An RBI panel has suggested greater clarity in regulatory instructionsThe Regulations Review Authority of the Reserve Bank of India (RBI), has suggested that regulatory instructions should be contain a brief statement of object, explaining the rationale behind issuance of a particular set of instructions.This, it said, would address gaps in understanding and interpreting instructions issued from time to time by the central bank.The authority has also suggested that a periodic review of existing regulations should be done to align them with evolving developments in industry practices.RBI had set up the Regulations Review Authority last year in April, to undertake a review of its regulations and compliance procedures and suggest measures to streamline them and make them more effective.The authority has suggested a slew of measures to make these procedures more result-oriented.
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