Which of the following statements is/are correct with reference to the regulatory review authority 2.0?
A. The Reserve Bank of India (RBI) announced the setting up of a regulatory review authority, RRA 2.0, to review its regulations internally and in consultation with other stakeholders.
B. Deputy governor M Rajeshwar Rao has been appointed as the head of the RRA 2.0 which would be set up for a period of one year from May 1, 2021, unless its tenure is extended.
C. Both A & B
D. None of these
Explanation:
The Reserve Bank of India (RBI) announced the setting up of a regulatory review authority, RRA 2.0, to review its regulations internally and in consultation with other stakeholders. Deputy governor M Rajeshwar Rao has been appointed as the head of the RRA 2.0 which would be set up for a period of one year from May 1, 2021, unless its tenure is extended. The RRA 2.0 will focus on streamlining regulatory instructions and reducing the compliance burden of regulated entities by simplifying procedures and reducing reporting requirements, wherever possible.
