PremiumThe Reserve Bank of India (RBI) has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from 1 May to streamline regulations and reduce the compliance burden of regulated entities.
The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation.
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Premium Premium Headed by SBI Managing Director S Janakiraman, the advisory group will assist the RRA by identifying regulations, guidelines, and returns that can be rationalised.
The RRA has constituted an Advisory Group, representing members from regulated entities, including compliance officers, to support the RRA in achieving the objective set forth in the terms of reference of RRA 2.0.
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.
Reserve Bank of India Deputy Governor M Rajeshwar Rao was appointed as the Regulations Review Authority.
Other members of the advisory group are T T Srinivasaraghavan (Former Managing Director and Non-Executive Director, Sundaram Finance), Gautam Thakur (Chairman,Saraswat Co-operative Bank), Subir Saha (Group Chief Compliance Officer, ICICI Bank), Ravi Duvvuru (President and CCO, Jana Small Finance Bank), and Abadaan Viccaji (Chief Compliance Officer, HSBC India).
The composition of the Group is as under:
To undertake its preparatory work, the Group has decided to invite feedback and suggestions from all regulated entities, industry bodies and other stakeholders. The suggestion and feedback may be e-mailed latest by June 15, 2021 to the email with the subject line ‘Suggestions to the Advisory Group of RRA’.
In 1999, the RBI had set up a RRA for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions.
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