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.
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