The RBI’s Regulations Review Authority (RRA 2.0) has appointed a six-member Advisory Group headed by the Managing Director, State Bank of India, S Janakiraman to support it in reviewing its regulations and compliance procedures for streamlining them and to make them more effective.

 

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The Authority has been set up initially for a period of one year from May 1, 2021, last month the Deputy Governor of RBI, M. Rajeshwar Rao was appointed as the RRA. RBI in its statement on Friday said that the Group will assist the RRA by identifying areas/ regulations/ guidelines/ returns which can be rationalized and submit reports regularly to RRA carrying the recommendations/ suggestions. The other members of the Group are known to be Former MD and Non-Executive Director, Sundaram FinanceTT Srinivasaraghavan; Chairman, Saraswat Co-operative Bank, Gautam Thakur; Group Chief Compliance Officer, ICICI Bank, Subir Saha; President and CCO, Jana Small Finance Bank, Ravi Duvvuru; and Chief Compliance Officer, HSBC India, Abadaan Viccaji. It has been decided by the Group that feedback and suggestions will be invited from all regulated entities, industry bodies, and other stakeholders. Any suggestions and feedback should be e-mailed to the group latest by June 15, 2021.

The terms of reference of RRA 2.0 involve making regulatory and supervisory instructions more efficient by removing redundancies and duplications if any; and gathering feedback from regulated entities on simplification of procedures and improvement of ease of compliance. The authority will seek 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. The RRA will review and recommend the changes required in the dissemination process of RBI circulars/instructions.

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