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ARTICLE · 23 SEPTEMBER 2024

RBI Amends Regulatory Sandbox Scheme And Integrates The New Data Privacy Law

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The concept of a regulatory sandbox ("RS") involves regulatory authorities providing an environment for real-time testing of innovative products, services, and approaches.

IndiaTechnology
Dheeraj Nair
Dheeraj Nair
Divyam Agarwal
Divyam Agarwal
Gerald Manoharan
Gerald Manoharan
Madhurima Mukherjee
Madhurima Mukherjee
Probir Roy Chowdhury
Probir Roy Chowdhury
Sajai Singh
Sajai Singh
Shivpriya Nanda
Shivpriya Nanda
Soumitra Majumdar
Soumitra Majumdar
Tony Verghese
Tony Verghese
+2 more
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The concept of a regulatory sandbox (“RS”) involves regulatory authorities providing an environment for real-time testing of innovative products, services, and approaches. In the Indian FinTech industry, this concept originated from the efforts of the 2016 Interregulatory Working Group (“WG”) established by the RBI. This group was formed to delve into the intricate details of FinTech and the regulatory landscape. It aims to equip regulators with the necessary tools to effectively respond to, regulate, and support India's rapidly evolving FinTech industry.

The WG released its report in 2018 and recommended setting up an enabling framework for regulatory sandbox (“RS Framework”) laying the groundwork for experimentation and innovation in the FinTech sector. The release of the latest amendment on February 28, 2024, underscores the RBI's commitment to optimising the RS Framework based on the insights gained from practical experience and stakeholder engagement.

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