The Reserve Bank of India on 15th April 2021 has decided to set up a regulation review authority for a period of 1 year from 1st May 2021 to make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any.
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 and will Examine and suggest the changes required in the dissemination process of RBI circulars/ instructions and Identify any other issue germane to the subject matter.
