The Bank of the Reserve of India (RBI) said Wednesday that it will publish the draft of a regulation, along with a declaration of participular, on its website and will seek public comments before finishing it. This movement is part of its “framework for the formulation of regulations.”
According to the framework, the RBI will provide at least 21 days for the interested parties and the members of the public to present their comments. Then you will consider the comments and publish a general statement of your response to the comments received, together with the final regulation, on your website.
The framework, which describes the general principles for the formulation and amendment of regulations by the RBI, aims to standardize the regulatory process in a transparent and consultative way, after the impact analysis when feasible.
The Participular Declaration will include, among other elements, the qualifying provisions that allow the RBI to issue the regulation; The objectives (s) of the regulation, including an impact analysis to the feasible extent; and guidance of the organisms of establishment of international standards and best practices, if it can be notified.
In addition, the statement will include the form of implementation of regulation and deadlines to receive public comments.
If the RBI decides to issue the final regulation in a substantially different way from the draft published for public comments, you can choose to repeat the process under the framework.
The Central Bank said the final regulation will be published immediately after receiving the approval of the competent authority, and its compliance date will be so specific there.
The RBI can also explore additional mechanisms to participate with interested parties, as considered appropriate. In particular, it can, when considered necessary, issue a discussion document to talk responses on specific topics and questions before preparing and publishing the regulation draft.
Regulation review
While the RBI will update, amend or repeal the existing regulations as considered necessary, periodically carry out a review of the current regulations.
The review will take into account the established objectives; Experience acquired through surveillance, supervision and compliance actions; relevant orders approved by courts or courts; and global best practices or standards prescribed by international standard adjustment organizations, among other factors.
The Central Bank said that, after registering reasons, dispensing or properly modifying any or all provisions of this framework in certain cases, for example, where, in its opinion, confidentiality, the obligation, or when the object follows the purple of this framework regulation.
The RBI can also dispense or modify the provisions of the framework if it considers that it is convenient to do so in public interest, or when urgent intervention is required.
Posted on May 7, 2025
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