Source: BS
Context:
The Reserve Bank of India (RBI) has established a Regulatory Review Cell (RRC) and an Advisory Group on Regulation (AGR) to strengthen the institutional framework for periodic review of regulations for banks and other regulated entities.
Regulatory Review Cell (RRC):
- Launch Date: October 1, 2025
- Objective: To ensure that all RBI regulations undergo a comprehensive internal review every 5–7 years.
- Function: Operates under the Department of Regulation and conducts phased reviews of regulations.
Advisory Group on Regulation (AGR):
- Purpose: To channel industry feedback into RRC reviews and leverage external expertise.
- Composition: Six-member panel chaired by Rana Ashutosh Kumar Singh, MD, State Bank of India.
- Members:
- T T Srinivasaraghavan, former MD, Sundaram Finance
- Gautam Thakur, chairman, Saraswat Co-operative Bank
- Shyam Srinivasan, former MD & CEO, Federal Bank
- Ravi Duvvuru, former President & Chief Compliance Officer, Jana Small Finance Bank
- N S Kannan, former MD & CEO, ICICI Prudential Life Insurance
- Tenure: Initial 3 years, renewable for 2 more years. Provision to co-opt additional experts if needed.
