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HDFC and Precision Biometric India to Test Retail Payment Products under the RBI

Published on September 07, 2022
Current Context: The Reserve Bank of India has selected HDFC (in partnership with Crunchfish Aktiebolag) and Precision Biometric India Pvt. Ltd for the ‘Test Phase’ for their ‘Offline Retail Payments’ and ‘InnaIT Key Solution for Banking’ products, respectively.
HDFC and Precision Biometric India to Test Retail Payment Products under the RBI
  • These test phases will be conducted under the RBI's Regulatory Sandbox, which was launched in 2019 with the objective to promote efficiency and expand benefits to large consumers.
  • The opening of the Application facility for the 'Retail Payments' theme was announced by the RBI in October 2021.
  • The HDFC's ‘Offline Retail Payments’ allows users to pay and receive payments in offline mode.
  • Precision Biometric India's ‘InnaIT Key Solution for Banking’ offers a solution to enable biometric tokens, which provides for password-less authentication and Additional Factor Authentication (AFA), instead of One Time Password (OTP), for logging into the internet and mobile banking.
  • RBI was established in 1935 under the RBI Act 1934. It is headquartered in Mumbai.

Question:

Q.1 Which of the following has been selected to test its Offline Retail Payments under the RBI's Regulatory Sandbox?
a. ICICI
b. SBI
c. IndusInd
d. HDFC
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