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Banking > Articles> The Regulations Review Authority

Regulations Review Authority

Dr. Y.V. Reddy, Deputy Governor, Reserve Bank of India has been appointed as the Regulations Review Authority.

The purpose of this Authority is to provide an opportunity to the public at large to seek justification for and suggest deletion or modification of any regulation, circular or return issued, or required by the Reserve Bank.

Anyone can apply to the Regulations Review Authority - a citizen, a non-resident Indian, an institution (including banks) an association, an academic or even an RBI employee. It is not necessary for the applicant to be an affected party.

There is no prescribed form for making an application. The applicant may simply put down the details on a plain white paper. The application would no doubt contain the name and address of the applicant, the suggestion made and its justification, in as much detail as possible, with an illustration to enable the Authority to take an expeditious view on the application.

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