MUMBAI: The Reserve Bank of India (RBI) has set up a new Regulations Review Authority (RRA 2.0) for a period of one year to review regulatory prescriptions internally as well as by seeking suggestions from RBI-regulated entities and other stakeholders on their simplification and ease of implementation.
Deputy Governor M. Rajeshwar Rao has been appointed as the head of the RRA, set up for a period of one year from May 1, 2021, unless its tenure is extended by the RBI.
In a statement, the central bank said that considering the developments in its regulatory functions over the past two decades and evolution of the regulatory perimeter, it is proposed to undertake a similar review of the regulations and compliance procedures with a view to streamlining and rationalising them and making them more effective. (IANS)