 "Reserve Bank of India, RBI")
The Reserve Bank of India (RBI) has set up a regulatory review cell tasked with reviewing all regulations every five to seven years, in a move aimed at strengthening the institutional framework for review of norms for banks and other regulated entities.
The regulatory review cell (RRC), which will come into effect from October 1, has been constituted to ensure that “all the regulations issued by the RBI are subject to a comprehensive and systematic internal review every 5 to 7 years,” the central bank said.
The RRC will operate under the Department of Regulation and will undertake the review of regulations in a phased manner.
In a parallel development, the RBI has formed an independent Advisory Group on Regulation (AGR), comprising external experts, to channel industry feedback into the periodic review of regulations through the RRC. The six-member group is chaired by Rana Ashutosh Kumar Singh, managing director at State Bank of India.
The formation of the advisory group is intended to strengthen stakeholder engagement in the regulatory process and to leverage industry expertise on an ongoing basis.
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“The AGR will have the provision to co-opt additional experts as considered appropriate. It will have an initial tenure of three years, renewable by a further period of two years, subject to review,” the banking regulator said.
In May, the central bank introduced a framework setting out broad principles for the formulation and amendment of regulations. It proposed that, before issuing any regulations, an impact analysis -- to the extent feasible -- should be conducted. It also stipulated that the RBI must provide at least 21 days for stakeholders and members of the public to submit comments.
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