The Reserve Bank of India will be among 13 international regulators taking part in the Global Financial Innovation Network (GFIN)’s first ever Greenwashing TechSprint. GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. RBI as a participating member is inviting firms from India to participate in this Greenwashing TechSprint. The

Under India’s G20 Presidency, the RBI and the BIS Innovation Hub (BISIH) of the Bank for International Settlements have jointly launched the fourth edition of the G20 TechSprint, a global technology competition to promote innovative solutions aimed at improving cross-border payments. RBI and BIS invite global innovators to help develop innovative technology solutions for cross-border payments. The competition is open to developers from around the world for submitting

The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) today in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services. Under the MoU, the two central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI. CBUAE and RBI will join

Reserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideas

The Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 Re

Shri Shaktikanta Das, Governor, Reserve Bank of India, held a meeting with select FinTech entities (including AgriTechs) and some of their Associations on December 14, 2022. The meeting was also attended by Shri M. K. Jain, Deputy Governor, along with a few senior officials of the RBI. In his introductory remarks, the Governor stated that FinTech initiatives and start-ups are important segments of aspirational India. They are playing a transformative role in the finan

The Reserve Bank announces the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. It may be recalled that RBI had, in a Press Release dated October 31, 2022, indicated that the pilot in e₹-R would commence in a month’s time. 2. The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants. The e₹-R would be in the form of a digital token that represents legal tender. It would be issued i

RBI vide Press Release dated October 7, 2022 had announced that the Reserve Bank will soon commence pilot launches of Digital Rupee (e₹) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (e₹-W) shall commence on November 1, 2022. 2. The use case for this pilot is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central ba

An Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) had been constituted under the aegis of the Financial Stability and Development Council - Sub Committee (FSDC-SC). The terms of reference (ToR) of IRTG on FinTech include discussion on issues relating to hybrid product/service falling under the regulatory ambit of different financial sector regulators for admission in Regulatory Sandbox (RS) and framing of Standard Operating Procedure (SOP) for Inter-ope

The Reserve Bank of India has today released a Concept Note on Central Bank Digital Currency (CBDC) for India. The purpose behind the issue of this Concept Note is to create awareness about CBDCs in general and the planned features of the Digital Rupee (e₹), in particular. It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The Note also seeks to explain Reserve Bank’s approach towards introduction of the CBDC. The Concept Note also di