As many as six applicants have been selected by the Reserve Bank of India (RBI) to test products which prevent and mitigate financial frauds, according to a press release issued by the central bank. The testing is a part of the fourth cohort which was announced under the bank’s regulatory sandbox regime in June 2022. The bank had started accepting applications from June 15, 2022, to August 1, 2022. Why it matters: A regulatory sandbox can be imagined as a ground for conducting financial experiments. It helps companies avoid the stress of jumping through regulatory hurdles. They can check the relevance of their products before jumping through the hoops in order to launch them in the market. A successful experiment in this particular cohort can help identify and rein in financial frauds which have been on the rise since the dawn of the pandemic. How many applications were received: The release revealed that the RBI received nine applications out of which six were selected to begin trials from February 2023. Who was selected: The six applicants picked by the central bank cover a broad range of issues including surveillance, and credit monitoring, among others. Here is a list provided by the bank— Bahwan CyberTek Private Limited: It will test a product which provides a surveillance mechanism to monitor transactions and events from loan accounts on a “continuous and real time basis”. Crediwatch Information Analytics Private Limited: It will carry out an experiment to check the efficacy of its early warning…
What do we know about six entities selected by Indian central bank to test products mitigating financial frauds?
The testing is a part of the fourth cohort which was announced under the bank’s regulatory sandbox regime in June 2022.
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