The Reserve Bank of India has opened the application window for all India based firms and innovators to participate in Global Financial Innovation Network (GFIN)’s first ever Greenwashing TechSprint. The window will close on  May 21, 2023.

RBI will be among the 13 international regulators taking part in GFIN’s Greenwashing TechSprint.

The TechSprint will bring together 13 international regulators alongside firms and innovators to address GFIN’s priority on environmental, social and governance (ESG) and sustainable finance.

RBI said it will be participating in a virtual TechSprint, hosted on the FCA’s (Financial Conduct Authority) Digital Sandbox, to bring together international regulators, firms, and innovators to address sustainable finance as a collective priority.

The TechSprint’s objective is to develop a tool that could help regulators, or the market more effectively tackle or mitigate the risks of greenwashing in financial services.

“Firms will get the opportunity to work with regulatory experts, a variety of stakeholders and professionals from across the globe,” the central bank said in a statement.

Additionally, to support the application process, the GFIN will be providing an information pack for firms interested in participating in the event.

Firms that are successful in their applications will proceed through to on-boarding which will take place on  June 1 and 2. This will provide firms with training on the Digital Sandbox and an in-depth overview of the TechSprint process.

The TechSprint will launch on  June 5 and will run for 3 months, ending with a showcase day in September 2023.