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RBI SETS UP COMMITTEE TO ASSIST RRA 2.0

RBI SETS UP COMMITTEE TO ASSIST RRA 2.0

Context

Recently, the Reserve Bank Of India (RBI) has constituted an Advisory Group to assist the second Regulations Review Authority (RRA 2.0).

Details

  • It is constituted under the SBI Managing Director S Janaki Raman.
  • It was constituted to streamline regulations and reduce the compliance burden of regulated entities.
  • The RBI has set up the second Regulatory Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021.
  • Reserve Bank of India Deputy Governor M Rajeshwar Rao was appointed as the Regulations Review Authority.

About Reserve Bank of India

  • Established : On April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
  • It is fully owned by the Government of India.
  • Headquarter : Mumbai(Since 1937, previously in Kolkata).
  • Preamble of RBI :
    • To regulate the issue of Bank notes.
    • To operate the currency and credit system of the country.
    • To release a monetary policy framework.
    • To maintain price stability.

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