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In Dec 2020, The Reserve Bank had has launched a new edition of the Regulatory Sandbox which of the following is the theme of the program?
1. Retention of costumer
2. EMI payment
3. Car Payment
4. Digital Payment
5. Retail Payments

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Correct Answer - Option 5 : Retail Payments

  • The Reserve Bank had announced the opening of the first cohort under Regulatory Sandbox with "Retail Payments" as its theme with two entities- eRupaya and PaySe.
  • The Reserve Bank received applications from 32 entities of which six have been selected for the ‘Test Phase’.
  • The two entities that have started testing are Natural Support Consultancy Services, Jaipur, and Nucleus Software Exports, New Delhi.
  • A regulatory sandbox is a framework set up by a regulator that allows FinTech startups and other innovators to conduct live experiments in a controlled environment under a regulator's supervision.

  • Natural Support Consultancy Services
    • The product ‘eRupaya’ is a set of Near-Field Communication (NFC) based Prepaid card and NFC enabled Point of Sale (PoS) device, to facilitate offline Person-to-Merchant (P2M) transactions and offline digital payments in remote locations.
  • Nucleus Software Exports
    • The offline digital cash product, 'PaySe', will help connect with rural areas for e-payments.
    • The product proposes to help in the digitization of payments in rural areas, starting with Self Help Groups (SHG), through an offline payment solution and a digitized SHG-centered ecosystem.
  • The RBI made a statement that mobile payments including feature phone-based payment services, offline payment solutions, and contactless payment would be considered under the sandbox structure.
  • The idea behind RBI's statement is to spur innovation in the digital payments space and help in offering payment services to the unserved and underserved segment of the population.

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