In its final Enabling Framework for Regulatory Sandbox (RS) the RBI said the conditions that every applicant should satisfy included that it should either be a company incorporated and registered in India or banks licensed to operate in India the entity should have a minimum net worth of 225 lakh as per its latest audited balance sheet and the promoter(s)/director(s) of the entity should be fit and proper As per the framework the applicant should demonstrate that the products/services are technologically ready for deployment in the broader market the entity must demonstrate arrangements to ensure compliance with existing regulations/laws on consumer data protection and privacy The target applicants fur entry to the RS are fintech companies including start-ups banks financial institutions and any other company partnering with or providing support to financial services businesses RS usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of the testing ompetition wizard
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