Mumbai, Apr 15 (IANS): The Reserve Bank of India (RBI) has set up a new Regulations Review Authority (RRA 2.0) for a period of one year to review regulatory prescriptions internally as well as by seeking suggestions from RBI-regulated entities and other stakeholders on their simplification and ease of implementation.

Deputy Governor M. Rajeshwar Rao has been appointed as the head of the RRA, set up for a period of one year from May 1, 2021, unless its tenure is extended by the RBI.

In a statement, the central bank said that considering the developments in its regulatory functions over the past two decades and evolution of the regulatory perimeter, it is proposed to undertake a similar review of the regulations and compliance procedures with a view to streamlining and rationalising them and making them more effective.

The RRA 2.0 will focus on streamlining regulatory instructions, reduce compliance burden of the regulated entities by simplifying procedures, and reduce reporting requirements, wherever possible.

The terms of reference of the authority would be as to make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any.

It will also 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, among other functions.

The RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate the process.