- Eligible applicants – Companies incorporated and registered in India or Banks licensed to operate in India
- Fit and Proper Criteria for Selection of Participants in RS – minimum net-worth of INR 25 lakhs, promoters/directors to be ‘fit and proper’, satisfactory CIBIL report for promoters/directors required
- End-to-End Sandbox Process shall be overseen by the FinTech Unit (FTU) under the guidance of the Inter-Departmental Group (IDG) of RBI
- RS may run a few cohorts with a limited number of entities in each cohort testing their products during a stipulated period, focussing on areas of financial inclusion, payments, lending, digital KYC, etc.
- RBI may consider relaxing, if warranted, some regulatory requirements for sandbox applicants, for the duration of the RS on a case-to-case basis
- After successful experimentation and exit, the sandbox entity to fully comply with the relevant regulatory requirements
The complete documentation on the framework is here.
IDfy provides Digital KYC solutions that enable regulatory compliance.
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