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RBI Unveils Draft Framework to Uplift Fintech Industry
April 20, 2019
This Thursday, the Reserve Bank of India rolled out a draft “Enabling Framework for Regulatory Sandbox” to boost the growing fintech sector. It will be implemented starting with the testing process covering 10-12 entities and focusing on areas like digital KYC, financial inclusion, etc. The processes will run for varying periods but are likely to be completed within 6 months, the central bank said.
A regulatory sandbox is a term used for testing new products or services in a controlled and regulated environment. The RBI aims to use it to manage risks, increase efficiency, and create new opportunities for consumers.
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