The Reserve Bank of India (RBI) has selected five entities for the test phase of its theme-neutral fifth cohort of the regulatory sandbox, following the receipt of 22 applications. Announced in October of the previous year, this initiative allows firms to test new financial innovations in a controlled environment.
Selected Entities
- Connectingdot Consultancy
- Epifi Technologies
- Finagg Technologies
- Indian Banks’ Digital Infrastructure Company (IBDIC)
- Signzy Technologies
Service Offerings
- Connectingdot Consultancy: Risk categorisation in loan portfolios
- Epifi Technologies: Digital account opening for NRIs via video KYC
- Finagg Technologies: MSME financing solutions
- IBDIC: Support for digital infrastructure
- Signzy Technologies: Unassisted video KYC
Regulatory Sandbox Overview
The sandbox involves several stages including preliminary screening, application assessment, test design formulation, and evaluation. It provides a controlled environment for live testing of financial products or services, allowing for regulatory relaxations to facilitate testing. This approach helps regulators, financial service providers, and customers assess the benefits and challenges of new innovations while managing associated risks.
Target Applicants
The sandbox targets fintechs, banks, and firms that support or partner with financial services businesses. Each cohort is limited in size and duration, ensuring a focused and manageable testing process.
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