- 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
