The Reserve Bank of India on April 15, 2021 has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021. The terms of reference of RRA 2.0 would be as under:
- To make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any;
- To reduce compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible;
- To obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance;
- Examine and suggest the changes required in dissemination process of RBI circulars/ instructions (this would entail suggestions on the areas where the manner of issuing circulars, their updation and website linkages); and
- Identify any other issue germane to the subject matter.
A Group of Advisors (GoA) to assist RRA was also constituted on May 07, 2021. To undertake its preparatory work, the Group has invited feedback and suggestions from all regulated entities, industry bodies and other stakeholders. The last date for sending the suggestion and feedback to the Group was June 15, 2021 which is now extended till June 30, 2021.
