The Reserve Bank of India (RBI) on Monday said the Regulations Review Authority has recommended the withdrawal of additional 225 redundant circulars.
The Reserve Bank of India had set up the Regulations Review Authority (RRA 2.0) with an objective to reduce 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.
The notifications containing the list of specific instructions recommended for withdrawal are being issued separately, it added.
The RRA had recommended the withdrawal of 150 circulars in the first tranche of recommendations in November 2021 and 100 circulars in the second tranche of recommendations in February 2022.
In the second tranche, the RRA had also recommended discontinuation/ merger/ conversion to online submission of 65 returns along with the creation of a new ‘Regulatory Reporting’ link in the RBI website to consolidate information relating to regulatory reporting.
RRA 2.0 was set up by the Reserve Bank of India to review the regulatory instructions, remove redundant and duplicate instructions and reduce the compliance burden on Regulated Entities (REs).
RRA 2.0 focuses on streamlining regulatory instructions, reducing the compliance burden of the regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
The RBI had set up an RRA initially for a period of one year from April 1, 1999, for reviewing the regulations, circulars, and reporting systems, based on the feedback from the public, banks and financial institutions.
The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting burden on regulated entities, the RBI had said in April last year while announcing the setting up of RRA 2.0.