Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.