How RBI changed its tone to direct one

The RBI now brings in important and contentious changes directly through voluminous Master Directions, or Master Circulars

With prodding from the Bank of International Settlements (BIS) and the Reserve Bank of India’s (RBI) governor Urjit Patel, the central bank is demystifying the language in which its documents are written.

The campaign to speak directly stems from a Regulatory Consistency Assessment Programme (RCAP) of the BIS, which is a body of all central banks. Besides, a separate campaign called ‘Plain English’ aims to de-jargonise legal documents. 

The BIS started the latest round of RCAP in June 2015 for India to primarily assess Indian banks’ preparedness for the transition to Basel III, an internationally agreed set of measures developed