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.