Mumbai, May 8 -- Reserve Bank of India (RBI) has issued Framework for Formulation of Regulations which outlines the broad principles for formulation of Regulations issued in exercise of the powers conferred on the Reserve Bank of India by or under the provisions of various Acts and Rules. It covers aspects regarding stakeholder consultation, impact analysis and review of Regulations. The Framework reinforces and demonstrates the Reserve Bank's commitment to enhanced transparency and consultative approach for issuance of Regulations.

The central bank has noted that it will follow a consultative approach framework for issuing any new guidelines and it would give stakeholders 21 days to comment on draft regulations and conduct an impact ana...