RBI set up Regulations Review Authority 2.0 BANK NEWS

Reserve Bank of India had set up a Regulations Review Authority 2.0 to review regulations and compliance procedures with a view to streamlining/ rationalising them and making them more effective.

 

RBI set up Regulations Review Authority 2.0

 

New Delhi: The Reserve Bank of India had set up a Regulations 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 the 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 circulars, and reduced reporting burden on regulated entities.

Considering the developments in regulatory functions of the Reserve Bank over the past two decades and the 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. Accordingly, 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.

The RRA 2.0 will focus on streamlining regulatory instructions, reduce the 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:

  1. To make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any;
  2. To reduce the compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible;
  3. To obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance;
  4. Examine and suggest the changes required in dissemination process of RBI circulars/ instructions (this would entail suggestions on the areas where the manner of issuing circulars, their updation and website linkages); and
  5. Identify any other issue germane to the subject matter.

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.

The RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate the process.



Posted Date :  15-04-21

Categories : BANK NEWS

Tag Cloud: BANK NEWS

Similar news

RBI cancels licence of United Co-operative Bank

New Delhi: The Reserve Bank of India on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan, West Bengal, as it does not have adequate capital and earning prospects.   Consequently, the bank ceases to carry on banking business, with effect from the close of
Posted Date :  14-05-21

Read more

RBI appoints Shri Jose J. Kattoor as new Executive Director

New Delhi: The Reserve Bank of India has appointed Shri Jose J. Kattoor as Executive Director (ED) with effect from May 04, 2021.Prior to being promoted as ED, Shri Jose J. Kattoor was heading Bengaluru Regional Office of the Reserve Bank as Regional Director for Karnataka.Shri Kattoor has, over a s
Posted Date :  13-05-21

Read more

RBI to auction govt securities worth Rs26,000cr on May 14

New Delhi: The Government has announced the sale (issue/re-issue) of three dated securities amounting to Rs 26,000cr. Further, the Centre also has the option to retain additional subscription up to Rs 6,000cr against the three dated security or securities.The auctions will be conducted by the Reserv
Posted Date :  13-05-21

Read more

SBI's Padmakumar M Nair will be chief executive of NARCL

New Delhi: Padmakumar M Nair of State Bank of India (SBI) will be the chief executive of National Asset Reconstruction Company (NARCL), a proposed entity for taking over bad loans of lenders, predominantly public sector banks. NARC, also called a 'bad' bank, is expected to be operational in June 202
Posted Date :  12-05-21

Read more

Regulations Review Authority of RBI sets up advisory group

New Delhi: The Regulations Review Authority of the Reserve Bank of India (RBI) has constituted an advisory group to support it.   The group will assist the RRA by identifying areas, regulations, guidelines and returns which can be rationalised and submit reports periodically to the RRA co
Posted Date :  08-05-21

Read more