Regulatory norms for FinTech innovators soon

New Delhi: Addressing a FinTech conclave organised by NITI Aayog on Monday, Reserve Bank of India Governor Shaktikanta Das informed that the central bank will soon issue guidelines for regulatory sandbox for the industry innovators and startups, as all these years it encouraged greater use of electronic payments with an aim to turn India into a less-cash society. Explaining the term “regulatory sandbox”, domain experts said, it is a framework set up by a regulator that allows FinTech startups and innovators to conduct live experiments in a controlled environment under supervision. “A ‘Regulatory Sandbox’ would benefit FinTech companies by way of reduced time to launch innovative products at a lower cost. Going forward, the RBI will set up a regulatory sandbox, for which guidelines will be issued in the next two months,” Das said. TNS