Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
RBI proposes to allow fintech start-ups to test regulatory sandbox in retail payments, AI, data analytics
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • RBI proposes to allow fintech start-ups to test regulatory sandbox in retail payments, AI, data analytics

RBI proposes to allow fintech start-ups to test regulatory sandbox in retail payments, AI, data analytics

Press Trust of India • April 19, 2019, 09:34:07 IST
Whatsapp Facebook Twitter

The target applicants for entry to the RS are fintech firms which meet the eligibility conditions prescribed for start-ups by the government

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
RBI proposes to allow fintech start-ups to test regulatory sandbox in retail payments, AI, data analytics

Mumbai: The Reserve Bank of India on Thursday proposed that fintech start-ups could set up regulatory sandbox or live-testing of innovative products and services in segments such as retail payments, money transfer, artificial intelligence and data analytics in the financial sector. A regulatory sandbox (RS) usually refers to live-testing of new products or services in a controlled and test regulatory environment for which regulators may or may not permit certain regulatory relaxations for the limited purpose of the testing. A working group set up by the RBI had recommended introduction of an appropriate framework for an RS within a well-defined space and duration where the financial sector regulator will provide the requisite regulatory guidance to increase efficiency, manage risks and create new opportunities for consumers. In line with the recommendation, the central bank has released draft ‘Enabling Framework for Regulatory Sandbox’.

“The proposed financial service to be launched under the RS should include new or emerging technology, or use of existing technology in an innovative way and should address a problem, or bring benefits to consumers,” the draft said.

According to the draft, the target applicants for entry to the RS are financial technology (fintech) firms which meet the eligibility conditions prescribed for start-ups by the government. [caption id=“attachment_5129811” align=“alignleft” width=“380”] ![Representational image. Reuters.](https://images.firstpost.com/wp-content/uploads/2018/09/RBI_Reuters6.jpg) Representational image. Reuters.[/caption] The innovative products and services which could be considered for testing under RS include retail payments, money transfer services, marketplace lending, digital KYC and financial advisory services. Innovation in wealth management services, digital identification services, smart contracts, financial inclusion products and cybersecurity products could also be tested. Innovative technologies that could be brought under RS include mobile technology applications (payments, digital identity), data analytics, application programme interface, applications under block chain technologies and artificial intelligence and machine learning applications. Highlighting the benefits of RS, the draft said the first and foremost is that it fosters “learning by doing”. Also, users of an RS can test the product’s viability without the need for a larger and more expensive roll-out. If the product appears to have the potential to be successful, the product might then be authorised and brought to the broader market more quickly. On risks and limitations of RS, the draft said the RBI or its RS cannot provide any legal waivers. Also, post-sandbox testing, a successful experimenter may still require regulatory approvals before the product, services or technology can be permitted for wider application. The central bank has invited stakeholders’ comments on the draft by 8 May.

Tags
RBI Reserve Bank of India NewsTracker artificial intelligence Money transfer Data Analytics Fintech startups retail payments regulatory sandbox new products new services regulatory relaxations marketplace lending wealth management services
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV