REGULATORY REVIEW AUTHORITY 2.0

Subject: Governance

Context: RBI sets up regulatory review authority to review regulations, ease compliance.

Concept:

The Reserve Bank of India (RBI) on Thursday announced the setting up of a regulatory review authority, RRA 2.0, to review its regulations internally and in consultation with other stakeholders.
RRA 2.0 will function for a period of one year from the date of its establishment to review the regulatory prescriptions internally as well as by seeking suggestions from regulated entities and other stakeholders on their simplification and ease of implementation.
The RRA 2.0 will focus on streamlining regulatory instructions and reducing the compliance burden of regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
It shall intend to make regulatory and supervisory instructions more effective by removing redundancies and duplication, if any.
It will also be tasked with obtaining feedback from regulated entities on simplification of procedures and enhancement of ease of compliance.