Context:
The Reserve Bank of India (RBI) has introduced a new framework aimed at standardizing the process of regulation-making to ensure greater transparency, accountability, and stakeholder participation. The framework will involve publishing draft regulations on the RBI’s website along with a statement of particulars, inviting public comments before finalizing any new regulations.
Key Highlights of the Framework
Scope of Regulations
- Applies to all regulatory instruments issued by the RBI:
- Directions
- Guidelines
- Notifications
- Orders
- Policies
- Specifications and Standards
Draft Publication Requirements
- RBI must publish draft regulations on its official website: www.rbi.org.in
- A Statement of Particulars must accompany the draft, including:
- Objectives of the regulation
- Impact analysis, to the extent feasible
- Reference to international standards and global best practices
Objective
To create a consistent, participatory, and evidence-based regulatory process, improving the quality and legitimacy of RBI’s regulatory instruments.
