Reserve Bank of India has announced the names of two startups that have been selected as a part of its regulatory sandbox programme. RBI said, it has shortlisted six companies out of 32 entities that had applied for the ‘Test Phase’ of the first cohort.
The two companies are Jaipur based Natural Support Consultancy Services Private Limited and New Delhi based Nucleus Software Exports Limited. While the former has named its product ‘eRupaya’, which will facilitate offline Person-to-Merchant transactions and offline digital payments in remote locations; the second company’s product ‘PaySe’, proposes to help in digitisation of payments in rural areas, starting with Self Help Groups, through an offline payment solution and a digitised SHG-centered ecosystem.
The regulatory sandbox is a protected environment within which the selected companies will operate. They will have to show their system’s preparedness while dealing with dummy data. Once they achieve success within the protected environment, the systems will be allowed to be tested in the live environment with actual banks and consumer data.