Mumbai, Oct 12 (PTI) The Reserve Bank on Wednesday came out with a Standard Operating Procedure (SOP) to facilitate testing of innovative products and services falling within the regulatory ambit of more than one financial sector regulators under the sandbox programme.

Regulatory sandbox 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 relaxations for the limited purpose of the testing.

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The RBI said SoP for Inter-operable Regulatory Sandbox (IoRS) for hybrid products/services will facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulators -- RBI, SEBI, IRDAI, IFSCA and PFRDA.

IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech).

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IRTG on FinTech had been constituted under the aegis of the Financial Stability and Development Council - Sub Committee (FSDC-SC).

The terms of reference of IRTG on FinTech include discussion on issues relating to hybrid product/service falling under the regulatory ambit of different financial sector regulators for admission in Regulatory Sandbox (RS) and framing of SOP for Inter-operable Regulatory Sandbox (IoRS) for hybrid products/services.

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