The central bank has so far introduced three cohorts. Six entities have successfully exited the first Cohort on ‘Retail Payments’ while under the second Cohort on ‘Cross Border Payments’ eight entities are undertaking Tests. The application window for the Third Cohort of ‘MSME Lending’ is currently open.
“With a view to preparing the fintech eco-system, it is proposed that the topic for the Fourth Cohort would be ‘Prevention and Mitigation of Financial Frauds’. 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 application window for this cohort would be opened in due course.” governor Das said in a post policy statement.
Based on the experience gained and the feedback received from stakeholders, RBI will facilitate ‘On Tap’ application 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.” RBi said. The modified framework will be released later on Friday.
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