New Delhi: In a move aimed at enhancing transparency and stakeholder engagement, the Reserve Bank of India (RBI) on Wednesday introduced a formal framework to standardise the process of formulating and amending regulations.
The newly issued Framework for Formulation of Regulations outlines key principles the central bank will follow in drafting and revising its regulatory instruments. These include conducting impact analysis where feasible, seeking public consultation, and ensuring timely publication of regulations.
Under the framework, the RBI will publish draft regulations along with a detailed statement of particulars on its official website before they are finalized. The public and stakeholders will have a minimum of 21 days to submit their comments, ensuring adequate time for feedback.
The framework applies to all forms of regulatory communication, including regulations, directions, guidelines, notifications, orders, policies, specifications, and standards issued by the RBI.
Once the competent authority approves a regulation, the final version will be promptly published, with enforcement beginning from the specified effective date.
According to the RBI, the framework is part of its commitment to accountable governance and continuous regulatory review.
