RBI selected Precision and HDFC Bank for retail payments test phase: RBI has selected HDFC Bank and Precision Biometric India for testing their ‘on tap’ retail payments applications under the regulatory sandbox scheme.
September 2022 Current Affairs Quiz
Regulatory sandbox:
It refers to live testing of new products or services in a controlled/test regulatory environment. For this regulators permit certain relaxations for the limited purpose of the testing. It allows the regulator, innovators, financial service providers and customers to conduct field tests.