Money & Banking

RBI announces opening of third cohort under Regulatory Sandbox

Our Bureau Mumbai | Updated on September 13, 2021

Application for the third cohort may be submitted from October 1

The Reserve Bank of India on Monday announced the opening of the third cohort under the Regulatory Sandbox.

The application for the third cohort may be submitted from October 1 to November 14, 2021, it said. The theme for the third cohort is MSME lending.

8 entities selected

In separate statements, the 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 six entities that have completed the test phase include Nucleus Software Exports (PaySe), Tap Smart Data Information Services (Citycash), Natural Support Consultancy Services (IND-e-Cash), Naffa Innovations (ToneTag), Ubona Technologies (BHIM Voice) and Eroute Technologies.

“The products were evaluated based on mutually agreed test scenarios and expected outcomes. All the products have been found viable within the boundary conditions defined during testing under Regulatory Sandbox,” the RBI said.

The products found acceptable under this cohort may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements, it further said.

The eight entities that have been selected for the ‘Test Phase’ under the second cohort include Book My Forex, Cashfree Payments, Fairex Solutions, Flyremit, Nearby Technologies, Open Financial Technologies, SoCash India and Wall Street Finance.

“The entities... shall commence testing of their products from the third week of September 2021,” the RBI said.

In all, the RBI had received 27 applications from 26 entities under the second cohort, which was open from December 21, 2020 to February 15, 2021.

Published on September 13, 2021

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