According to DG Murmu, RBI eliminates 5,673 outdated standards and combines 3,809 circulars into master directives to make compliance easier.

Deputy Governor Shirish Chandra Murmu stated on November 28 that in order to make compliance easier, the Reserve Bank of India (RBI) has undertaken an overhaul of its regulatory framework by combining 3,809 circulars into updated master directions and eliminating 5,673 circulars that were determined to be out of date. On the directives of RBI Governor Sanjay Malhotra, the initiative was started in June of this year and included 37 officers from different ministries as well as a cross-functional team from the Department of Regulation, according to Murmu. Murmu stated at a press conference in Mumbai, "The primary goal of this exercise is to improve the ease of compliance and eventually ensure that the cost of compliance is also eased. However, it is impossible to quantify how much it would attribute in terms of reduction in cost of compliance." Murmu continued, "There is no strict view that the number must be maintained at this level going forward, even though the consolidation exercise has currently produced 244 master directions." The master circulars are currently divided into 11 categories of regulated entities based on their functions. In order to increase clarity and ease of comprehension, frequently asked questions (FAQs) and examples that were formerly included in annexures have now been incorporated into the primary master directions, he continued.