DBS.ARS.No.BC.4/08.91.
Appointment of Statutory/ 2004 001/2004-05
Concurrent/ Internal Auditors -
Implementation of the
Recommendations of the
Committee on Legal Aspects of
Bank Frauds and the
Recommendations of the High
Level Group Set up by the Central
Vigilance Commission (CVC)
33. Half yearly / Quarterly Review of September DBS.ARS.No.BC.5/08.91.
Accounts of Public Sector Banks 23, 2015 001/2015-16
34. Half yearly / Quarterly Review of July 28, DBS.ARS.No.BC.2/08.91.
Accounts of Public Sector Banks 2016 001/2016-17
5