The Reserve Bank of India (RBI) has prolonged the timeline for submission of feedback and opinions from all regulated entities, industry bodies, and other stakeholders to the Group of Advisors (GoA) aiding the Regulation Review Authority (RRA 2.0) by 15 days till June 30.

RBI in a statement stated that this has been done keeping in view the effect of Covid-19 associated disruptions and based on the requests received from stakeholders. RRA 2.0 has been set up initially for a period of one year from May 1, 2021, with M Rajeshwar Rao, Deputy Governor, RBI, being appointed as the Regulations Review Authority in April 2021. On May 7, the RRA constituted a six-member Advisory Group headed by S Janakiraman, Managing Director, State Bank of India, to support it in reviewing them to streamline and rationalize RBI’s regulations and compliance procedures and make them more effective.

The terms of reference of RRA 2.0 include making regulatory and supervisory instructions more efficient by eliminating redundancies and duplications if any; and collecting feedback from regulated entities on simplification of procedures and improvement of ease of compliance. The authority will attempt to lessen the compliance strain on regulated entities by streamlining the reporting mechanism, repealing obsolete instructions if needed, and preventing the paper-based submission of returns, where possible. The RRA will examine and suggest changes needed in the propagation process of RBI circulars/ instructions.