The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new products and systems.
The RBI announced the opening of the ‘On Tap’ application facility for the theme ‘Retail Payments’ under the regulatory sandbox in October last year.
The solution aims to boost the adoption of digital payments in areas of no or low network by enabling transactions without the need to have a network connection, it added.
Precision Biometric India has come out with ‘InnaIT Key Solution for Banking’. It offers a solution to enable biometric tokens, which can be used for secure password-less authentication and Additional Factor Authentication (AFA), instead of an OTP, for logging into internet/ mobile banking.
In another statement, the RBI announced that the fifth cohort under the regulatory sandbox will be theme neutral.
“Innovative products/services/ technologies cutting across various functions in RBI’s regulatory domain would be eligible to apply,” it said, adding the application window for the same will be communicated in due course.