CURRENT AFFAIRS

Detailed explanation-1: -In line with the consultative approach adopted by it, the RRA 2.0 constituted an Advisory Group (AG) under the Chairmanship of Shri Swaminathan J., Managing Director, State Bank of India 10 for achieving the objectives set forth in the terms of reference of RRA 2.0.

Detailed explanation-2: -What is the Regulations Review Authority? Background: The RBI earlier set up the first RRA for a period of one year from 1st April, 1999. This is for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks and financial institutions.

Detailed explanation-3: -The Reserve Bank of India, chiefly known as RBI, is India’s central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee.

Detailed explanation-4: -The P J Nayak Committee or officially the Committee to Review Governance of Boards of Banks in India was set up by the Reserve Bank of India (RBI) to review the governance of the board of banks in India.

Detailed explanation-5: -At present all the public sector banks and select private sector banks act as RBI’s agents. Only designated branches of agency banks can conduct government banking business.