The Reserve Bank of India’s (RBI) second Regulations Review Authority (RRA 2.0) has constituted a 6-member Advisory Group headed by S Janakiraman, Managing Director of State Bank of India to support in reviewing the RBI’s regulations and compliance procedures to streamline/ rationalise them to make them more effective.
About the Advisory Group in Brief:
Other members of the Advisory Group:
i.TT Srinivasaraghavan – Former MD and Non-Executive Director, Sundaram Finance
ii.Gautam Thakur -Chairman, Saraswat Co-operative Bank
iii.Subir Saha – Group Chief Compliance Officer, ICICI Bank
iv.Ravi Duvvuru, President and CCO, Jana Small Finance Bank
v.Abadaan Viccaji, Chief Compliance Officer, HSBC India.
Background:
On April 15, 2021, RBI formed the RRA 2.0 for a period of 1 year from May 01, 2021, to Streamline RBI’s Regulations and Reduce Compliance. M. Rajeshwar Rao, Deputy Governor, RBI was the RRA. Click here to know more
- The RRA will examine and suggest the changes required in the dissemination process of RBI circulars/ instructions. (Now, the Advisory Group will support RRA to make effective suggestions)
- In 1999, the RBI had set up a Regulations Review Authority (RRA) for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions.
Functions of the Advisory Group:
i.It will submit reports periodically to RRA containing the recommendations/suggestions regarding the rationalisation of certain areas/ regulations/ guidelines/ returns.
ii.It has decided to gather feedback and suggestions from all regulated entities, industry bodies and other stakeholders.
iii.Suggestions and feedback are stated to be e-mailed to the Group by June 15, 2021.
RBI conducted the simultaneous sale, purchase of G-Secs for FY22:
RBI conducted the Simultaneous purchase and sale of government securities(G-Sec) (Operation Twist) each worth Rs 10,000 crore under open market operations (OMOs) in May 2021.
Note – Operation Twist – It is RBI’s simultaneous selling of short-term securities and buying of long term securities through open market operations (OMO).
- RBI accepted offers aggregating Rs 10,000 crores only for the benchmark 2030 G-Sec with a coupon rate of 5.85 percent. It set the cut-off price for the purchase of the 2030 G-Sec at Rs 99.10.
- It received bids aggregating Rs 36,471 crore at the sale of two- 182-day Treasury Bills under Operation Twist against the notified amount of ₹10,000 crores.
Recent Related News:
Reserve Bank of India (RBI) joined as a member of Central Banks and Supervisors’ Network for Greening the Financial System (NGFS) which was launched at the Paris One Planet Summit on December 12, 2017, and RBI became a member of it on April 23, 2021.
About Reserve Bank of India(RBI):
- It was established on the recommendation of the Hilton Young Commission
- The First Governor of RBI was Sir Osborne Smith (1935 – 1937)
- The First Indian Governor of RBI was CD Deshmukh (1943 – 1949)
- Dr. Manmohan Singh is the only Prime Minister to have also served as the Governor of RBI ((1982 – 1985)
- The First women deputy Governor of RBI was KJ Udeshi
