REGULATIONS REVIEW AUTHRITY (RRA 2.0)

REGULATIONS REVIEW AUTHRITY (RRA 2.0)

TOPIC: Economy

Context- The Regulations Review Authority (RRA 2.0) has recommended withdrawal of additional 100 circulars in the second tranche of recommendations.

Concept-

Regulations Review Authority (RRA):

• 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.

RRA 2.0:

• The authority, was set up in April 2021 with an objective to reduce the compliance burden on Regulated Entities (REs).
• It will focus on streamlining regulatory instructions, reducing compliance burden of the regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
• Regulated entities include commercial banks, urban co-operative banks, Non-Banking Financial Companies.

Reserve Bank of India:

• RBI was established on 1st April, 1935 under the Reserve Bank of India Act, 1934.
• Originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
• RBI’s Publications:
  • Financial Stability Report.
  • Monetary Policy Report.
  • Report on Foreign Exchange Reserves.
  • Consumer Confidence Survey.
  • Inflation Expectations Survey of Households.