Tag: RRA

RBI sets up advisory group to assist Regulatory Review Authority

Banking & Finance

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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.

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Group of Advisors to RBI’s Regulations Review Authority invites feedback and suggestions, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) initially for a period of one year from May 01, 2021. The RRA will review the regulatory prescriptions internally and seek suggestions for simplification and ease of implementation from RBI controlled entities and other stakeholders.

The RRA has formed an Advisory Group made up of representatives from regulatory entities, including compliance officers, to help the RRA achieve the objectives set out in RRA 2.0’s terms of reference. The Group will assist by finding areas/regulations/guidelines/returns that can be rationalised and submitting reports to RRA with recommendations/suggestions on a regular basis. The composition of the Group is as under:

1. S. Janakiraman, Managing Director, State Bank of India Chairman
2. T. T. Srinivasaraghavan, Former MD & Non-Executive Director, Sundaram Finance Member
3. Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd. Member
4. Subir Saha, Group Chief Compliance Officer, ICICI Bank Ltd Member
5. Ravi Duvvuru, President & CCO, Jana Small Finance Bank Member
6. Abadaan Viccaji, Chief Compliance Officer, HSBC India Member

The Group has decided to invite feedback and suggestions from all regulated entities, industry bodies, and other stakeholders to undertake its preparatory work. Suggestions and feedback should be emailed latest by June 15, 2021, with the subject line Suggestions to the Advisory Group of RRA.

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RBI sets up RRA 2.0 to review regulatory functions and reduce compliance burden, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India (RBI) announced that it has decided to set up a new Review Authority (RRA 2.0). Initially, Regulations Review Authority (RRA) was established on April 1, 1999, for the purpose of reviewing regulations, circulars, and reporting systems based on public, bank, and financial institution feedback. RRA’s recommendations resulted in the simplification of regulatory prescriptions, the issuance of a master circular, reduction in the reporting burden on regulated entities and streamlined and improved processes.

RBI said that considering the developments in regulatory functions of the Reserve Bank and the evolution of the regulatory perimeter over the last two decades, it has been decided to set up a new Regulations Review Authority (RRA 2.0) for a period of one year from the date of its establishment. The Deputy Governor, M. Rajeshwar Rao, has been appointed the Regulations Review Authority. The Authority will be in place for a year starting May 1, 2021, unless the Reserve Bank decides to prolong its term.

RRA 2.0 would concentrate on streamlining regulatory instructions, reducing the compliance burden of the regulated entities by simplifying processes, and reducing reporting requirements. The RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate the process.

The terms of reference of RRA would include removing redundancies and duplications from regulatory and supervisory instructions, reducing compliance burden on regulatory agencies by streamlining the reporting process and, if necessary, revoking obsolete instructions, and avoiding paper-based submission of returns wherever possible.



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