Featured Product

    RBI Announces Opening of First Cohort under Regulatory Sandbox

    November 04, 2019

    RBI announced the opening of first cohort under the Regulatory Sandbox with retail payments as its theme. The innovative products or services that shall be considered for inclusion under Regulatory Sandbox include mobile payments such as feature-phone-based payment services, offline payment solutions, and contactless payments. The window for submission of application for the first cohort shall be open from November 15 to December 15, 2019. RBI also published the format of application to the Regulatory Sandbox.

    The adoption of retail payments as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and underserved segment of the population. The entities meeting the eligibility criteria as laid out in the framework may apply. The target applicants for entry to the regulatory sandbox are fintech companies such as startups, banks, financial institutions, and any other company partnering with or providing support to financial services businesses, subject to the sandbox criteria laid down in these guidelines. However, it may be noted that the live testing of new products or services in a controlled environment may require a bank, non-bank financial institution or any other partner, for the testing to commence. In such cases, a suitable partner may be secured in advance to be eligible for admission to the Regulatory Sandbox.

    The Regulatory Sandbox is, at its core, a formal regulatory program for market participants to test new products, services, or business models with customers in a live environment, subject to certain safeguards and oversight. The focus of the Regulatory Sandbox will be to encourage innovations intended for use in the Indian market in areas where there is absence of governing regulations, where there is a need to temporarily ease regulations for enabling the proposed innovation, and where the proposed innovation shows promise of easing or effecting delivery of financial services in a significant way. 

     

    Keywords: Asia Pacific, India, Banking, Regulatory Sandbox, Fintech, Regtech, First Cohort, RBI

    Related Articles
    News

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages

    OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.

    April 13, 2021 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in April 2021

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.

    April 12, 2021 WebPage Regulatory News
    News

    OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR

    OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.

    April 12, 2021 WebPage Regulatory News
    News

    EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks

    EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.

    April 09, 2021 WebPage Regulatory News
    News

    EIOPA Study Examines Internal Model Market and Credit Risks Under SII

    EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.

    April 09, 2021 WebPage Regulatory News
    News

    ESMA Issues Notification Templates for STS Synthetic Securitizations

    ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.

    April 09, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    EBA Updates Lists of Entities for Use in Capital Calculations under SA

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    FED Proposes to Automate Bank Stock Adjustment Using Call Report Data

    FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.

    April 08, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6835