The Reserve Bank of India on 13th June 2022, has published the report containing the final set of recommendations made by the Regulations Review Authority (RRA 2.0). The report is based on extensive consultations with both internal as well as external stakeholders. The report, inter alia, contains recommendations on ease of compliance and reduction in regulatory burden, streamlining of reporting mechanism and dissemination and ease of accessibility of regulatory instructions.
Key Highlights from the Report:
- Periodic review of existing regulations has been suggested for aligning them with evolving developments in the industry practices and financial landscape.
- To address gaps in understanding, interpreting, and implementing the instructions, the regulatory instructions should contain a brief Statement of Object underlying the rationale for issuance of instructions. The instructions should be supplemented with FAQs / guidance notes and illustrations, wherever necessary.
- All the contents posted on RBI website may be updated on real-time basis. The RBI website layout may be enhanced to make it more interactive and convenient for navigation.
- All instructions on the RBI website may be categorised subject-wise, function-wise and based on category of regulated entities with the necessary linkages to relevant FAQs, consultative papers, Master Directions, etc.
- Further, RRA has recommended that the Master Circulars may be updated in a time bound manner and may eventually be converted into Master Directions, wherever feasible. Regulatory instructions which have been repealed / withdrawn may be archived / stamped to avoid confusion amongst the REs / members of public.
