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RBI SETS UP RRA TO STREAMLINE REGULATIONS

RBI SETS UP RRA TO STREAMLINE REGULATIONS

Context

From May 1, 2021, the Reserve Bank of India (RBI) will set up a new Regulations Review Authority (RRA 2.0).

Details

  • The RBI had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999, for reviewing regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions.
  • Accordingly, the RRA 2.0 will function for a period of one year from the date of its establishment to review the regulatory prescriptions internally as well as by seeking suggestions from regulated entities and other stakeholders on their simplification and ease of implementation.
  • The RRA 2.0 will focus on streamlining regulatory instructions and reducing the compliance burden of regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
  • It shall intend to make regulatory and supervisory instructions more effective by removing redundancies and duplication if any. It will look to reduce the compliance burden on regulated entities by streamlining the reporting mechanism, revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible.
  • Deputy Governor of RBI, M Rajeshwar Rao, will be the head of the Regulations Review Authority.

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