The Reserve Bank had announced opening of the first cohort under Regulatory Sandbox vide Press release dated November 04, 2019. The Reserve Bank received applications from 32 entities of which six have been selected for the ‘Test Phase’. The commencement of testing was delayed on account of the present COVID-19 situation. Two entities, as per details below, have started testing of their products from November 16, 2020. The remaining four are expected to start the test phase shortly which will be communicated as and when they do so. | Sr. No. | Sandbox Entity | Description | | 1 | Natural Support Consultancy Services Pvt. Ltd.
Jaipur | The product ‘eRupaya’ is a set of Near-Field Communication (NFC) based Prepaid card and NFC enabled Point of Sale (PoS) device, to facilitate offline Person-to-Merchant (P2M) transactions and offline digital payments in remote locations. | | 2 | Nucleus Software Exports Ltd.
New Delhi | The offline digital cash product, 'PaySe', will help connect with rural areas for e-payments. The product proposes to help in digitisation of payments in rural areas, starting with Self Help Groups (SHG), through an offline payment solution and a digitised SHG-centered ecosystem. | (Yogesh Dayal)
Chief General Manager Press Release: 2020-2021/638 | |