Report of the Regulations Review Authority (RRA 2.0) - आरबीआय - Reserve Bank of India
Report of the Regulations Review Authority (RRA 2.0)
Regulations Review Authority (RRA 2.0) was set-up by the Reserve Bank of India vide press release dated April 15, 2021, with the objective of reducing the compliance burden on Regulated Entities (REs) by streamlining the regulatory instructions and rationalising reporting requirements. The RRA 2.0 has since submitted its report containing final set of recommendations. The report is based on the extensive consultations with both internal as well as external stakeholders. The report, inter alia, contains recommendations on ease of compliance and reduction in regulatory burden, streamlining of reporting mechanism and dissemination and ease of accessibility of regulatory instructions. In addition, RRA has recommended withdrawal of 714 circulars in the four tranches of interim recommendations on November 16, 2021, February 18, 2022, May 2, 2022 and May 13, 2022. Also, on February 18, 2022, RRA had recommended discontinuation / merger / conversion to online filing of 65 regulatory returns and creation of a new “Regulatory Reporting” link on the RBI website to consolidate information relating to regulatory reporting and submission of returns by REs at a single place. Highlights:
The report of RRA 2.0 is being placed on the RBI website today. The recommendations of the RRA would be internalised by the Reserve Bank to achieve the intended outcomes. The RRA exercise should, going forward, result in clarity, simplification, accessibility and rationalisation in regulatory instructions and returns. (Yogesh Dayal) Press Release: 2022-2023/360 |