Regulatory Sandbox: RBI governor announces fourth cohort on ‘Prevention and Mitigation of financial frauds'

The Governor of the Reserve Bank of India, Shaktikanta Das, on Friday said that the Reserve Bank's Regulatory Sandbox (RS) has so far introduced three cohorts on Retail Payments, Cross Border Payments and MSME Lending. He said this while announcing the decisions made in RBI's Monetary Policy Meeting.

With a view to provide further impetus to the fintech eco-system, a fourth cohort on ‘Prevention and Mitigation of financial frauds’ is being announced, he added.

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In addition, he said, based on the experience gained and the feedback received from stakeholders, it is proposed to facilitate 'On Tap' application for earlier themes for participating in the Regulatory Sandbox.

This measure is expected to ensure continuous innovation in the fintech ecosystem of our country, the governor added.

Geo-Tagging of Payment System Touch Points

The governor further said that ensuring wider availability of payments acceptance (PA) infrastructure throughout the country has been one of the priority areas for financial inclusion.

To target areas with deficient PA infrastructure, it is proposed to introduce a framework for leveraging geo-tagging technology for capturing exact location information on all existing and new PA infrastructure viz., Point of Sale (PoS) terminals, Quick Response (QR) Codes, etc.

This would complement the Payment Infrastructure Development Fund (PIDF) framework of the Reserve Bank in ensuring wider geographical deployment of PA infrastructure, he added.