CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’.

Detailed explanation-2: -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.

Detailed explanation-3: -3 of the Enabling Framework for Regulatory Sandbox, it is announced that the Fifth Cohort under Regulatory Sandbox will be theme neutral. Innovative products/ services/ technologies cutting across various functions in RBI’s regulatory domain would be eligible to apply.

Detailed explanation-4: -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. We can see an elaborate list of all the cohorts on the RBI website.

Detailed explanation-5: -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.