The Reserve Bank of India (RBI) on September 17 formed an independent Advisory Group on Regulation (AGR), comprising of external experts, to channel industry feedback into the periodic review of regulations through the Regulatory Review Cell.
An independent AGR group consists of members such as Rana Ashutosh Kumar Singh, Managing Director, State Bank of India, T. T. Srinivasaraghavan, Former Managing Director & Non-Executive 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, and N. S. Kannan, Former Managing Director & Chief Executive Officer, ICICI Prudential Life Insurance Co, RBI said in a release.
The RBI has decided to strengthen the institutional mechanism for review of regulations and has constituted a Regulatory Review Cell (RRC), in continuation of the Framework for Formulation 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, RBI release said.
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