The Reserve Bank of India has released the final version of the framework for the regulatory sandbox.
Its latest addition gives details on cohorts and indicates that the submission for applications will be announced later in the year.
A draft of the ‘Enabling Framework for Regulatory Sandbox’ was initially released by the bank in April. It invited stakeholders to offer comments and feedback, of which 381 commentaries were made by 69 stakeholders.
FinTech entities, banks, multilateral agencies, industry associations, payment aggregators, audit & legal firms, government departments, individuals, all offered opinions on the framework.
Comments were largely focused on the sandbox objectives, eligibility criteria, participation criteria, list of exclusions, legal and regulatory waiver, consumer protection, and transparency and disclosure. These have all been addressed in the final framework document.
The bank initially decided to create a regulatory sandbox following recommendations from a working group it set up to monitor the regulatory framework of the country. A sandbox was recommended as a way to help companies create new opportunities for consumers, in a safe manger.
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