On April 1, 1999, the Reserve Bank of India (“RBI”) had set up a Regulations Review Authority (“RRA”), initially for a period of 1 (one) year, to review its regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increased the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circulars and reduced reporting burden on regulated entities.
RBI has vide a press release dated April 15, 2021 (“Press Release”) announced that a new Regulations Review Authority (“RRA 2.0”) would be set up for a period of one year from May 1, 2021 with Deputy Governor, M. Rajeshwar Rao as the RRA 2.0.
The salient terms of reference of RRA 2.0 are as under:
RRA 2.0 will engage internally as well as externally with all regulated entities and other stakeholders and would focus on streamlining regulatory instructions, reducing compliance burden of the regulated entities by simplifying procedures and reducing reporting requirements.
Please find a copy of the Press Release here.
This update has been contributed by Anurag Prasad (Associate).
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