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ARTICLE · 20 MAY 2019

The Draft Framework For The Regulatory Sandbox For Fintech Start Ups In India

Lex Orbis
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The Draft Framework sets out the eligibility criteria for start –ups seeking to be part of the RS.

IndiaTechnology
Mini Raman
Mini Raman
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The Reserve Bank of India ("RBI") released the "Draft Enabling Framework for Regulatory Sandbox" on 18th April 2019 ("Draft Framework"). The Regulatory Sandbox ("RS") pertains to the fintech start-ups in India. The draft was open to comments from stakeholders upto 8th May 2019.

The RBI had set up a working group in 2016 to study the fintech industry in India so as to review and respond to the regulatory framework required for the industrial innovations taking place in the fintech industry. One of the key recommendations of the said working group was for the RBI to introduce an appropriate framework for a regulatory sandbox within a well-defined space and duration where the financial sector regulator will provide the requisite regulatory guidance, so as to increase efficiency, manage risks and create new opportunities for consumers.

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