RBI forms advisory taskforce to assist regulatory review authority

The Reserve Bank of India has announced that an Advisory Group has been formed to assist the central bank's second Regulatory Review Authority (RRA 2.0), which was established earlier this month to streamline regulations and bring down the compliance burden of regulated entities. The Advisory Group, led by SBI Managing Director S Janakiraman, will help the RRA by identifying regulations, guidelines, and returns that can be simplified. The RBI established the second Regulatory Review Authority (RRA 2.0) on May 1, 2021, for a one-year period, with the goal of streamlining regulations and reducing the compliance burden on regulated entities. M Rajeshwar Rao, Deputy Governor of RBI, has been appointed as the Regulations Review Authority. According to RBI, the RRA has formed an Advisory Group, comprising members from regulated entities, including compliance officers, to assist the RRA in achieving the goal set forth in RRA 2.0's terms of reference. The group will assist the RRA by identifying areas, regulations, guidelines, and returns that can be rationalised and submitting reports to the RRA with the recommendations and suggestions on a regular basis. The Advisory Group has requested feedback and suggestions from all regulated entities, industry bodies, and other stakeholders by June 15 in order to begin its preparatory work. The RBI established the Regulations Review Authority (RRA) in 1999 to review regulations, circulars, and reporting systems in response to public, bank, and financial institution feedback. Image Source