As technological advancements are increasing in the world at a faster rate, the need of miniaturization is also growing parallelly. The scaling of existing MOS technology in nanometre regime has caused some limitations such as drastically increase in leakage current, power consumption and some quantum mechanical effects. This paper provides an insight of an alternative technology which makes use of new circuit element called memristor which can be successfully scaled at a lower nanometre regime. This paper proposes a new READ and WRITE circuitry to facilitate an easier read and write operation. The paper illustrates a transmission gate based 2T1M RRAM bit cell which uses memristor as a memory element and subjects it to process, voltage and temperature (PVT) variations with the aim of reflecting the improvement in performance metrices read and write delay along with the read current variability. The SPICE simulation results reflect that the proposed memory cell has a better stability due to its less read current variability against process variation (such as varying oxide thickness) and is robust with minimal variation in read/write delay with respect to the variations in voltage and temperature. The cell depicts shorter read and write delay compared to NAND and NOR CMOS based flash memories and it has 98.72%,94.53% lesser write time when compared to ambipolar transistor-based memory cell and memristor based content addressable memory (MCAM) respectively. The proposed cell also has 72.5% lesser read time compared to MCAM.