RBI announces Opening of Third Cohort under the Regulatory Sandbox

The Reserve Bank of India has announced the theme for the Third Cohort under the Regulatory Sandbox (RS) as ‘MSME Lending’. The application for the Third Cohort will be kept open from October 01, 2021 to November 14, 2021. Regulatory Sandbox (RS) refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of the testing.

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Before this, RBI has launched two cohort under the regulatory sandbox. These are:

First Cohort: First Cohort under the Regulatory Sandbox was launched by RBI in December 2020, with the theme as ‘Retail Payments’. Six entities have completed the testing phase of the cohort.
Second Cohort: Second Cohort under the Regulatory Sandbox was announced by RBI in December 2020 with the theme as ‘Cross Border Payments’. Eight entities have been selected for the ‘Test Phase’.

Important takeaways for all competitive exams: