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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

RBI issues FAQs on Inter-operable Regulatory Sandbox (IoRS)

17-Sep-2025 | NA

Reserve Bank of India (RBI) issues FAQs on Inter-operable Regulatory Sandbox (IoRS). Key Highlights of the FAQs are as follows: 1. Regulatory Sandbox allows live testing of new financial products/services in a controlled environment with temporary regulatory relaxations. 2. IoRS is a joint initiative by regulators (RBI, SEBI, IRDAI, PFRDA, IFSCA) to test products that span across multiple financial sectors. It was created by the Inter-Regulatory Technical Group on FinTech (IRTG-FinTech) to handle hybrid products/services and streamline approvals. 3. Key difference: Individual sandboxes cover products under one regulator, while IoRS supports cross-sector products through a single window. 4. Participants: FinTechs, RegTechs, financial institutions, start-ups, and innovators working on multi-sector products can apply. Eligible products include RegTech, SupTech, digital payments, InsurTech, WealthTech, cross-border payments, and other hybrid financial solutions. 5. Process: An application should be submitted to FinTech Department of RBI. The Principal Regulator (PR) will handle the main product features, while the Associate Regulators (AR) would oversee secondary aspects. 6. Benefits: Faster approvals, single-window regulator access, safer testing environment, quicker go-to-market, and easier cross-sector innovation. For more information, please refer to the attached FAQ document.

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