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RBI sets up Regulatory Review Authority to streamline regulations and reduce compliance
Apr-16-2021

With a view to streamlining regulations and reducing compliance burden of regulated entities, the Reserve Bank of India (RBI) has set up the second Regulatory Review Authority (RRA 2.0). The RRA would be set up for a period of one year from May 1, 2021, unless its tenure is extended by the Reserve Bank.

RBI said the RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate the process. It added the RRA will focus on streamlining regulatory instructions, reduce compliance burden of the regulated entities by simplifying procedures and reduce reporting requirements, wherever possible. It will also obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance.

The RBI had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999, for reviewing regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting burden on regulated entities.

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