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Informist, Monday, Sep 2, 2024

MUMBAI – The Reserve Bank of India today notified the withdrawal of five circulars with immediate effect on account of updated instructions issued on the subject. "An internal review was carried out to identify and withdraw obsolete, outdated or superfluous instructions," the notification said. 

Of the five circulars, three were on credit facilities to minority communities, issued in the late 1980s. According to RBI, the reporting formats in these circulars had been modified, and the periodicity changed. The updated instructions are available in the Master Circular on Credit Facilities to Minority Communities, from Apr 1, 2023.

The central bank has also withdrawn the circular on opening of no-frills accounts by students for availing various government scholarships due to discontinuation of the term 'no frills account'. It has also withdrawn the master circular on microcredit and subsumed it under master circulars on self-help groups, non-banking financial companies and priority sector lending.  End

Reported by Ashna Mariam George

Edited by Avishek Dutta

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