Step 1: Identify the resistive network.
The circuit consists of two resistors of value $R$ connected in parallel.
The equivalent resistance of two equal resistors in parallel is
\[
R_{\text{eq}} = \frac{R \cdot R}{R + R} = \frac{R}{2}
\] Step 2: Identify the capacitive network.
The circuit also consists of two capacitors of value $C$ connected in parallel.
The equivalent capacitance of two capacitors in parallel is
\[
C_{\text{eq}} = C + C = 2C
\] Step 3: Write the expression for time constant.
The time constant of an RC network is given by
\[
\tau = R_{\text{eq}} \times C_{\text{eq}}
\] Step 4: Substitute the equivalent values.
\[
\tau = \left(\frac{R}{2}\right) \times (2C)
\]
\[
\tau = RC
\] Step 5: Conclusion.
Hence, the time constant of the given network is
\[
\boxed{CR}
\]