Regulations Review Authority:
The Regulations Review Authority of the Reserve Bank of India (RBI) has recommended withdrawal of 714 regulatory instructions which have either become obsolete or redundant.
- This is part of the RRA 2.0 recommendations on issues such as,
- Ease of compliance,
- Reduction of regulatory burden
- Rationalization of reporting mechanism,
- Streamlining instructions and communication.
- Complete elimination of paper-based returns and has identified 65 regulatory returns which should either be discontinued or merged with other returns or should be converted into online returns.
- The Review and revocation of time-barred and old regulations may be taken up for alignment with the recent circulars and this exercise can be institutionalised in such a manner that only the current and updated instructions are available in public domain.
- It has proposed a periodic review of regulatory or supervisory returns at least once in three years.
- A separate web page, namely, ‘Regulatory Reporting’ in the RBI website so that all the information relating to regulatory, supervisory and statutory returns would be consolidated at a single source on the RBI website.
Regulations Review Authority:
- The RBI earlier set up the first RRA for a period of one year from 1st April, 1999.
- This is for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks and financial institutions.
- RRA 2.0 seeks to streamline the regulatory instructions, reducing the compliance burden of the entities under regulations.
- The RRA 2.0 will achieve this by simplifying procedures and reducing reporting requirements wherever possible.
- The RBI had set up RRA 2.0 in 2021 year to reduce the compliance burden on the regulated entities and streamline regulatory instructions.
