MUMBAI: The Reserve Bank of India (RBI) has appointed its deputy governor M Rajeshwar Rao as the Regulations Review Authority (RRA) who will engage with regulated entities and revise norms. The last time the RBI had conducted such an exercise was in 1999.
In a statement issued here, the central bank said considering the developments in the regulatory functions and “evolution of the regulatory perimeter”, it is has decided to revisit the regulations. The RRA 2.0 will function for one year and review prescriptions internally and seek suggestions from the RBI-regulated entities and other stakeholders on their simplification and ease of implementation.
The terms of reference of the committee include removing redundancies and duplications in the rules, obviating the need of paper-based submissions, improving ease of compliance and revising the dissemination process of RBI’s instructions.
According to the RBI, the first RRA’s recommendations helped streamline and increase the effectiveness of several procedures and simplified regulatory prescriptions. It also paved the way for the issuance of the master circular and reduced reporting burden on regulated entities.