RBI Guv Sanjay Malhotra had said on July 25 that the central bank was looking to set up a regulatory review cell to assess existing policies and identify obsolete ones

The Reserve Bank of India has set up an internal Regulatory Review Cell to regularly review all regulations. The central bank has also constituted an external Advisory Group on Regulation for stakeholder engagement and industry feedback into the periodic review of regulations, the RBI said in a release Wednesday.

"The mandate of the RRC (Regulatory Review Cell) is to ensure that all the regulations issued by the Bank are subject to a comprehensive and systematic internal review every 5 to 7 years," the RBI said. The review cell will be set up in the Department of Regulation from Oct. 1 and will review regulations in a phased manner. 

RBI Governor Sanjay Malhotra had said Jul. 25 that the central bank was looking to set up a regulatory review cell to assess existing policies and identify obsolete ones. 

The RBI has also set up an independent group of external experts to improve stakeholder engagement in the regulatory process. The Advisory Group on Regulation consists of six members from banks, non-banking financial companies, and life insurance companies. State Bank of India Managing Director Rana Ashutosh Kumar Singh will chair the group. The advisory group can co-opt additional experts as considered appropriate, the RBI said. It will have an initial tenure of three years, renewable for a further two years, subject to review.