Regulations Review Authority 2.0: RBI:
The Reserve Bank Of India (RBI) has constituted an Advisory Group to assist the second Regulations Review Authority (RRA 2.0).
- The RBI has set up the RRA 2.0, initially for a period of one year from 1st May 2021, with a view to streamline regulations and reduce the compliance burden of regulated entities.
- In 1999, the RBI had set up a Regulations Review Authority (RRA) for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions.
- It will focus on streamlining regulatory instructions, reducing the compliance burden of the regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
- It will also obtain feedback from regulated entities.
- Regulated entities include commercial banks, urban co-operative banks, Non-Banking Financial Companies.