{"id":101864,"date":"2021-04-16T17:15:39","date_gmt":"2021-04-16T11:45:39","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=101864"},"modified":"2021-04-16T21:14:19","modified_gmt":"2021-04-16T15:44:19","slug":"rbi-sets-up-regulations-review-authority-2-0","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-sets-up-regulations-review-authority-2-0\/","title":{"rendered":"RBI sets up &#8220;Regulations Review Authority 2.0&#8221;"},"content":{"rendered":"\n<h5><strong>What is the News?<\/strong><\/h5>\n<p>Recently, the <a href=\"https:\/\/forumias.com\/blog\/reserve-bank-of-india-rbi-governance\/\">Reserve Bank of India<\/a>(RBI) announced the setting up of a new Regulations Review Authority(RRA 2.0).<\/p>\n<h5><strong>About<\/strong> <strong>Regulations Review Authority(RRA):<\/strong><\/h5>\n<ul>\n<li>The RBI earlier set up the first RRA for a period of one year from April 1, 1999. This is for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks and financial institutions.<\/li>\n<\/ul>\n<h5><strong>About Regulations Review Authority(RRA 2.0):<\/strong><\/h5>\n<ul>\n<li><strong>Regulations Review Authority(RRA 2.0)<\/strong> will streamline the regulatory instructions, reduce the compliance burden of the entities under regulations. The RRA 2.0 will achieve this by simplifying procedures and reduce reporting requirements wherever possible.<\/li>\n<li><strong>Headed by: <\/strong>M Rajeshwar Rao, Deputy Governor of RBI has appointed as the head of the Regulations Review Authority 2.0.<\/li>\n<li><strong>Duration: <\/strong>The authority will be set up for a period of one year from May 1. But, RBI can extend its tenure.<\/li>\n<\/ul>\n<p><strong>Terms of Reference of RRA 2.0: <\/strong>The terms of reference of RRA 2.0 include:<\/p>\n<ul>\n<li><strong>Firstly, making regulatory and supervisory instructions<\/strong> more effective by removing redundancies and duplications.<\/li>\n<li><strong>Secondly, to obtain feedback from regulated entities <\/strong>on simplification of procedures and enhancement of ease of compliance.<\/li>\n<li><strong>Thirdly, RRA will reduce the compliance burden on regulated entities<\/strong> by streamlining the reporting mechanism; revoking obsolete instructions if necessary.<\/li>\n<li><strong>Fourthly, to examine and suggest the changes<\/strong> required in the dissemination process of RBI circulars\/ instructions.<\/li>\n<li><strong>Sixthly, to engage internally as well as externally <\/strong>with all regulated entities and other stakeholders to facilitate the process.<\/li>\n<\/ul>\n<p><strong>Source: <\/strong><a href=\"https:\/\/epaper.thehindu.com\/Home\/MShareArticle?OrgId=G6H8G2QPG.1&amp;imageview=0\"><strong>The Hindu<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? Recently, the Reserve Bank of India(RBI) announced the setting up of a new Regulations Review Authority(RRA 2.0). About Regulations Review Authority(RRA): The RBI earlier set up the first RRA for a period of one year from April 1, 1999. This is for reviewing the regulations, circulars, reporting systems, based on the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-sets-up-regulations-review-authority-2-0\/\">Continue reading <span class=\"screen-reader-text\">RBI sets up &#8220;Regulations Review Authority 2.0&#8221;<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[1278],"class_list":["post-101864","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-eco_4","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704926929},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/101864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=101864"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/101864\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=101864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=101864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=101864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}