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ARTICLE · 30 MAY 2019

RBI's Regulatory Sandbox: Analyzing The Proposed Framework

Nishith Desai Associates
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The RBI released the draft regulatory sandbox framework in April for public comments; NDA has submitted its comments on the draft

IndiaTechnology
Aaron Kamath
Aaron Kamath
Jaideep Reddy
Jaideep Reddy
Rohan Singh
Rohan Singh
Harshil Agarwal
Harshil Agarwal
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  • The RBI released the draft regulatory sandbox framework in April for public comments; NDA has submitted its comments on the draft
  • The draft framework is targeted at fintech startups, with various eligibility conditions including a minimum net worth requirement of INR 50 Lakh
  • The draft is a positive step, but ambiguous phrasing of eligibility requirements and the high net worth requirement ought to be addressed

After the announcement of a regulatory sandbox by the Reserve Bank of India ("RBI") governor at the NITI Aayog FinTech Conclave 2019, those in the fintech ecosystem waited eagerly for its criteria and features. On April 18, 2019, the RBI announced the Draft Enabling Framework for Regulatory Sandbox ("Proposed Framework"), detailing the proposed features of the sandbox. The Proposed Framework is a draft for public comments, and is not effective yet. Nishith Desai Associates ("NDA") has on May 8, 2019 submitted its comments on the Proposed Framework

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