RBI Issues Norms for Regulation Making Process - Transparency & Consultation

Mumbai, May 7 (PTI) The Reserve Bank on Wednesday issued norms to standardise the process of making regulations in a transparent and consultative manner after conducting impact analysis, as may be feasible.

The Framework for Formulation of Regulations lays down the broad principles for formulation and amendment of regulations by the central bank, RBI said.

Regulations include all regulations, directions, guidelines, notifications, orders, policies, specifications, and standards.

As per the framework, before issuance of a regulation, the RBI shall publish its draft along with a statement of particulars on its official website and seek public comments.

The RBI shall also provide at least 21 days for stakeholders and members of the public to submit their comments, it said.

Further, the final regulation shall be published promptly post the receipt of approval from the competent authority and its date of enforcement shall be from the date specified therein.

The framework covers aspects regarding stakeholder consultation, impact analysis and review of regulations.