The Reserve Bank of India (RBI) on Friday stated its Regulations Review Authority has advisable the withdrawal of further 239 redundant circulars.
Once RRA’s newest suggestion is carried out, the full variety of such circulars withdrawn will contact 714.
Regulations Review Authority (RRA 2.0) was set as much as overview the regulatory directions, take away redundant and duplicate directions and scale back the compliance burden on regulated entities.
“The Regulations Review Authority (RRA 2.0) has recommended withdrawal of an additional 239 circulars. With this, the total number of circulars which stand withdrawn would be 714,” it stated.
The central financial institution has began issuing the notifications containing the checklist of particular directions advisable for withdrawal individually.
Earlier this month, RBI had stated RRA had advisable the withdrawal of further 225 circulars.
RRA had advisable the withdrawal of 150 circulars within the first tranche of suggestions in November 2021 and 100 circulars within the second tranche of suggestions in February 2022.
In the second tranche, RRA had additionally advisable discontinuation/ merger/ conversion to on-line submission of 65 returns together with the creation of a brand new ‘Regulatory Reporting’ hyperlink within the RBI web site to consolidate data referring to regulatory reporting.
RRA 2.0 focuses on streamlining regulatory directions, decreasing the compliance burden of the regulated entities by simplifying procedures and decreasing reporting necessities, wherever attainable.
The central financial institution had arrange RRA initially for a interval of 1 yr from April 1, 1999, for reviewing the rules, circulars, and reporting techniques, based mostly on the suggestions from the general public, banks and monetary establishments.
The suggestions of RRA enabled streamlining and growing the effectiveness of a number of procedures, simplifying regulatory prescriptions, paved the best way for issuance of grasp round and lowered reporting burden on regulated entities, RBI stated in April final yr whereas asserting the establishing of RRA 2.0.