The dominant feature is assessed based on two factors:

• The type of enhancement to existing financial products (e.g., loans, deposits, insurance, pension products).

• The number of relaxations sought for the product during the testing process, with greater weightage given to the latter.

The relaxation, if warranted, shall be considered by PR/ AR on case-to-case basis and decision to that effect shall be binding and final.

Based on the dominant features of the product, the eligibility criteria and networth criteria as applicable for the RS of the PR concerned shall be applicable to the applicant entity for participation in the IoRS.

You can apply by submitting a single application form to the Coordination Group hosted by the FinTech Department, RBI, via email at iors@rbi.org.in. The application form can be accessed via the link: https://rbi.org.in/documents/87730/39016390/IoRS12102022_APP.pdf

No, there is no application fee for applying to IoRS. However, for testing under IoRS the sandbox fee, if any, of the PR concerned may be applicable.

No, applications are accepted on an ‘On-Tap’ basis throughout the year.

The preliminary scrutiny will be done by FinTech Department of Reserve Bank of India. However, detailed scrutiny will be done by the PR based on its sandbox framework. The PR will also coordinate with ARs to review specific features of your product that fall under their regulatory scope, ensuring a smooth and efficient process.

Yes, applications from foreign FinTechs seeking entry into India or Indian FinTechs with global ambitions are eligible to participate. For such cases, IFSCA, shall act as the PR.

The product/ solution will be tested as per the sandbox framework of the PR in coordination with the ARs. The PR will also evaluate your product based on its framework, incorporating inputs and appraisals from ARs for specific aspects under their jurisdiction to assess its suitability and viability.

Since Pension Fund Regulatory and Development Authority (PFRDA) currently does not have its own regulatory sandbox, it can only act as AR under IoRS and not as the PR.

The testing phase duration will be as per the sandbox framework of the PR concerned.

After successful testing under IoRS, the entity may approach the concerned PR and ARs to obtain necessary authorisations and regulatory approvals before launching its product in the market. The decisions of the respective regulators will be final and binding. The product being successfully exiting the IoRS shall be published by the regulator concerned vide Press Release for wider adoption.