Under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS), Exto India Technologies Pvt. Ltd. was selected for the Test Phase.

The Reserve Bank had launched the third edition of its global hackathon - “HaRBInger – Innovation for Transformation” with the themes ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’ covering four problem statements (Press Release dated June 07, 2024).

As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement dated December 06, 2024, the Reserve Bank of India had announced the setting up of a committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector.

The Reserve Bank had issued the 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (Framework) and invited applications for recognition as Self-Regulatory Organisation in the FinTech Sector (SRO-FT). 2. Three applications for recognition as SRO-FT have been received. Each application was examined against the relevant requirements under the framework. 3. It has been decided to recognise the Fintech Association for Consumer Empowerment (FACE) as an SRO-FT.  Of the remaining two applications, one application has been returned with a provision for resubmission after meeting certain requirements. The third application is under examination.

The Reserve Bank had announced opening of the Fifth Cohort (Theme Neutral) under Regulatory Sandbox vide Press release dated October 27, 2023. 2. The Reserve Bank received twenty-two applications of which five have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their solutions from August 2024:

Reserve Bank had launched its third global hackathon – ‘HaRBInger 2024 – Innovation for Transformation’ with two themes of ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’ which was communicated vide Press Release dated June 7, 2024. Keeping in view the requests received, it has been decided to extend the timeline for registration and submission of applications up to July 31, 2024.

In the Fourth Cohort of the Regulatory Sandbox (RS) with ‘Prevention and Mitigation of Financial Frauds’ as its theme, six entities were to commence testing of their products which was communicated vide Press Release dated January 05, 2023.

Reserve Bank is organising its third global hackathon – ‘HaRBInger 2024 – Innovation for Transformation’. The Hackathon invites participants to develop solutions using technology and innovative approaches under the following themes and problem statements:

To encourage self-regulation in the FinTech sector, the Reserve Bank of India (RBI) had released a 'Draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector' on January 15, 2024, inviting comments and feedback from the stakeholders. Based on the inputs received and examination thereof, the 'Framework for Recognising Self-Regulatory Organisation(s) for FinTech Sector' (SRO-FT framework) has been finalised and is enclosed.

Shri Shaktikanta Das, Governor, Reserve Bank of India today launched three major initiatives of the Reserve Bank of India, namely the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository in the presence of Shri Satish Kashinath Marathe, Prof. Sachin Chaturvedi, Directors on the Central Board of the Reserve Bank; Prof. H. Krishnamurthy, member of Board, Reserve Bank Innovation Hub (RBIH); Dr. M D Patra, Shri M Rajeshwar Rao, Shri T Rabi Sankar, Shri Swaminathan J, Deputy Governors of the Reserve Bank; MD & CEOs of select banks and NBFCs; Chief Executive, IBA ; MD/CEOs of Clearing Corporation of India Limited (CCIL), Reserve Bank Information Technology Ltd. (ReBIT), Indian Financial Technology and Allied Services (IFTAS) and RBIH; representatives of Fintechs and other senior officials of the Reserve Bank.