The review body will be advised by a group of six industry experts, and will be chaired by State Bank of India’s managing director Rana Ashutosh Kumar Singh. N. S. Kannan, former managing director & Chief Executive Officer, ICICI Prudential Life Insurance is one of the members of the committee
Mumbai: India’s central bank said on Wednesday that it has set up a body to review its regulations periodically.
The Reserve Bank of India’s (RBI) regulatory review cell(RRC) will ensure that all regulations issued by the RBI are subject to a comprehensive and systematic internal review every five to seven years.
The review body will be advised by a group of six industry experts, and will be chaired by State Bank of India’s managing director Rana Ashutosh Kumar Singh. N. S. Kannan, former managing director & Chief Executive Officer, ICICI Prudential Life Insurance is one of the members of the committee.
The RRC will be set up in the Department of Regulation effect from October 1, 2025 and would undertake the review of regulations in a phased manner.
In order to strengthen the stakeholder engagement in the regulatory process and leverage industry expertise on a continued basis, an independent Advisory Group on Regulation (AGR) has been formed concurrently, comprising of external experts, to channel industry feedback into the periodic review of regulations through the RRC, said RBI.