MUMBAI, India, Nov. 28 -- Reserve Bank of India issued the following press release:
The Reserve Bank has issued numerous directions over the years, under the statutory powers conferred upon it by various Acts. While increase in regulatory guidelines is a natural process as the financial system evolves, this was further driven by an expanding regulatory perimeter, distributed supervisory/ regulatory jurisdiction over certain regulated entities, and non-repeal of some of the earlier instructions when new ones were issued. Being mindful of compliance burden to the Regulated Entities (REs), the Reserve Bank has continuously endeavoured to optimise its regulatory framework.
2. Against this backdrop, the Reserve Bank has recently undertaken a f...