New Delhi, Nov. 29 -- The Reserve Bank of India (RBI) has completed a sweeping regulatory consolidation by replacing a sprawling 9,446 circulars with 244 function-wise Master Directions.

This is aimed at simplifying compliance and improving clarity for banks and other regulated entities.

The restructuring, part of a six-month exercise, has repealed 5,673 outdated circulars and consolidated over 3,800 still-relevant ones, reported TOI.

Deputy Governor Shirish Chandra Murmu said the overhaul is intended to reduce compliance costs, eliminate redundancy, and ensure regulatory instructions are accessible in a single, organized format.

Under the new framework, regulated entities, including commercial banks, Non Banking Financial Companies (...