<h1>Central bank proposes replacing 9,000 circulars with 238 Master Directions to streamline regulation and cut compliance costs</h1> The central bank proposed repealing about 9,000 circulars by consolidating existing regulatory instructions into 238 Master Directions covering 11 categories of regulated entities and up to 30 functional areas, and has invited public comments on the draft documents. The exercise, carried forward from a prior regulations review body, aims to reduce regulatory fragmentation, lower compliance costs, clarify supersession/repeal of outdated directions and streamline the regulatory framework by reevaluating the currency of longstanding instructions issued under multiple statutory powers.