Q. Which private bank has been selected by the Reserve Bank of India (RBI) for the test phase for their ‘Offline Retail Payments’?
Answer:
HDFC Bank
Notes: Reserve Bank of India (RBI) announced that HDFC Bank (in partnership with Sweden-based Crunchfish Aktiebolag) has been selected for the test phase for their ‘Offline Retail Payments’.
Precision Biometric India Pvt. Ltd has been selected for test phase of ‘InnaIT Key Solution for Banking’ products. The institutions were selected for the theme ‘Retail Payments’ under Regulatory Sandbox. RBI introduced a Regulatory Sandbox (RS) in 2019 to develop innovation in financial services to benefit consumers.