Current Affairs

RBI proposed Easing of Rules for Sandbox

Current context: RBI has proposed to relax regulatory rules for Sandbox on a case to case basis.
RBI proposed Easing of Rules for Sandbox 
  • Sandbox is an infrastructure that helps FinTech companies live to test their products or solutions, before getting the necessary regulatory approvals for the actual launch.
  • RBI has proposed to grant regulatory relaxation for board composition, financial soundness and track record, liquidity requirements and management experience in its final ‘Enabling Framework for Regulatory Sandbox’.
  • RBI has said that as per the latest audited balance sheet, the entity should have a minimum net worth of Rs 25 lakh.
  • The conduct of the bank accounts of the entity as well its promoters/directors should be satisfactory and the promoters/ directors of the entity should be fit and proper.
  • FinTech companies including startups, financial institutions, banks and other company providing support or partnering with financial services businesses are considered as applicants for entry to the Regulatory Sandbox.
  • As per RBI, products/ technology /services including trading/investing /settling in crypto assets, credit information, credit registry, cryptocurrency/crypto assets services are not be accepted for testing.

Question: 

Q.1 Which product/technology/services are not acceptable for testing in Regulatory Sandbox?
a. cryptocurrency/crypto assets services
b. trading/investing /settling in crypto assets
c. only a
d. only b
e. both a&b
RBI proposed Easing of Rules for Sandbox RBI proposed Easing of Rules for Sandbox Reviewed by Neha on August 16, 2019 Rating: 5

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