The Reserve Bank of India (RBI) on Wednesday said the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) has put in place a common window under the system of Inter-operable Regulatory Sandbox (IoRS) to engage with different regulators regarding their hybrid products.
According to the RBI, financial products and service providers whose business models, activities and features fall within the remit of more than one financial sector regulator, will be considered for the testing under IoRS. The FinTech Department of RBI will act as nodal point for receiving applications under IoRS and will be designated as ‘Coordination Group (CG)’ for IoRS.
IRTG has been constituted under the aegis of the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) for inter-regulatory co-ordination among the financial sector regulators on FinTech-related issues including IoRS.
“The application for IoRS will be on ‘on…