RBI forms advisory group to assist Regulatory Review Authority 2.0 | Daily Current Affairs 2021
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RBI forms advisory group to assist Regulatory Review Authority 2.0

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RBI

The Reserve Bank of India (RBI) has recently constituted an advisory group to assist the second Regulatory Review Authority (RRA 2.0).

  • The second RRA 2.0 was set by the central bank on May 01, 2021 to streamline regulations and reduce the compliance burden of regulated entities.
  • The advisory group will assist the authority by identifying areas, guidelines, regulations and returns that can be rationalized.
  • It will submit periodical reports to the authority that will contain its recommendations and suggestions.

Highlights:

  • The Advisory Group will be headed by SBI Managing Director S Janakiraman.
  • It will have members from regulated entities, including compliance officers.
  • Other members of the 6-member advisory group are as follows:
    • T T Srinivasaraghavan (Former Managing Director and Non-Executive Director, Sundaram Finance)
    • Gautam Thakur (Chairman, Saraswat Co-operative Bank)
    • Subir Saha (Group Chief Compliance Officer, ICICI Bank)
    • Ravi Duvvuru (President and CCO, Jana Small Finance Bank)
    • Abadaan Viccaji (Chief Compliance Officer, HSBC India)

Background:

  • The RBI had set up the Regulations Review Authority (RRA) in 1999.
  • The Regulations Review Authority was set up to review regulations and report systems and circulars based on the feedback received from the banks, public, and other financial institutions.
  • The second Regulatory Review Authority dubbed RRA 2.0 was set up by RBI initially for a period of one year from May 1, 2021.
  • The RRA 2.0 was set up to streamline regulations and reduce the compliance burden of regulated entities, to review the regulations, circulars, reporting systems, and compliance procedures for streamlining them and making them more effective.
  • The Deputy Governor of RBI, M Rajeshwar Rao was appointed as the Regulations Review Authority.

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