Reserve Bank of India has constituted the Regulations Review Authority (RRA). The authority will review regulatory prescriptions internally as well as by seeking suggestions from RBI-regulated entities for simplification and ease of implementation. Its mandate is to make regulatory and supervisory instructions more effective by removing redundancies and duplications, if any; to reduce compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns wherever possible.

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