Reserve Bank announces the opening of first cohort under the Regulatory Sandbox - आरबीआय - Reserve Bank of India
Reserve Bank announces the opening of first cohort under the Regulatory Sandbox
The Reserve Bank announces the opening of first cohort under the Regulatory Sandbox. The Reserve Bank announces the opening of first cohort under the Regulatory Sandbox (RS) with ‘Retail Payments’, as its theme. The adoption of ‘Retail Payments’ as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and underserved segment of the population. Migration to digital modes of making a payment can obviate some of the costs associated with a cash economy and can give customers a friction-free experience. The innovative products/services which, among others, shall be considered for inclusion under RS are as follows:
2. The format of Application for the RS is attached. The entities meeting the eligibility criteria as laid out in the framework may apply, along with information listed in Annex I (Fit and Proper criteria for Director(s)/Promoter(s) of sandbox entities) and Annex II (Declaration and Undertaking by Promoter/Director), for the first cohort under the RS. It may be noted that the live testing of new products or services in a controlled environment may require a bank/NBFC/any other partner for the testing to commence. In such cases, a suitable partner may be secured in advance to be eligible for admission to the RS. 3. The window for submission of application for the first cohort shall be open from November 15 to December 15, 2019. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through email and the hard copy, duly authenticated, may be sent to: The Chief General Manager-in- Charge Background: The final ‘Enabling Framework for Regulatory Sandbox’ was placed on RBI website on August 13, 2019, after a wide ranging consultative process with stakeholders. As stated therein, the objective of the Regulatory Sandbox (RS) is to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers. (Yogesh Dayal) Press Release : 2019-2020/1098 |