Retail payments to be first RBI sandbox grouping

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The Reserve Bank of India (RBI) announced that applications are open from 15 November to 15 December, 2019 for the first cohort of its fintech regulatory sandbox regime.

The theme for the first cohort is retail payments. The RBI has an list of categories for inclusion within this theme, which includes mobile payments including feature phone-based payment services, offline payment solutions, and contactless payments as potential categories. While the first two categories are geared towards adoption of digital payments across social strata, the third is intended to enable small ticket payments. Experimentation and testing of new products and services is likely to commence in the first half of next year.

The business law digest is compiled by Nishith Desai Associates, a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. The firm specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.