Correct Answer : Option (C) - Reserve Bank of India
The Reserve Bank of India (RBI) has approved products of four entities after they tested acceptable under the second cohort of the regulatory sandbox for cross border payments.
In December 2020, the RBI had announced the opening of the second cohort, and had received 27 applications from 26 entities, of which eight entities were selected for the ‘Test Phase’.
Of those eight, four entities – payment solution providers, Cashfree Payments and Fairex Solutions; financial services provider Nearby Technologies,which operates PayNearby, and neo-banking unicorn, Open Financial Technologies - have been found viable within the boundary conditions defined during testing under the regulatory sandbox.
“The aforesaid entities have now exited the second cohort of the regulatory sandbox
on ‘Cross-Border Payments
’. The products found acceptable under this cohort may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements,” the RBI said in a statement..Source : Economic Times