Mumbai, Nov. 29 -- The Reserve Bank of India (RBI) has undertaken a significant overhaul of its regulatory framework, consolidating thousands of circulars and guidelines into a streamlined set of Master Directions.

According to the central bank, it was intended to ease compliance burdens for banks and other regulated entities.

The RBI issued 244 Master Directions, consolidating the instructions currently administered by the Department of Regulation on an 'as-is' basis.

"These instructions have been issued separately for 11 types of regulated entities and are cohesively organised across various regulatory areas," the RBI said in a statement.

According to the RBI, the consolidation exercise marks a "paradigm shift" in regulatory communi...