In the Fifth Cohort of the Regulatory Sandbox (RS) which was ‘Theme Neutral’, five entities were shortlisted to commence testing of their products, which was communicated vide Press Release dated July 26, 2024.

2. Products of the entities which completed the ‘Test Phase’ were evaluated based on mutually agreed test scenarios and expected outcomes. Accordingly, one product outlined below has been found viable within the boundary conditions defined during testing under RS:

3. The entity has now exited the Fifth Cohort of the RS. The product may be considered for adoption by Regulated Entities, subject to compliance with applicable regulatory requirements.

4. As announced vide Press Release dated April 9, 2025, the applications to RS are now ‘On-Tap’ for ‘Theme Neutral’ testing (any product or service falling within regulatory domain of Reserve Bank). Interested entities may submit their application along with supporting documents through PRAVAAH portal. Applications will be examined in accordance with the provisions of the Enabling Framework for Regulatory Sandbox (as updated on February 28, 2024).

(Puneet Pancholy)     
Chief General Manager

Press Release: 2025-2026/917