The Reserve Bank of India vide its notification dated 16th December 2020 has announced opening of Second Cohort under the Regulatory Sandbox (RS) with ‘Cross Border Payments. The Cohort is expected to spur innovations capable of recasting the cross-border payments landscape by leveraging new technologies to meet the needs of a low cost, secure, convenient and transparent system in a faster manner.
To encourage innovation and broad base the eligibility criteria, the enabling framework has been modified by reducing net worth requirement from the existing ₹25 lakh to ₹10 lakh, as also including Partnership firms and Limited Liability Partnership (LLPs) to participate in the RS. Entities meeting the eligibility criteria and having product technologically ready for testing in the RS and/or deployment in the broader market, as per the theme of the Cohort, may apply.
The objective of the RS is to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers.
