RBI gives nod for appointment of Rajiv Ranjan as MPC ex-officio member

The central board of the Reserve Bank of India (RBI) on Monday approved the appointment of executive director Rajiv Ranjan as an ex-officio member of the Monetary Policy Committee (MPC). Ranjan will be succeeding Mridul Saggar, who is understood to have retired.

The 595th meeting of the central board was held through video conferencing under the chairmanship of RBI governor Shaktikanta Das. The other attendees were deputy governors Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao, apart from directors Satish Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi. Ajay Seth, secretary, Department of Economic Affairs, was also present.

RRA recommends withdrawal of 225 more circulars

The RBI on Monday said the Regulations Review Authority (RRA) has recommended the withdrawal of an additional 225 redundant circulars, reports PTI. The RBI had set up the Regulations Review Authority (RRA 2.0) with an objective to reduce the compliance burden on regulated entities.

“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.