Question
What is the main objective behind the creation of
Regulations Review Authority by RBI?Solution
Reserve Bank of India (RBI) said the Regulations Review Authority has recommended the withdrawal of additional 225 redundant circulars. RBI had set up the Regulations Review Authority (RRA 2.0) with an objective to reduce the compliance burden on regulated entities (REs). RRA 2.0 was set up in April 2021 to review regulatory instructions to remove redundant and duplicate ones, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure; revoke obsolete instructions; and, wherever possible, obviate paper-based submission of returns.
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