Reserve Bank of India has updated the ‘Enabling Framework for Regulatory Sandbox’, increasing the timelines for various stages of the sandbox process and allowing applicants to enter into in-principle partnerships before applying for the sandbox.

Banking & Finance

Reserve Bank of India has updated the ‘Enabling Framework for Regulatory Sandbox’, increasing the timelines for various stages of the sandbox process and allowing applicants to enter into in-principle partnerships before applying for the sandbox. The RBI revised the timeline for the completion of various stages of a Regulatory Sandbox (RS) to 9 months from the previous 7. The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023. The framework (for RS) 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.


      A sandbox entity should ensure it has appropriate technical and organisational measures for the compliance of the provisions under the Digital Personal Data Protection Act.

     

     

 

     


          ____________________________