The correct answer is: B. Rangarajan committee
The Rangarajan committee was set up in 2001 to review the working of the Indian Railways. The committee recommended the separation of policy-making, regulation, and operations in the Indian Railways. It also recommended the setting up of a Railway Regulatory Authority of India (RRAI).
The Bibek Deberoy committee was set up in 2011 to review the functioning of the Planning Commission. The committee recommended the abolition of the Planning Commission and the setting up of a National Institution for Transforming India (NITI Aayog).
The Rajinder Sachar Committee was set up in 2005 to look into the social, economic, and educational status of Muslims in India. The committee submitted its report in 2006.
The Mihir Shah Committee was set up in 2011 to review the functioning of the Ministry of Rural Development. The committee recommended the merger of the Ministry of Rural Development with the Ministry of Panchayati Raj.
The Rangarajan committee was the only committee that gave recommendations on separation of policy-making, regulation & operations in Indian Railways and setting up of a Railway Regulatory Authority of India (RRAI).