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RBI should do periodic Review of Regulations

Published on June 14, 2022
Current Context: Regulations Review Authority has submitted its report, which contains a set of recommendations to reduce the burden on Regulated Entities (REs) by streamlining the regulatory instructions and rationalizing reporting requirements.
RBI should do periodic Review of Regulations
  • It has also suggested for periodic review of existing regulations has to align them with evolving developments in the industry practices and financial landscape
  • Every regulatory instruction should contain a brief Statement of Object to address gaps in understanding, interpreting, and implementing the instructions.
  • Apart from that a periodic review of regulatory and supervisory returns is filed by the REs at least once in three years to ascertain their relevance and periodicity.
  • In addition to that RRA has recommended that the Master Circulars may be updated in a time-bound manner and may eventually be converted into Master Directions, wherever feasible.
  • RRA 2.0 was set up by RBI in April last year intending to reduce the compliance burden on Regulated Entities by streamlining the regulatory instructions and rationalizing reporting requirements.

Question:

Q.1 According to a recent report of RRA a periodic review of regulatory and supervisory returns should be filed by the REs at least ________ in three?
a. Twice
b. Thrice
c. Once 
d. None of the above
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