RRA recommends withdrawal of another 225 redundant circulars says RBI

The Reserve Bank of India (RBI) announced on Monday that the Regulations Review Authority (RRA) has recommended the withdrawal of another 225 redundant circulars, as per PTI reported.

The RRA 2.0 was established by the Reserve Bank of India with the goal of reducing the compliance burden on regulated entities (REs).

"Regulations Review Authority (RRA 2.0) has recommended withdrawal of additional 225 circulars in the third tranche of recommendations," the central bank said in a statement.

Separate notices comprising a list of detailed instructions for withdrawal are being sent out, according to the statement.

According to PTI, in the first tranche of recommendations, the RRA proposed the withdrawal of 150 circulars in November 2021, and 100 circulars in the second tranche of recommendations in February 2022.

In the second tranche, the RRA proposed that 65 returns be discontinued, merged, or converted to online filing, as well as the introduction of a new 'Regulatory Reporting' link on the RBI website to combine regulatory reporting information.

The Reserve Bank of India established RRA 2.0 to examine regulatory instructions, eliminate redundant and duplicate instructions, and minimise the regulatory compliance burden on Regulated Entities (REs), PTI said.

RRA 2.0 focuses on streamlining regulatory instructions, minimising the compliance burden of regulated entities by simplifying procedures and, where appropriate, lowering reporting obligations.

The RBI established an RRA on April 1, 1999, for a one-year period to evaluate the regulations, circulars, and reporting systems in response to public, bank, and financial institution feedback, said PTI.

The RBI said in April last year, when announcing the establishment of RRA 2.0, that the RRA's recommendations enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paving the way for the issuance of master circulars, and reducing the reporting burden on regulated entities.