BENGALURU (Reuters) -India’s central bank on Wednesday laid down a framework to standardise the process of making and amending rules, including conducting impact analyses of regulations and public consultations.
“The framework seeks to standardize the process of making regulations in a transparent and consultative manner,” the Reserve Bank of India (RBI) said in a statement published on its website.
The move follows a government report urging financial sector regulators, such as the RBI and the Securities and Exchange Board of India, to establish a formal process for assessing the impact of their regulations.
RBI said that the new process will include public consultations and, where feasible, impact analyses to assess the implications of proposed rules.
Draft regulations will be published on the RBI’s website, and stakeholders will have at least 21 days to provide feedback, which will be considered before finalising any regulation
Any significant amendments to regulations will also go through the process of public consultation and impact analysis, the central bank said.
(Reporting by Nishit Navin in Bengaluru; Editing by Tasim Zahid)
