Explanation:

• The Reserve Bank of India (RBI) will be set up a new Regulations Review Authority (RRA 2.0) from May 1, 2021, to review the regulations, circulars, reporting systems and compliance procedures of the central bank for streamlining them and making them more effective.
• RRA will be tasked with making regulatory and supervisory instructions more effective by removing redundancies and duplications, if any.
• The RRA will be set up for a period of one year, unless the timeline is extended by the RBI. 
• M Rajeshwar Rao, Deputy Governor, RBI will be the head of the Regulations Review Authority.