RBI’S 4th regulatory sandbox cohort is on prevention of financial frauds
The Reserve Bank of India (RBI) announced that ‘prevention and mitigation of financial frauds’ will be the fourth cohort under the regulatory sandbox structure. “The focus would be on using technology to reduce the lag between the occurrence and detection of frauds, strengthening the fraud governance structure, and minimising response time to frauds,” the RBI said. The RBI has also decided to facilitate on-tap applications for themes of cohorts earlier closed. This measure is expected to ensure continuous innovation and engagement with industry to enable a proactive response to the rapidly evolving Fintech scenario.