RBI's Transparent Regulation Framework Unveiled

The Reserve Bank of India (RBI) announced a new set of norms designed to standardize the regulatory formulation process in a transparent and consultative manner. According to these guidelines, the RBI will conduct an impact analysis, where feasible, before issuing any new regulations.

The newly unveiled Framework for Formulation of Regulations establishes the overarching principles for creating and amending regulations, as affirmed by the central bank. This encompasses regulations, directions, guidelines, notifications, orders, policies, specifications, and standards.

To foster public participation, the RBI will publish draft regulations on its official website, seeking comments from the public. A minimum of 21 days will be allotted for stakeholders and the general public to submit their feedback. Once approved by the competent authority, final regulations will be promptly published, with enforcement dates clearly specified.

(With inputs from agencies.)