Categories: Banking

RBI to set up Regulations Review Authority for one year

Reserve Bank of India (RBI). (File Photo: IANS)

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.

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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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.