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RBI’s paper on FinTech Regulatory Sandbox: relaxed regulations, liabilities remain; data security a primary concern

The RBI last week released a draft document "Enabling Framework for Regulatory Sandbox". Comments on the draft document are invited by the RBI until May 08, 2019. The notification can be accessed here, and the paper is available for download here. The paper describes regulatory sandbox thus: "...live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of the testing." Discussed below are the key features of the paper. Objectives of the framework The objective of the development of the sandbox is to allow startups to test innovative models in a controlled environment. It is used to "collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks". The testing allows fintech companies to test products…

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