In continuation of the Framework for Formulation of Regulations, the Reserve Bank of India (RBI) has constituted a Regulatory Review Cell (RRC) in the Department of Regulation on Wednesday, September 17. The RRC is constituted with an aim to strengthen the institutional mechanism for the review of regulations.
According to official records, RRC will ensure that all the regulations issued by the Bank are subject to a comprehensive and systematic internal review every 5 to 7 years. The RRC will be effective from October 1, 2025 and will undertake the review of regulations in a phased manner.
An independent Advisory Group on Regulation (AGR) has also been formed by RBI to strengthen the stakeholder engagement in the regulatory process and to gather industry feedback on regulations on a continuous basis.
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The AGR will include external experts to channel industry feedback into the periodic review of regulations through the RRC. The advisory group will have an initial tenure of three years, renewable by a further period of two years, subject to review.
“In order to strengthen the stakeholder engagement in the regulatory process and leverage industry expertise on a continued basis, an independent Advisory Group on Regulation (AGR) has been formed concurrently, comprising of external experts, to channel industry feedback into the periodic review of regulations through the RRC,” RBI said.
Members to constitute AGR:
1) Shri Rana Ashutosh Kumar Singh, Managing Director, State Bank of India, will be the chairman of the advisory group
2) Shri T. T. Srinivasaraghavan, Former Managing Director & Non-Executive Director, Sundaram Finance Ltd.
3) Shri Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd.
4) Shri Shyam Srinivasan, Former Managing Director & Chief Executive Officer, Federal Bank Ltd.
5) Shri Ravi Duvvuru, Former President & Chief Compliance Officer, Jana Small Finance Bank Ltd.
6) Shri N. S. Kannan, Former Managing Director & Chief Executive Officer, ICICI Prudential Life Insurance Co. Ltd.
The AGR will have the provision to co-opt additional experts as considered appropriate.
