S. Janakiraman Advisory Group:
The Reserve Bank said an advisory group had been constituted to assist the second Regulatory Review Authority (RRA) which was set up by the central bank earlier this month to streamline regulations and reduce the compliance burden of regulated entities.
- Headed by SBI Managing Director S. Janakiraman, the group will assist the RRA by identifying regulations, guidelines, and returns that can be rationalized.
- The group will assist the RRA by identifying areas, regulations, guidelines, returns which can be rationalized and submit reports periodically to RRA containing the recommendations/suggestions.
- 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.
- The RBI has set up the second Regulatory Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, with a view to streamline regulations and reduce the compliance burden of regulated entities.
- Reserve Bank of India Deputy Governor M Rajeshwar Rao was appointed as the Regulations Review Authority.