RBI forms advisory group to assist Regulatory Review Authority 2.0

The Reserve Bank of India on May 7, 2021 informed that it has set up an advisory group to assist the second Regulatory Review Authority (RRA 2.0)

The RRA 2.0 was set up by the central bank earlier this month 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 rationalised. It will submit periodical reports to the authority that will contain its recommendations and suggestions.

Key Highlights 

•The advisory group will be headed by SBI Managing Director S Janakiraman.

•It will have members from regulated entities, including compliance officers.

•The members of the advisory group include:

-T T Srinivasaraghavan: Former Managing Director & Non-Executive Director OF Sundaram Finance

-Gautam Thakur: Chairman of Saraswat Co-operative Bank

-Subir Saha: Group Chief Compliance Officer of 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 (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. 

•The Deputy Governor of RBI, M Rajeshwar Rao was appointed as the Regulations Review Authority.