Consider the following statements regarding Regulatory Sandbox A regulatory sandbox refers to ...........

Economic Affairs Pension and Insurance

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Consider the following statements regarding Regulatory Sandbox.

A regulatory sandbox refers to live testing of new products or services in a controlled environment for which regulators may permit certain regulatory relaxations for the limited purpose of the testing.
It will help fintech companies launch innovative products at a lower cost and in less time.
With the aim of financial inclusion, all fintech companies are allowed access to the Regulatory Sandbox.

Which of the above statements is/are correct?

1 and 2 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain regulatory relaxations for the limited purpose of the testing.

RBI said the objective of the sandbox was to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers.RBI will launch the sandbox for entities that meet the criteria of minimum net worth of ?25 lakh as per their latest audited balance sheet.The entity should either be a company incorporated and registered in the country or banks licensed to operate in India.

While money transfer services, digital know-your customer, financial inclusion and cybersecurity products are included, crypto currency, credit registry and credit information have been left out.