The work of the authority will also be to make the RBI rules more effective.
The Gullion Review Authority will simplify them by reviewing the rules by taking advice from the regulated companies and other stakeholders by the Reserve Bank. Not only this, their implementation will make it easy and practical.
While RRA 2.0 will review the rules of the Reserve Bank, it will simplify the RBI rules and make their implementation easier and practical by taking advice from the regulated companies and other stakeholders by the RBI. Along with this, RRA 2.0 will also help in reducing the burden of compliance with regulations of Compliance Burden of the companies regulated by the RBI, along with the compliance of regulatory instructions. Also, its work will also make the rules of RBI more effective.
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The first Regulation Review Authority was formed in 1999Let us tell you that earlier the Regulation Review Authority (RRA) was constituted by the RBI in the year 1999 for a year. At that time RBI had formed it to review the regulation, circular, reporting system based on the feedback of its people, banks and other financial institutions.
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Will be encouraged to file online digital returns
RRA 2.0 will take feedback from regulated institutions and will work to check and streamline RBI’s process of circulating circulars and orders. Along with this, its task will be to discourage the regulated entities to file paper-based returns and encourage them to file digital returns online. Its job is to make regulatory and supervisory instructions more effective.
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