Calcutta HC: Identity of a Child is an Integral Part of Her Personal Development and Autonomy  ||  Bombay HC: While Exercising Parens Patriae Jurisdiction Wish of Minor Need to be Considered  ||  HP HC: Pension Benefits to be Given to Class-III Employees Regularized Retrospectively  ||  Chhattisgarh HC: Prolonged Detention Cannot Outweigh Concerns Relating to National Security  ||  SC: Will is a Registered Document thus there is a Presumption regarding its Genuineness  ||  SC Refuses to Go into Legality of Displaying QR Codes Along the Kanwar Route  ||  Del. HC: For Wrongful Confinement, It Isn’t Necessary That Victim Must be Immobilized By Tying Hands  ||  Delhi HC: For Offence of Criminal Intimidation, Intention to Cause Alarm is Necessary  ||  Delhi High Court Restrains Zydus Lifesciences Limited from Selling Biologic Similar to Nivolumab  ||  Delhi HC: Surveyors and Loss-Assessors Work Impartially and Independently    

Reserve Bank announces opening of Second Cohort under the Regulatory Sandbox- (Reserve Bank of India) (16 Dec 2020)

MANU/RPRL/0193/2020

Banking

1. Post announcement of commencement of Test Phase under the First Cohort on Retail Payments vide Press Release dated November 17, 2020, the Reserve Bank now announces opening of Second Cohort under the Regulatory Sandbox (RS) with 'Cross Border Payments,' as its theme.

2. India is the largest recipient of inbound remittances across the globe accounting for 15% of global share; in the year 2019, India received $83 bn and in the first half year of 2020, has received $27.4 bn. Further, the daily average turnover of OTC foreign exchange instruments in India is approximately $40 bn. The Cohort is expected to spur innovations capable of recasting the cross-border payments landscape by leveraging new technologies to meet the needs of a low cost, secure, convenient and transparent system in a faster manner.

3. To encourage innovation and broad base the eligibility criteria, the enabling framework has been modified by reducing net worth requirement from the existing Rs. 25 lakh to Rs. 10 lakh, as also including Partnership firms and Limited Liability Partnership (LLPs) to participate in the RS. Entities meeting the eligibility criteria (as laid out in the updated framework published today, i.e., on December 16, 2020) and having product technologically ready for testing in the RS and / or deployment in the broader market, as per the theme of the Cohort, may apply.

4. The window for submission of applications for the Cohort shall be open from December 21, 2020 to February 15, 2021. A scanned copy of the application, together with enclosures (maximum size 10 MB), may be forwarded through email.

5. It has also been decided to select 'MSME Lending' as the theme for the Third Cohort, details of which shall be announced in due course.

Tags : SECOND COHORT   REGULATORY SANDBOX  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved