RBI Revises Framework for Regulatory Sandbox
Reserve Bank of India (RBI) has recently revised the 'Enabling Framework for Regulatory Sandbox', aimed at fostering responsible innovation in financial services.
Key Highlights of the Revision
- 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.
- RBI has extended the timelines for various stages of the Sandbox process from 7 months to 9 months.
- The updated framework mandates sandbox entities to comply with provisions of the Digital Personal Data Protection Act, 2023.
- If a proposed product or service resembles one already ....
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