RBI's regulation review authority moots periodic review of existing rules

Also suggests that regulatory instructions should contain a statement of objective underlying the rationale for their issuance, supplemented with FAQs/guidance notes and illustrations

The regulations review authority (RRA 2.0) of the Reserve Bank of India (RBI) has suggested that a periodic review of existing regulations should be undertaken to align them with evolving developments in the industry practices and financial landscape.

This is part of the RRA 2.0 recommendations on issues such as ease of compliance, reduction of regulatory burden, rationalisation of reporting mechanism, and streamlining instructions and communication. The RBI had set up RRA 2.0 last year to reduce the compliance burden on the regulated entities and streamline regulatory instructions.

The authority has also suggested that the regulatory instructions should contain a brief statement