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RBI allows six entities to test cross border payments technology

Six other entities complete test phase for retail payments

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2 min read Last Updated : Sep 13 2021 | 9:01 PM IST

The Reserve Bank of India (RBI) has allowed eight firms with their innovative technologies to progress to the ‘test phase’ for cross border payments, while six other firms completed their test phase for retail payments, the central bank said in separate statements.

These experiments with new technologies are conducted under regulatory sandboxes, or, in a tightly controlled environment in small groups where every parameter is measured and analysed.

These long period studies are called ‘cohort’ studies. After a product passes the cohort stage, it enters the second cohort or the test phase. The test phase can also come after two cohorts.

The products

Topics : Reserve Bank of India payments regulation

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