Digests double-stranded RNA. Involved in the processing of primary rRNA transcript to yield the immediate precursors to the large and small rRNAs (23S and 16S). Also processes some mRNAs, and tRNAs when they are encoded in the rRNA operon. May modulate key aspects of gene expression as its absence has extensive effects on the abundance of about 200 different transcripts. Probably processes pre-crRNA and tracrRNA of type II CRISPR loci if present in the organism. Endonucleolytic cleavage to 5'-phosphomonoester. Homodimer. Not essential. Deficient in endogenous antibiotic synthesis, able to form a sporulating aerial mycelium. Accumulates a 30S rRNA precursor transcript. Leads to increased expression of pnp due to increased transcript levels. Belongs to the ribonuclease III family. Truncated N-terminus.