RBI announced the completion of its Second Cohort under the Regulatory Sandbox

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The Reserve Bank of India (RBI) announced the completion of its Second Cohort under the Regulatory Sandbox, with the theme of cross-border payments. The reserve bank chose four entities from the eight that participated in the ‘Test Phase.’

Among the entities are the neobanking unicorn Open, as well as Cashfree Payments, PayNearby, and Fairexpay. The ‘Test Phase’ of the second cohort was completed by all of these entities. “The products were evaluated using mutually agreed-upon test scenarios and expected results.” “All four of the aforementioned products were found to be viable within the boundary conditions defined during testing under the Regulatory Sandbox,” the RBI stated. According to the RBI, these entities can now offer cross-border payment solutions to regulated entities such as banks and non-bank financial companies.

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RBI announced the completion of its Second Cohort under the Regulatory Sandbox

The Reserve Bank of India (RBI) announced the completion of its Second Cohort under the Regulatory Sandbox, with the theme of cross-border payments. The reserve bank chose four entities from the eight that participated in the ‘Test Phase.’

Among the entities are the neobanking unicorn Open, as well as Cashfree Payments, PayNearby, and Fairexpay. The ‘Test Phase’ of the second cohort was completed by all of these entities. “The products were evaluated using mutually agreed-upon test scenarios and expected results.” “All four of the aforementioned products were found to be viable within the boundary conditions defined during testing under the Regulatory Sandbox,” the RBI stated. According to the RBI, these entities can now offer cross-border payment solutions to regulated entities such as banks and non-bank financial companies.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

admin
admin
Hi! This is Admin.

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