The Reserve Bank of India (RRBI) has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 1, 2021. The group of advisors of the authority has called for feedback and suggestions from the stakeholders.
RBI stated, “To undertake its preparatory work, the Group has decided to invite feedback and suggestions from all regulated entities, industry bodies and other stakeholders.”
The last day for suggestion and feedback is June 15, 2021,
S Janakiraman, Managing Director, State Bank of India is the Chairman of the advisory group. Other Members of the advisory group are T T Srinivasaraghavan, Former MD and Non-Executive Director, Sundaram Finance; Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd; Subir Saha, Group Chief Compliance Officer, ICICI Bank; Ravi Duvvuru, President & CCO, Jana Small Finance Bank; and Abadaan Viccaji, Chief Compliance Officer, HSBC India.
What will RRA do?
- The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation.
- The RRA has constituted an Advisory Group, representing members from regulated entities, including compliance officers, to support the RRA in achieving the objective set forth in the terms of reference of RRA 2.0.
- 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.
The banking regulator had set up RRA initially for a period of one year from April 1, 1999, for reviewing regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions.