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Member Consultation: Suggestions for Group of Advisors to Regulations Review Authority
Member Consultation: Suggestions for Group of Advisors to Regulations Review Authority

May 11, 2021

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On 15 April, the Reserve Bank of India (RBI) announced setting up of new Regulations Review Authority (RRA 2.0) for a period of one year from 1 May 2021, to review the Central Banks’ regulations and compliance procedures with a view to streamlining/ rationalising them and making them more effective.

According to RBI, the RRA 2.0 will focus on streamlining regulatory instructions, reduce compliance burden of the regulated entities by simplifying procedures and reduce reporting requirements, wherever possible. The terms of reference of RRA 2.0 are as follows:

  1. To make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any;
  2. To reduce compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible;
  3. To obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance;
  4. Examine and suggest the changes required in dissemination process of RBI circulars/ instructions (this would entail suggestions on the areas where the manner of issuing circulars, their updation and website linkages); and
  5. Identify any other issue germane to the subject matter.

On 7 May, RBI constituted an Advisory Group, representing members from regulated entities, including compliance officers, to support the RRA in achieving the objective set forth in the terms of reference of RRA 2.0. The Group will assist the RRA by identifying areas/ regulations/ guidelines/ returns which can be rationalized and submit reports periodically to RRA containing the recommendations/ suggestions. The composition of the Group is as under:

1.	Shri S. Janakiraman, Managing Director, State Bank of India	Chairman 2.	Shri T. T. Srinivasaraghavan, Former MD & Non-Executive Director, Sundaram Finance	Member 3.	Shri Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd.	Member 4.	Shri Subir Saha, Group Chief Compliance Officer, ICICI Bank Ltd.	Member 5.	Shri Ravi Duvvuru, President & CCO, Jana Small Finance Bank	Member 6.	Shri Abadaan Viccaji, Chief Compliance Officer, HSBC India	Member

To undertake its preparatory work, the Group has decided to invite feedback and suggestions from all regulated entities, industry bodies and other stakeholders by 15 June 2021. Therefore, we request you to send us your inputs/suggestions/feedback by 4 June 2021, to enable us to make a timely submission to the Group.

Please send your inputs to komal@nasscom.in

 


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Komal Gupta
Policy Analyst

Policy Professional| Former Tech and Business Journalist|

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