RBI names 2 startups as a part of its regulatory sandbox programme

A- A A+

Last Updated : Jan 18 2021 4:23PM Screen Reader Access

News Highlights

PM Modi lays foundation stone of environment friendly Ahmedabad Metro Rail Project Phase-II and Surat Metro Rail Project National COVID-19 recovery rate improves to 96.59 per cent Over 2 lakh people vaccinated for Covid-19 across country during past two days Britain invites PM Modi to attend G7 Summit to be held in June this year Brisbane Test: Australia bundled out for 294 on day 4

Business News

Nov 18, 2020

8:22AM

RBI names 2 startups as a part of its regulatory sandbox programme

@RBI

Reserve Bank of India has announced the names of two startups that have been selected as a part of its regulatory sandbox programme. RBI said, it has shortlisted six companies out of 32 entities that had applied for the ‘Test Phase’ of the first cohort.

The two companies are Jaipur based Natural Support Consultancy Services Private Limited and New Delhi based Nucleus Software Exports Limited. While the former has named its product ‘eRupaya’, which will facilitate offline Person-to-Merchant transactions and offline digital payments in remote locations; the second company’s product 'PaySe', proposes to help in digitisation of payments in rural areas, starting with Self Help Groups, through an offline payment solution and a digitised SHG-centered ecosystem.

The regulatory sandbox is a protected environment within which the selected companies will operate. They will have to show their system's preparedness while dealing with dummy data. Once they achieve success within the protected environment, the systems will be allowed to be tested in the live environment with actual banks and consumer data.