CURRENT AFFAIRS

Detailed explanation-1: -AFP RBI has come up with Regulatory Sandbox with the objective to foster responsible innovation in financial services, promote efficiency and bringing benefit to consumers. The Reserve Bank of India on Friday announced the opening of third cohort under the Regulatory Sandbox (RS) with MSME Lending as its theme.

Detailed explanation-2: -Each cohort will comprise a group of fintechs focused on innovation in specific sectors based on themes like retail payments, cross-border payments, MSME lending, and mitigating financial fraud.

Detailed explanation-3: -In the Second Cohort under the Regulatory Sandbox (RS) with ‘Cross-Border Payments’ as its theme, eight entities commenced testing of their products which was communicated vide Press Release dated September 13, 2021.

Detailed explanation-4: -Dileep Vishwakarma. The Reserve Bank had announced the theme for the Third Cohort under the Regulatory Sandbox (RS) as ‘MSME Lending’ vide Press Release dated December 16, 2020.

Detailed explanation-5: -Regulatory sandbox refers to live testing of new products or services in a controlled regulatory environment. It acts as a “safe space” for business as the regulators may or may not permit certain relaxations for the limited purpose of testing.