Committee constituted to assist the Regulatory Review Authority 2.0
Committee constituted to assist the Regulatory Review Authority 2.0
Recently the Reserve Bank of India (RBI) has constituted a committee under the chairmanship of S. Janakiraman. This committee will assist the Second Regulatory Review Authority.
About the committee
- This committee will assist the Regulatory Review Authority to identify areas, guidelines, regulations and returns, and submit reports to the authority from time to time.
Regulatory Review Authority
- In the year 1999, the Reserve Bank of India established the Regulatory Review Authority to review circulars, regulations and reporting systems. This authority reviews these parameters after feedback from banks, public and financial institutions.
Regulatory Review Authority 2.0
- The second Regulatory Review Authority was established to streamline the regulations and reduce the compliance burden of regulated entities. It was established in April,
- The duration of this authority is one year, during which it will review the regulatory prescription internally. Also, it will examine and suggest necessary changes in the process of dissemination of instructions and circulars of the Reserve Bank of India.
- This will reduce the compliance burden and will also try to simplify procedures and reduce reporting requirements wherever possible.
- Through this, the regulatory directives will be made more effective. In addition, it will help streamline the reporting mechanism.
Section 58 of the Reserve Bank of India Act, 1934
- This section of the Reserve Bank of India Act empowers the Central Board of the RBI to constitute committees. The Act empowers them to delegate powers and functions to these committees within the jurisdiction of the Reserve Bank of India Act,
- The Reserve Bank of India is governed by the Central Board of Directors. This board is appointed by the Government of India. This board consists of Governor, Deputy Governor, and 10 Directors, nominated by the Government of India.
Source: PIB
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