RBI Sets Up Regulatory Review Cell, Know Chairman and Other Members
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The Reserve Bank of India (RBI) has announced the creation of a new Regulatory Review Cell (RRC) to strengthen its framework for reviewing regulations. The RRC will ensure that all regulations issued by the RBI are subject to a comprehensive internal review once every five to seven years. The cell will be housed in the Department of Regulation and will begin functioning from October 1, 2025.
To further enhance stakeholder participation, the RBI has also constituted an independent Advisory Group on Regulation (AGR). This group will comprise external experts from the banking and financial sector and will provide industry feedback for the periodic review of regulations.
The AGR will be chaired by Shri Rana Ashutosh Kumar Singh, Managing Director, State Bank of India. Other members include:
- Shri T. T. Srinivasaraghavan, Former MD & Non-Executive Director, Sundaram Finance Ltd.
- Shri Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd.
- Shri Shyam Srinivasan, Former MD & CEO, Federal Bank Ltd.
- Shri T. T. Dwarakanath, Former Chairman, Confederation of Indian Industry, and Independent Director, Sundaram Finance Ltd.
- Shri K. S. Ramanan, Former MD & CEO, ICICI Prudential Life Insurance Co. Ltd.
The AGR will also have the option to co-opt additional experts if required. Its initial tenure will be three years, renewable for another two years, subject to review.
