RBI unveils Framework for standardizing Regulation Formulation & public feedback process

The Reserve Bank of India (RBI) released the Framework for Formulation of Regulations in an effort to standardise the regulation-making process. An official statement states that all directives, guidelines, notifications, orders, policies, specifications, and standards will be included in these regulations.

The new framework requires the RBI to solicit public feedback and post the draft of the regulation and a statement of particulars on the Bank's official website (www.rbi.org.in).

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The statement of particulars must include objectives of the regulations, including an impact analysis of the said regulation, to the extent feasible. It shall also include guidance from the international standard-setting bodies and best practices, if any. The apex bank must then provide stakeholders at least 21 days to submit their comments.

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RBI must provide a general statement of its response to the comments received, along with the final regulations on its website. The same process must be followed if any of the regulations need to be amended. The Reserve Bank would further need to review the regulation in force, keeping in view the stated objectives and its relevance in a changed environment.

It must consider experience gained through surveillance, supervision and enforcement actions along with global best practices and scope of reducing redundancies to update, amend or repeal any existing regulation.

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