Reserve Bank of India today placed on its website the updated ‘Enabling Framework for Regulatory Sandbox’. The framework has been revised based on the experience gained over the last four and half years in running four cohorts and feedback received from FinTechs, banking partners and other stakeholders. Among others, the timelines of the various stages of the Regulatory Sandbox process have been revised from seven months to nine months. The updated framework also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023.

Background:

The ‘Enabling Framework for Regulatory Sandbox’ was placed on RBI website on August 13, 2019, after wide ranging consultations 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)       
Chief General Manager

Press Release: 2023-2024/1956