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      Question

      What is the main objective behind the creation of

      Regulations Review Authority by RBI?
      A reduce the compliance burden on regulated entities (REs) Correct Answer Incorrect Answer
      B Suggest more efficient ways of compliance for regulated entities Correct Answer Incorrect Answer
      C Create one uniform compliance process for both Banks and NBFCs Correct Answer Incorrect Answer
      D Take a stock of compliance at current situation by the Res Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Reserve Bank of India (RBI) said the Regulations Review Authority has recommended the withdrawal of additional 225 redundant circulars. RBI had set up the Regulations Review Authority (RRA 2.0) with an objective to reduce the compliance burden on regulated entities (REs). RRA 2.0 was set up in April 2021 to review regulatory instructions to remove redundant and duplicate ones, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure; revoke obsolete instructions; and, wherever possible, obviate paper-based submission of returns.

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