Regulations Review Authority (RRA 2.0) - Interim Recommendations

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....egulations Review Authority (RRA 2.0) - Interim Recommendations <br>FEMA & RBI<br>Dated:- 16-11-2021<br><BR>The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide&nbsp;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 (RE....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s) 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 Swam....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....inathan 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... first tranche of recommendations. 3. The notifications containing the list of specific instructions recommended for withdrawal is being issued separately. (Yogesh Dayal)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief General Manager ============= Document 1 प्रेस प्रकाशनी PRESS RELEASE 1 रिज़र्व ● ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....¤­à¤¾à¤°à¤¤à¥€à¤¯ बैंक INDIA संचार विभाग, केंद्रीय कार्यालय, एस. बी. एस. मार्ग, मुंबई - 400001 Department of Communication, Central Off....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ice, S.B.S.Marg, Mumbai-400001 /Phone: 022-22660502 SERVE BANK OF भारतीय रिज़र्व बैंक RESERVE BANK OF INDIA aquis www.rbi.org.in/hindi Website: www.rbi.org.in /email: [email protected] Constitution of the Regulations Review Authority 2.0 April 15, 2021 The Reserve Bank of India had set up a Regulati....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ons Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ircular and reduced reporting burden on regulated entities. 2. Considering the developments in regulatory functions of the Reserve Bank over the past two decades and evolution of the regulatory perimeter, it is proposed to undertake a similar review of the Reserve Bank's regulations and compliance procedures with a view to streamlining/ rationalising them and making them more effective. Accord....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ingly, it has been decided to set up a new Regulations Review Authority (RRA 2.0) 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 the RBI regulated entities and other stakeholders on their simplification and ease of implementation. 3. The RRA 2.0 will focus on streamlining regulatory instructi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ons, reduce compliance burden of the regulated entities by simplifying procedures and reduce reporting requirements, wherever possible. The terms of reference of RRA 2.0 would be as under: i) To make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any; ii) To reduce compliance burden on regulated entities by streamlining the reporting mec....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible; iii) To obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance; iv) Examine and suggest the changes required in dissemination process of RBI circulars/ instructions (this would entail suggestions on the areas where the m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anner of issuing circulars, their updation and website linkages); and v) Identify any other issue germane to the subject matter. 2 4. Shri M. Rajeshwar Rao, Deputy Governor has been appointed as the Regulations Review Authority. The Authority would be set up for a period of one year from May 01, 2021, unless its tenure is extended by the Reserve Bank. 5. The RRA will engage internally as wel....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l as externally with all regulated entities and other stakeholders to facilitate the process. Press Release: 2021-2022/56 (Yogesh Dayal) Chief General Manager<BR> News - Press release - PIB....