The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate this process. The RRA has also constituted an Advisory Group representing the REs under the chairmanship of Shri Swaminathan J., Managing Director, State Bank of India.

2. RRA has been engaging in extensive consultations with both – internal as well as external stakeholders, on review of the regulatory and supervisory instructions for their simplification and ease of implementation. Based on these consultations and the suggestions of the Advisory Group, the RRA has recommended withdrawal of 150 circulars in the first tranche of recommendations.

3. The notifications containing the list of specific instructions recommended for withdrawal is being issued separately.

(Yogesh Dayal)     
Chief General Manager

Regulations Review Authority 2.0 reviews banking regulations to streamline compliance and recommends withdrawing obsolete circulars and reducing reporting burdens. The Reserve Bank of India established the Regulations Review Authority 2.0 to remove redundancies and duplications in regulatory and supervisory instructions, reduce compliance burden by streamlining reporting mechanisms, revoke obsolete instructions, and obviate paper-based submission of returns; the RRA will obtain stakeholder feedback, suggest improvements to circular dissemination and website linkages, and has recommended withdrawal of a tranche of circulars with specific notifications to follow.