Regulatory Review Authority
Source : PIB
GS III : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment

Why in News?

An advisory group has been constituted to assist the second Regulatory Review Authority (RRA 2.0) which was constituted by the central bank.

• To streamline regulations and reduce the compliance burden of regulated entities.

Key Facts

• The advisory group will assist the RRA by identifying regulations, guidelines, and returns that can be rationalised.
• The RBI has set up the second Regulatory Review Authority (RRA 2.0) initially for a period of one year from May 01, 2021.
  • With a view to streamline regulations and reduce the compliance burden of regulated entities.
• RRA has constituted the advisory group, representing members from regulated entities, including compliance officers, to support the RRA in achieving the objective set forth in the terms of reference of RRA 2.0.
• Group will assist the RRA by identifying areas, regulations, guidelines, returns which can be rationalised and submit reports periodically to RRA containing the recommendations/suggestions.
• Advisory group has sought feedback and suggestions from all regulated entities, industry bodies, and other stakeholders

Regulatory Review Authority 2.0

• RRA 2.0 will function for a period of one year.
• Regulatory Review Authority, RRA 2.0, to review its regulations internally and in consultation with other stakeholders.
• It follows a similar exercise conducted in 1999-2000.
  • RBI had set up a Regulations Review Authority (RRA) in 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions.
• Focus on streamlining regulatory instructions and reducing the compliance burden of regulated entities by simplifying procedures and reducing reporting requirements wherever possible.
• Also be tasked with obtaining feedback from regulated entities on simplification of procedures and enhancement of ease of compliance.
• Will examine and suggest the changes required in the dissemination process of RBI circulars and instructions.

Daily Current Affairs : Click Here