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The Reserve Bank of India (RBI) has published the Standard Operating Procedure (SOP) for the Inter-operable Regulatory Sandbox (IoRS), prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) under the Financial Stability and Development Council – Sub Committee (FSDC-SC). The SOP is aimed at facilitating testing of innovative products/services that fall under the regulatory ambit of more than one financial sector regulator, including RBI, SEBI, IRDAI, IFSCA, and PFRDA.
The SOP provides a framework for hybrid products/services to be admitted into the Regulatory Sandbox (RS) of the principal regulator while coordinating with associate regulators. It includes a common application form, eligibility criteria, and the process for submission of requisite documents via email. The principal and associate regulators retain the right to determine the admissibility of the innovation under their respective RS frameworks.
This initiative is part of RBI’s broader effort to promote innovation in financial products and services while ensuring compliance with regulatory standards across multiple sectors.
[RBI]