RBI Regulation-Making Framework With Public Consultation
Why in the news
RBI set out a uniform process for making its regulations, with public comments invited on each draft.
Key facts
- Coverage: directions, guidelines, notifications, orders, policies, specifications and standards.
- Drafts must be posted on RBI’s website with a Statement of Particulars.
| Statement includes |
|---|
| Objectives of the regulation |
| Impact analysis, as far as feasible |
| Reference to international standards and global best practices |
Objective
- A consistent, participatory, evidence-based process that improves quality and legitimacy of RBI instruments.
Exam angle
- Key term: Statement of Particulars; principle: public consultation.