Explanation:

- Option 1: RBI (Reserve Bank of India)

- The RBI is the central banking institution responsible for reviewing and implementing monetary policies in India. In September 2020, the RBI reviewed and updated the Priority Sector Lending Guidelines to address current economic needs.

- Option 2: NABARD (National Bank for Agriculture and Rural Development)

- NABARD focuses on supporting agriculture and rural development but does not directly review PSL guidelines.

- Option 3: SEBI (Securities and Exchange Board of India)

- SEBI regulates the securities market in India but has no role in PSL guidelines.

- Option 4: IRDAI (Insurance Regulatory and Development Authority of India)

- IRDAI regulates insurance industries, not involved with PSL guidelines.

- Option 5: NHB (National Housing Bank)

- NHB focuses on housing finance and is not involved in PSL guidelines.