RBI amplifies public engagement 72 consultations during 20212024

The Reserve Bank of India (RBI) has significantly bolstered its public engagement by conducting 72 public consultations on regulatory and supervisory matters between 2021 and 2024, according to its annual report. In the financial year 2023-24 alone, the RBI held 40 such consultations, marking a substantial increase from previous years. \r

These consultations, spanning 15-60 days, invite feedback on new regulations, amendments, and comprehensive reviews of existing guidelines. The RBI employs various methods such as posting draft guidelines, working group reports, and discussion papers on its website, alongside in-house discussions and advisory committees. \r

This participatory approach aims to enhance transparency, identify stakeholder concerns, and refine regulatory frameworks across diverse domains including consumer credit, non-bank financial companies (NBFCs), and financial technology initiatives like central bank digital currency (CBDC).