{"id":221782,"date":"2019-11-05T10:30:49","date_gmt":"2019-11-05T05:00:49","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=221782"},"modified":"2019-11-07T20:00:33","modified_gmt":"2019-11-07T14:30:33","slug":"reserve-bank-announces-the-opening-of-first-cohort-under-the-regulatory-sandbox","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/05\/reserve-bank-announces-the-opening-of-first-cohort-under-the-regulatory-sandbox\/","title":{"rendered":"Reserve Bank announces the opening of first cohort under the Regulatory Sandbox"},"content":{"rendered":"<h3 style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong>The Reserve Bank announces the opening of the first cohort under the Regulatory Sandbox.<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\">The <span style=\"color: #ff0000;\">Reserve Bank announces the opening of the first cohort under the Regulatory Sandbox (RS) with \u2018Retail Payments\u2019, as its theme.<\/span><\/p>\n<p style=\"text-align: justify;\">The adoption of \u2018Retail Payments\u2019 as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and underserved segment of the population. Migration to digital modes of making a payment can obviate some of the costs associated with a cash economy and can give customers a friction-free experience. The innovative products\/services which, among others, shall be considered for inclusion under RS are as follows:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Mobile payments including feature phone-based payment services &#8211; General innovation in mobile payment services has focussed on or supported app-based access, limited to smartphones and such devices. There is a need to innovate payment services for feature phones to provide the necessary thrust towards enhanced adoption of digital payments by various strata of society.<\/li>\n<li>Offline payment solutions &#8211; Consumer behaviour has been driving the growth of digital payment systems as more and more consumers are embracing mobile technology. Though mobile internet speed has risen, connectivity issues remain unresolved in large areas. Therefore, providing an option of off-line payments through mobile devices for furthering the adoption of digital payments is required.<\/li>\n<li>Contactless payments &#8211; Contactless payments, while decreasing the time taken for payment checkout, also ease payments for small ticket payment transactions. Tokenisation technologies often form the basis of facilitating seamless e-commerce experiences fuelled by mobile and other connected devices. The rapid growth in devices provides a significant opportunity for payments through any form factor and anywhere.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">2. The format of the Application for the RS is <a class=\"links\" href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/content\/pdfs\/3AFO_04112019F.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">attached<\/a>. The entities meeting the eligibility criteria as laid out in the framework may apply, along with information listed in <a class=\"links\" href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/content\/pdfs\/1AN_04112019F.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Annex I<\/a> (Fit and Proper criteria for Director(s)\/Promoter(s) of sandbox entities) and <a class=\"links\" href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/content\/pdfs\/2AN_04112019F.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Annex II<\/a> (Declaration and Undertaking by Promoter\/Director), for the first cohort under the RS. It may be noted that the live testing of new products or services in a controlled environment may require a bank\/NBFC\/any other partner for the testing to commence. In such cases, a suitable partner may be secured in advance to be eligible for admission to the RS.<\/p>\n<p style=\"text-align: justify;\">3. The window for submission of application for the first cohort shall be open from November 15 to December 15, 2019. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through <a class=\"links\" href=\"mailto:fintech@rbi.org.in\">email<\/a> and the hard copy, duly authenticated, may be sent to:<\/p>\n<p align=\"center\">The Chief General Manager-in- Charge<br \/>\nDepartment of Regulation (FinTech Unit)<br \/>\nCentral Office, 12th floor<br \/>\nReserve Bank of India<br \/>\nShahid Bhagat Singh Marg<br \/>\nFort, Mumbai \u2013 400 001<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong><span class=\"head\">Background:<\/span> <\/strong><\/span>The final \u2018Enabling Framework for Regulatory Sandbox\u2019 was placed on RBI website on <a class=\"links\" href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=47869\" target=\"_blank\" rel=\"noopener noreferrer\">August 13, 2019<\/a>, after a wide-ranging consultative process with stakeholders. As stated therein, the objective of the Regulatory Sandbox (RS) is to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers.<\/h4>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 04-11-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank announces the opening of the first cohort under the Regulatory Sandbox. The Reserve Bank announces the opening of the <\/p>\n","protected":false},"author":8808,"featured_media":108541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[38154,38153,38155],"class_list":["post-221782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business_news","category-news","tag-first-cohort","tag-regulatory-sandbox","tag-retail-payments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reserve Bank announces the opening of first cohort under the Regulatory Sandbox | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/05\/reserve-bank-announces-the-opening-of-first-cohort-under-the-regulatory-sandbox\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank announces the opening of first cohort under the Regulatory Sandbox\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank announces the opening of the first cohort under the Regulatory Sandbox. 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Accordingly, the theme \u2018Retail Payments\u2019 is now open for application. This \u2018On Tap\u2019 facility is expected to help in continuous innovation\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":345673,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/04\/12\/rbi-regulatory-sandbox-theme-neutral-on-tap-facility\/","url_meta":{"origin":221782,"position":1},"title":"RBI allows Theme Neutral applications as a part of On Tap application facility under Regulatory Sandbox","author":"Kriti","date":"April 12, 2025","format":false,"excerpt":"It will help in innovation and constructive engagement of FinTech.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Reserve Bank of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":257157,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/16\/rbi-announces-retail-direct-scheme\/","url_meta":{"origin":221782,"position":2},"title":"RBI announces Retail Direct Scheme","author":"Prachi Bhardwaj","date":"November 16, 2021","format":false,"excerpt":"The Reserve Bank of India has launched the Retail Direct Scheme on November 12,2021. The Scheme aims at enhancing access to government securities (G-sec) market for retail investors. \u00a0 Key highlights: Under this scheme, retail individual investors will be able to open a Retail Direct Gilt (RDG) Account with Reserve\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":278829,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/11\/30\/rbi-announces-launchof-central-bank-digital-currency-retail-e%e2%82%b9-r-pilot\/","url_meta":{"origin":221782,"position":3},"title":"RBI announces launch of Central Bank Digital Currency \u2013 Retail (e\u20b9-R) Pilot","author":"Bhumika Indulia","date":"November 30, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 31-11-2022, the Reserve Bank announces the launch of the first pilot for retail digital Rupee (e\u20b9-R) on 1-12-2022. The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants. 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