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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Regulations Review Authority (RRA 2.0) Interim Recommendations- Second Tranche

18-Feb-2022 | RBI/2021-2022/170 CO.DSIM.SMD.No.S482/05-06-004/2021-22

RBI has set up a Regulations Review Authority (RRA 2.0) with an objective to reduce the compliance burden on Regulated Entities (REs) and RRA had recommended withdrawal of 150 circulars in the first tranche of recommendations. In continuation of the exercise, RRA has now recommended the following- 1. Withdrawal of an additional 100 circulars in the second tranche of recommendations. 2. Elimination of paper-based returns and identification of 65 regulatory returns which would either be discontinued/ merged with other returns or would be converted into online returns. 3. Creation of a separate web page 'Regulatory Reporting' in the RBI website to consolidate information relating to regulatory reporting and return submission by the regulated entities at a single source. These recommendations are expected to ease regulatory compliance for the regulated entities while improving the accuracy, speed and quality of data submission.

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