The Regulations Review Authority (RRA 2.0)

Subject – Economy

Context – RBI voids 100 redundant circulars

Concept –

The Regulations Review Authority (RRA 2.0) was set up by the RBI in April to review regulatory instructions, remove redundant ones, reduce the compliance burden by streamlining reporting structure and wherever possible, obviate paper-based submission of returns.
It will also obtain feedback from regulated entities.
Regulated entities include commercial banks, urban co-operative banks, Non-Banking Financial Companies.
It will focus on streamlining regulatory instructions, reducing compliance burden of the regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
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.