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

Published on February 29, 2024
Current Context: The Reserve Bank of India (RBI) has indeed updated the ‘Enabling Framework for Regulatory Sandbox’ on 28th February 2024.
The "Enabling Framework for Regulatory Sandbox" has been updated by RBI
  • 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
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