Mumbai, Feb 28 (IANS) The Reserve Bank of India (RBI) has beefed up the ‘Enabling Framework for Regulatory Sandbox’ with more stringent timelines and compliance provisions.
In the updated framework put up on the RBI website, 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.
“The objective of the Regulatory Sandbox is to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers,” the RBI said.
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, the RBI added.
The ‘Enabling Framework for Regulatory Sandbox’ was first placed on RBI website on August 13, 2019, after wide ranging consultations with stakeholders.
–IANS
sps/pgh
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
