The Reserve Bank of India (RBI) has announced the opening of the third cohort of regulatory sandbox.
- The theme for the third cohort is MSME lending.
- RBI also announced that eight entities have been selected for the ‘test phase’ of the second cohort on cross border payments. Six entities have completed the ‘test phase’ of the first cohort on retail payments.
- The first cohort for regulatory sandbox was under the theme of retail payments.
- The second cohort for regulatory sandbox was under the theme of ‘Cross-border Payments’.
What is Regulatory sandbox?
- To encourage innovations the Reserve Bank of India had rolled out regulatory sandbox framework on August 13, 2019.
- Regulatory sandbox refers to live testing of new products or services in a controlled/regulatory environment for which regulators may or may not pertain certain regulatory relaxations.
JOIN GS TIMES IAS(UPSC) PRELIMS 365/15 ONLINE TEST SERIES GS-1 HINDI AND ENGLISH
JOIN GS TIMES IAS PRELIMS CURRENT AFFAIRS DAILY ONLINE TEST SERIES: HINDI AND ENGLISH
CLICK HERE DAILY CURRENT AFFAIRS QUIZ FOR STATE CIVIL SERVICES
