The Reserve Bank of India (RBI) on February 28, 2024, issued a notification regarding Enabling Framework for Regulatory Sandbox
This has a reference to the ‘Enabling Framework for Regulatory Sandbox dated August 13, 2019, the objective of the Regulatory Sandbox (RS) is to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers
The following has been stated namely: -
• It states that the updated ‘Enabling Framework for Regulatory Sandbox’ has been attached for reference
• It states that The framework has been revised based on the experience gained over the last four and half years in running four cohorts and feedback received from FinTechs, banking partners, and other stakeholders. Among others, the timelines of the various stages of the Regulatory Sandbox process have been revised from seven months to nine months.
• The updated framework also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023.
[Press Release: 2023-2024/1956]
