On April 18, 2019, in line with the recommendations made by the working group, the Reserve Bank of India (RBI) released draft guidelines on "Enabling Framework for Regulatory Sandbox". The main objective of these guidelines is to enable market participants to test new products, services and business models in a live environment, as well as for the financial sector regulator to provide guidance to increase efficiency, manage risk and create new opportunities for consumers in a relaxed regulatory environment.
According to the draft proposal, to be eligible for the sandbox a financial service/product should include:
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