RBI Enhances Regulatory Sandbox Framework, Extends Timeline to Foster Responsible Innovation
The Reserve Bank of India (RBI) has unveiled an updated 'Enabling Framework for Regulatory Sandbox,' now extending the timeline from seven to nine months.
This revision comes after the RBI's experience running four cohorts over the past four and a half years and incorporates valuable feedback from FinTechs, banking partners, and other stakeholders. Notably, sandbox entities are now required to ensure compliance with the provisions of the Digital Personal Data Protection Act, 2023.
The Regulatory Sandbox aims to stimulate responsible innovation in financial services, enhance efficiency, and deliver consumer benefits, as per the RBI's ongoing commitment to fostering a dynamic financial ecosystem.
RBI Enhances Regulatory Sandbox Framework, Extends Timeline to Foster Responsible Innovation
Reviewed by Gurpreet singh
on
February 28, 2024
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Reviewed by Gurpreet singh
on
February 28, 2024
Rating:
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