The "Enabling Framework for Regulatory Sandbox" has been updated by RBI

Current Context: The Reserve Bank of India (RBI) has indeed updated the ‘Enabling Framework for Regulatory Sandbox’ on 28th February 2024.

• The updates were based on the experience gained over the last four and a half years in running four cohorts and feedback received from FinTechs, banking partners, and other stakeholders.
• Here are some key updates:
• The timelines of the various stages of the Regulatory Sandbox process have been revised from seven months to nine months.
• The updated framework now requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023.
• The ‘Enabling Framework for Regulatory Sandbox’ was initially placed on the RBI website on August 13, 2019, after wide-ranging consultations with stakeholders.
• The objective of the Regulatory Sandbox (RS) is to foster responsible innovation in financial services, promote efficiency, and bring benefit to consumers.

Question:

Q.1 What is the revised timeline for the various stages of the Regulatory Sandbox process?
a. Six months
b. Seven months
c. Eight months
d. Nine months