RBI forms panel to strengthen stakeholder engagement in regulatory process

Group 1 - The Reserve Bank has established an independent Advisory Group on Regulation (AGR) to enhance stakeholder engagement in the regulatory process and utilize industry expertise continuously [1] - The AGR will be chaired by the Managing Director of State Bank of India, Rana Ashutosh Kumar Singh, and will have the ability to include additional experts as needed [2] - The Regulatory Review Cell (RRC) will ensure that all regulations issued by the RBI undergo a comprehensive internal review every 5 to 7 years [2] Group 2 - The RRC will be established in the Department of Regulation, starting from October 1, 2025, and will conduct the review of regulations in a phased approach [3]