The Reserve Bank of India (RBI) on Wednesday announced a new framework aimed at standardising the formulation and amendment of regulations through a transparent and consultative approach, including impact assessments where feasible.
Titled the Framework for Formulation of Regulations, the guidelines outline the key principles the central bank will follow while developing or modifying regulatory instruments.
According to the RBI, the term "regulations" covers a wide range of instruments, including regulations, directions, guidelines, notifications, orders, policies, specifications, and standards.