After the Reserve Bank of India released a draft framework for setting up a regulatory sandbox (RS) for fintech players in the counter, the market and insurance regulators SEBI and IRDAI have also launched similar initiatives.
RS is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch. It saves start-ups time and cost. For the IRDAI sandbox, an applicant should have a net worth of Rs 10 lakh and a proven financial record of at least one year.
Source- The Hindu
Static/Current Takeaways Important For SBI Mains 2019:
- SEBI Headquarter: Mumbai, Chairperson: Ajay Tyagi.
- IRDAI Chairman- Subhash Chandra Khuntia, Headquarters in- Hyderabad.