The Reserve Bank of India’s Regulations Review Authority (RRA 2.0) has constituted a six-member Advisory Group headed by S Janakiraman, Managing Director, State Bank of India, to support it in reviewing the central bank’s regulations and compliance procedures with a view to streamlining/ rationalising them to make them more effective.
The Authority has been set up initially for a period of one year from May 1, 2021. M. Rajeshwar Rao, Deputy Governor, RBI was appointed as the Regulations Review Authority last month.
“The Group will assist the RRA by identifying areas/ regulations/ guidelines/ returns which can be rationalised and submit reports periodically to RRA containing the recommendations/ suggestions,” RBI said in a statement on Friday.
The other members of the Group are — TT Srinivasaraghavan, Former MD and Non-Executive Director, Sundaram Finance; Gautam Thakur, Chairman, Saraswat Co-operative Bank; Subir Saha, Group Chief Compliance Officer, ICICI Bank; Ravi Duvvuru, President and CCO, Jana Small Finance Bank; and Abadaan Viccaji, Chief Compliance Officer, HSBC India.
The Group has decided to invite feedback and suggestions from all regulated entities, industry bodies and other stakeholders. Suggestions and feedback can be e-mailed to the Group latest by June 15, 2021.
Terms of Reference
The terms of reference of RRA 2.0 include making regulatory and supervisory instructions more effective by removing redundancies and duplications, if any; and to obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance. The authority will seek to reduce 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 examine and suggest the changes required in dissemination process of RBI circulars/ instructions.