The Regulations Review Authority (RRA 2.0) has recommended withdrawal of an additional 239 circulars. With this, the total number of circulars which stand withdrawn would be 714.

RRA 2.0 was set-up by the Reserve Bank of India vide press release dated April 15, 2021 to review the regulatory instructions, remove redundant or duplicate instructions and reduce the compliance burden on Regulated Entities (REs). RRA had recommended withdrawal of 150 circulars in the first tranche of recommendations vide press release dated November 16, 2021, 100 circulars in the second tranche of recommendations vide press release dated February 18, 2022 and 225 circulars in the third tranche of recommendations vide press release dated May 2, 2022. Additionally, in the second tranche, RRA had also recommended discontinuation/ merger/ conversion to online submission of 65 returns along with creation of a new ‘Regulatory Reporting’ link in the RBI website to consolidate information relating to regulatory reporting.

The notifications containing the list of specific instructions recommended for withdrawal is being issued separately.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/204