Fourth, further progress in reform in the financial markets depends on the commencement of operations by the Clearing Corporation and maintaining the time schedule for the Negotiated Dealing System, Real Time Gross Settlement system and computerisation of Public Debt Office. RBI would need to closely monitor to ensure timely implementation.
Fifth, although the Regulations Review Authority has ceased its operations, RBI has decided to make the review exercise an integral part of the system by putting in place an alternate mechanism. RBI should ensure that the new arrangements are in place quickly to continue with the work of the erstwhile RRA both in letter and same spirit.