The Reserve Bank of India (RBI) will be set up a new Regulations Review Authority (RRA 2.0) from May 1, 2021, to review the regulations, circulars, reporting systems and compliance procedures of the central bank for streamlining them and making them more effective. The RRA will be set up for a period of one year unless the timeline is extended by the RBI.
About the Regulations Review Authority:
- M Rajeshwar Rao, Deputy Governor, RBI will be the head of the Regulations Review Authority.
- RRA will be tasked with making regulatory and supervisory instructions more effective by removing redundancies and duplications if any.
- It must be noted that prior to this, a similar RRA was set up by RBI on April 1, 1999, for a period of one year to review the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.