Reserve Bank sets up committee for periodic review of regulations

The mandate of the RRC is to ensure that all the regulations issued by the Bank are subject to a comprehensive and systematic internal review every 5 to 7 years.

The central bank has set up a Regulatory Review Cell (RRC) as an institutional mechanism for the review of regulations, along with an Advisory Group on Regulation (AGR) to seek industry feedback, the Reserve Bank of India said on September 17.

The mandate of the RRC is to 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 shall be set up as part of the Department of Regulation, effect from October 1, 2025, and would review regulations in a phased manner.

Advisory Group to RRCs

This review body will be advised by a group of six industry experts, called the Advisory Group on Regulation (AGR), and will be chaired by State Bank of India's Managing Director Rana Ashutosh Kumar Singh.

This advisory group will be concurrent to the RRC and comprise of external experts to help the review cell with stakeholder engagement in the process and also leverage industry expertise.

Members of the Advisory Group

The six-member AGR will have the following members aside of the chairman -

TT Srinivasaraghavan, Former Managing Director, Sundaram Finance
Gautam Thakur, Chairman, Saraswat Co-operative Bank
Shyam Srinivasan, Former Managing Director & Chief Executive Officer, Federal Bank
Ravi Duvvuru, Former President & Chief Compliance Officer, Jana Small Finance Bank
NS Kannan, Former Managing Director & Chief Executive Officer, ICICI Prudential Life Insurance

Details of the Advisory Group

The AGR will also help channel industry feedback into the periodic review of regulations by the RRC. The advisory group will also have the provision to co-opt additional experts as considered suitable. Initially, the advisory group's tenure will be of three years, renewable by another two years, subject to review.

Framework for Regulations

Earlier in May 2025, the Reserve Bank had issued a Framework for Formulation of Regulations, outlining the principles to draw up rules. The guidelines cover aspects of stakeholder consultation, impact analysis and a review of regulations.