RBI Forms Panel to Strengthen Regulation

Mumbai, Sep 17 (PTI) The Reserve Bank on Wednesday said it has formed an independent panel with an objective to strengthen the stakeholder engagement in the regulatory process and leverage industry expertise on a continued basis.

The independent Advisory Group on Regulation (AGR) has been formed, comprising external experts, to channel industry feedback into the periodic review of regulations through the Regulatory Review Cell (RRC).

State Bank of India Managing Director Rana Ashutosh Kumar Singh will chair the AGR.

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.

The mandate of the RRC is 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 RRC will be set up in the Department of Regulation, effective from October 1, 2025, and will undertake the review of regulations in a phased manner.