The Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced the fourth cohort under the regulatory sandbox framework for 'Prevention and Mitigation of Financial Frauds'.

"With a view to provide further impetus to the fintech eco-system, a fourth cohort on ‘Prevention and Mitigation of financial frauds’ is being announced," Das said.

The experiments under the announced sandbox will be on using technology to reduce the lag between the occurrence and detection of frauds, strengthen the fraud governance and structure and minimising the response time to frauds, Das said.

He added that the application window for this cohort would be opened in due course.

The RBI has so far introduced three cohorts on Retail Payments, Cross Border Payments and MSME Lending.

According to Das, this measure is expected to ensure continuous innovation and engagement with industry to enable a proactive response to the rapidly evolving FinTech scenario.

He further said that ensuring wider availability of payments acceptance (PA) infrastructure throughout the country has been one of the priority areas for financial inclusion.

Meanwhile, the Reserve Bank of India expectedly kept interest rates unchanged at a record low on Friday but signalled the start of tapering pandemicera stimulus measures on economic recovery taking roots.

The six-member Monetary Policy Committee (MPC) kept the key lending rate or the repo rate unchanged at 4 percent while the reverse repo rate or the borrowing rate was maintained at 3.35 per cent. It voted 51 to retain the accommodative stance, RBI Governor Shaktikanta Das said in an online broadcast.

(Edited by : Anshul)

First Published:Oct 8, 2021 1:55 PM IST