RBI issues Standard Operating Procedure for Inter-operable Regulatory Sandbox

The Reserve Bank of India has issued Standard Operating Procedure for Inter-operable Regulatory Sandbox.

In order to facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulators viz. RBI, SEBI, IRDAI, IFSCA and PFRDA, a Standard Operating Procedure (SOP) for IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech). The Reserve Bank of India today placed on its website the SOP for IORS.

The Common Application form for participating in the IoRS is also provided. The entities meeting the minimum eligibility criteria for participating in the RS of the Principal Regulator (as defined in the SOP), may apply, along with requisite documents through email (maximum size 10 MB). Additional information and / or documents, as and when required, will have to be furnished by the applicant. The Principal Regulator/Associate Regulators shall reserve the right on admissibility of the hybrid product/solution/innovation as per their RS framework.

Source: Reserve Bank of India