RBI Circulars RBI withdraws over 100 needless circulars on RRA's recommendations
Mumbai/IBNS: Reserve Bank of India withdrew over 100 needless circulars affirming the Regulations Review Authority (RRA) recommendations on Tuesday.
The redundant circulars withdrawn by the central bank were related to Foreign Portfolio Investors, Know Your Customer (KYC), Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) – Standards and RTGS.
During April this year, RBI had set up the Regulations Review Authority (RRA 2.0).
RRA 2.0 is intended to review regulatory instructions, remove needless and duplicate instructions, reduce the compliance burden on regulated entities by streamlining reporting structure, revoking obsolete instructions, and obviating paper-based submission of returns.
It has also been tasked with engaging externally and internally with all regulated entities and stakeholders to facilitate this process, the central bank mentioned.
RRA has also constituted an advisory group for representing regulated entities under the chairmanship of Swaminathan J, Managing Director of State Bank of India (SBI).
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