REGULATIONS REVIEW AUTHRITY (RRA 2.0)
- February 19, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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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.