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.
Sixth, apart from this, the progress by the various Committees in RBI relating to the move towards risk based supervision, macro-prudential indicators etc. will have to be hastened. Seventh, follow-up actions on the work by the Advisory Groups on international standards and codes may be designed in close consultations with the Chairmen concerned.