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RBI sets up 30-member team to prune regulations: Here's why
The Reserve Bank of India (RBI) just set up a 30-member Regulatory Review Cell (RRC) to clean up its massive list of rules—think 8,000 regulations trimmed down to about 3,000.
The goal? Ditch outdated stuff and make life simpler for banks and NBFCs.
RRC's plan to focus on 33 key areas
By focusing on 33 key areas and unifying the rules, the RRC wants to cut confusion and even the playing field for everyone in finance.
Plus, they'll keep things fresh with reviews every five to seven years so the rulebook doesn't get messy again.
What does the RRC's work involve?
Governor Sanjay Malhotra is leading the charge, prioritizing smarter consolidation over adding new rules.
He's big on checking real-world impact and getting feedback from those affected, making sure regulations actually fit today's financial world.