Modular multiplication (MM) based on the residue number system (RNS) is a widely researched area due to the fast arithmetic operations in the RNS. The major drawback of the RNS based MM architectures is their large area because each arithmetic operation is followed by a modular reduction. In this work, the number of modular reductions is reduced and instead the wordlength of some operations is increased to accommodate the intermediate results. The proposed scheme greatly reduces the number of multipliers and achieves a 55% reduction in the hardware complexity. Moreover the delay of the proposed architecture is also significantly lower than the reference architecture.