The launch allows the bank to move towards a continuous and proactive engagement with fintech teams. Innovators can submit proposals at any time without thematic restrictions.
The RBI has been operating the RS since four thematic cohorts were completed and feedback from stakeholders was gathered, with the goal of supporting innovation while maintaining regulatory compliance. In 2021, an ‘On Tap’ application facility for themes of closed cohorts was introduced, and now the RBI further expands this approach with the ‘Theme Neutral’ option.
Applications containing any tech or theme can be submitted, allowing for a broader range of new solutions to be tested within the regulatory branch of the RBI. The bank provided a list of topics as guidance for fintech teams, including digital financial literacy, eKYC, emerging technologies such as AI, ML, blockchain and tokenisation, and financial inclusion, as well as RegTech, SupTech, open finance, alternate credit scoring, and many more.
The move towards a ‘Theme Neutral’ facility reflects the bank’s vision to adapt to the rapidly changing financial landscape and to support continuous innovation, offering a more dynamic environment for fintechs to develop and test their new solutions. By removing restrictions of pre-defined themes and allowing applicants to be submitted at any time, the RVI wants to proactively help the fintech sector.
This change aims to improve the way fintech startups engage with regulatory processes in India. This will help the country’s financial sector to adapt to rapid technological changes while safeguarding consumer interests and systemic integrity. Interested entities can submit their applications along with supporting documents via email. The applications will be assessed under the provisions of the Enabling Framework for RS.
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