Reserve Bank announces the opening of first cohort under the Regulatory Sandbox; Theme- ‘Retail Payments’

Reserve Bank announces the opening of first cohort under the Regulatory Sandbox; Theme- ‘Retail Payments’

• The Reserve Bank of India has announced the opening of first cohort under the Regulatory Sandbox (RS) with ‘Retail Payments’, as its theme.

• What is Regulatory Sandbox (RS): The RS allows the regulator, the innovators, the financial service providers (as potential deployers of the technology) and the customers (as final users) to conduct field tests to collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks.

• The innovative products/services that will be considered by RBI for inclusion under this ‘Retail Payments’ based RS is:
  • Mobile payments including feature phone-based payment services
  • Offline payment solutions
  • Contactless payments

Points to remember:

1. What is the theme of first cohort under the Regulatory Sandbox by RBI?
2. Which of the following is not the products/services that will be considered by RBI for inclusion under this ‘Retail Payments’ based RS? – So remember the names of the three category.
3. Head of the committee of RBI on Fin Tech and Digital Banking?- Shri Sudarshan Sen (It as formed in 2016)

Source: RBI