Latest News | RBI Issues Norms for Regulation Making Process

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.

Also Read | Who Is the Founder of Karachi Bakery? As Iconic Bakery in Hyderabad Faces Protest Again in Wake of Pahalgam Terror Attack, Know Its History in Brief.

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.

Also Read | Civil Defence Mock Drill: List of Do's and Don'ts for Nationwide Security Drills Today.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)