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The Reserve Bank of India (RBI) has released an updated version of the ‘Enabling Framework for Regulatory Sandbox’ on its website. The revision comes after over four and a half years of experience running four cohorts and incorporates feedback from FinTechs, banking partners, and other stakeholders.
Under the updated framework, the timelines for various stages of the Regulatory Sandbox process have been revised from seven months to nine months. Additionally, sandbox entities are now required to ensure compliance with the provisions of the Digital Personal Data Protection Act, 2023, strengthening data protection and privacy in pilot projects.
The original ‘Enabling Framework for Regulatory Sandbox’ was published on August 13, 2019, following extensive consultations with stakeholders. The primary objective of the Regulatory Sandbox is to foster responsible innovation in financial services, improve efficiency, and deliver tangible benefits to consumers.
[RBI]