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NLSIU’s Regulatory Governance Project to Assist the Reserve Bank of India

August 23, 2021

The National Law School of India University is happy to announce that its Regulatory Governance Project is set to collaborate with the Reserve Bank of India’s Regulations Review Authority (RRA 2.0) in streamlining and rationalising the RBI’s regulatory functions. The collaboration will be for an initial period of three months.

The Reserve Bank’s RRA 2.0, was constituted in April 2021 and is headed by RBI Deputy Governor M Rajeshwar Rao. The recommendations of the previous RRA in 1999, simplified regulatory procedures, and paved the way for issuance of master circulars and reduced reporting burden on regulated entities.

RRA 2.0 will focus on streamlining regulatory instructions, reducing compliance burden of the regulated entities by simplifying procedures and reducing reporting requirements, wherever possible. It will recommend ways to make regulatory and supervisory instructions more effective by removing redundancies and duplications.

The Regulatory Governance Project will extend it inputs and support to the RRA 2.0 in the following areas:

  • Developing a suitable framework for codification of regulations such as unified annotated codes or compliance handbooks
  • Developing tools for drafting regulatory instructions. Developing improved and consistent communication practices such as introductions to regulations, guidance notes, FAQs and compliance calendar
    – Formulation of Compendium or Handbook on Compliance Instructions
    – Standardisation of the manner of articulation of FAQs / guidance notes / mailbox clarifications issued by RBI

About the Regulatory Governance Project

National Law School of India University’s two-year research project aims to enquire into how Indian regulatory bodies can reimagine their systems and processes for the 21st century. The project has been working on generating original research aimed at ‘restocking the regulatory toolkit’ for India. The research will identify the administrative aspects and norms of regulatory authorities and their parent bodies that can be optimised to create autonomous, accountable and effective institutions.

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