On April 15, 2021, RBI has formed the second Regulations Review Authority (RRA) named RRA 2.0 to Streamline its Regulations and Reduce Compliance.
- M. Rajeshwar Rao, Deputy Governor was appointed as the head of RRA 2.0.
Background:
- RBI has set up the first RRA for one year i.e. from April 1, 1999, to April 1, 2000, in order to review the regulations, circulars, reporting systems of RBI based on the feedback from the public, banks and financial institutions.
- Y.V. Reddy, the Deputy Governor of that time has been appointed as the first head of RRA.
About RRA 2.0:
- After two decades, the second RRA i.e. the RRA 2.0 was formed to undertake a review of RBI’s regulations and compliance procedures, in order to make them more effective.
- It was also set up for a period of one year from May 01, 2021, unless its tenure is extended by RBI.
- M. Rajeshwar Rao, Deputy Governor was appointed as the head of RRA.
Functions of RRA 2.0:
- To provide the regulatory and supervisory instructions by removing redundancies and duplications.
- Streamline the reporting mechanism to reduce compliance burden.
- To engage with all regulated entities and other stakeholders to obtain feedback from them on simplification of procedures and enhancement of ease of compliance
- It has to suggest the changes required in the dissemination process of RBI circulars/ instructions.
Recent Related News:
RBI has asked all the banks in India to implement the image-based Cheque Truncation System (CTS) under respective grids in all its branches by September 30, 2021, to faster the settlement of cheques resulting in better customer service.
About Reserve Bank of India(RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeshwar Rao
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