Explanation:

Sandbox:- 
. A regulatory sandbox is an experimental oversight mechanism for innovative products and services that do not fall into an existing regulatory regimes or cut across traditional regulators’domains.
. Such innovations are permitted to operate for a limited period of time at a limited scale to understand their efficacy and implications, so that the best alternatives for regulation can be evolved based on concerns thatemerge.
. The sandbox needs to be designed to adopt this unified consumer-centric lens through a single integrated sandbox serving all four financial sector regulators.
. The sandbox option can be a great way to unlock innovations for mass public adoption, because a regulatory sandbox balances the twin objectives of nurturing financial innovation and safeguarding consumerinterests.