04-05-2021 | 13:53 PM
Regulations Review Authority 2.0
The Reserve Bank of India recently established the Regulations Review Authority (RRA) 2.0. The authority is to function for a period of one year.
About RRA 2.0:
Regulations Review Authority (RRA 2.0) will streamline the regulatory instructions, reduce the compliance burden of the entities under regulations. The RRA 2.0 will achieve this by simplifying procedures and reduce reporting requirements wherever possible.
M Rajeshwar Rao, Deputy Governor of RBI has been appointed as the head of the Regulations Review Authority 2.0.
The authority has set up for a period of one year from May 1. But, RBI can extend its tenure.
It will work in reducing the compliance burden on regulated entities. This is to be done by streamlining the reporting mechanism, removing paper-based submission of returns wherever possible, and revoking obsolete instructions.
The RRA will also obtain feedback from regulated entities on simplification of procedures and enhancing the ease of compliance.
The RRA will also examine and suggest the changes required in the dissemination process of RBI instructions and circulars.
