The Regulations Review Authority (RRA 2.0) has recommended the withdrawal of an additional 225 circulars issued by the Reserve Bank of India (RBI).
With the third tranche of recommendations, the Authority has so far recommended the withdrawal of 475 RBI circulars.
In February 2022, the RRA had recommended the discontinuation/ merger/ conversion to online submission of 65 returns along with the creation of a new ‘Regulatory Reporting’ link on the RBI website to consolidate information relating to regulatory reporting.
M Rajeshwar Rao, Deputy Governor, RBI, was appointed as the Regulations Review Authority in April 2021.
Advisory group
On May 7, 2021, RRA constituted a six-member Advisory Group headed by Swaminathan J, Managing Director, State Bank of India, to support it in reviewing the central bank’s regulations and compliance procedures with a view to streamlining/ rationalising them to make them more effective.
The terms of reference of RRA 2.0 include making regulatory and supervisory instructions more effective by removing redundancies and duplications, if any; and obtaining feedback from regulated entities on simplification of procedures and enhancement of ease of compliance.
The Authority is seeking 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.