RRA recommends withdrawal of 225 more circulars: RBI

TIL Desk/Business/Mumbai/ The Reserve Bank of India (RBI) on Monday said the Regulations Review Authority has recommended the withdrawal of additional 225 redundant circulars. The Reserve Bank of India had set up the Regulations Review Authority (RRA 2.0) with an objective to reduce the compliance burden on regulated entities (REs).

“Regulations Review Authority (RRA 2.0) has recommended withdrawal of additional 225 circulars in the third tranche of recommendations,” the central bank said in a statement. The notifications containing the list of specific instructions recommended for withdrawal are being issued separately, it added.

The RRA had recommended the withdrawal of 150 circulars in the first tranche of recommendations in November 2021 and 100 circulars in the second tranche of recommendations in February 2022.

In the second tranche, the RRA had also recommended discontinuation/ merger/ conversion to online submission of 65 returns along with the creation of a new Regulatory Reporting’ link in the RBI website to consolidate information relating to regulatory reporting.