- The short — what’s active and how to choose a track
- Where the sandbox stands (tracks, stages, timelines)
- IoRS: when you must go cross-regulator
- How to verify participants (without chasing rumors)
- Playbook to apply — fintech & partner bank
- FAQ & desk checklists
The short
- Tracks: RBI runs Theme-Neutral cohorts and On-Tap entry for prior themes; products spanning markets/insurance/pensions/IFSC go via IoRS.
- Timeline: Plan for roughly 6–9 months of testing after admission, plus prep time.
- Visibility: Participant names may be disclosed at admission or graduation; many surface first via company PRs—always verify on regulator pages.
- Win factors: Evidence of controls (KYC/DPDP), harm caps, kill-switches, and signed partner-bank letters materially improve acceptance.
Where the sandbox stands
RBI operates multiple intake paths. Use this matrix to pick your route and plan the calendar.
| Track | Theme / Scope | Stage | Typical timeline | What it means for you |
|---|---|---|---|---|
| Cohorts 1–4 | Retail payments · Cross-border · MSME · Fraud mitigation | Completed (reference) | Historic | Leverage final-report templates and test-plan structures to fast-track your documentation. |
| Cohort 5 | Theme-Neutral (problem-statement led) | Admitting / Testing | ~6–9 months (case-by-case) | Best for RBI-only perimeter; submit a concise evidence pack and a partner-bank/NBFC letter. |
| On-Tap | Re-runs of older themes | Rolling intake | Varies by scope | Apply anytime if your product neatly fits a past theme and can meet its success criteria. |
| IoRS | Inter-operable (RBI + SEBI/IRDAI/PFRDA/IFSCA) | Active | ~6–9 months (co-supervised) | Choose when your product spans multiple regulators (e.g., payments + wealth/insurance/pensions). |
How to choose
- RBI-only use-case? Pick Theme-Neutral or On-Tap.
- Multi-regulator footprint? Go IoRS for one application, coordinated testing, and shared safeguards.
- Calendar reality: Reserve slots with partners early (risk, ops, legal, tech) to avoid slippage.
IoRS — when to go cross-regulator
- Scope: Products that combine banking with capital-markets, insurance, pensions, or IFSC activities.
- Process: Single application, unified test plan, and coordinated supervision; clearer post-sandbox pathway.
- Use-cases: Bank-linked insurance journeys, wealth + payments hybrids, cross-border flows, and reg-tech with multi-sector touchpoints.
How to verify who’s testing (fast)
Regulator channels
- Check the RBI sandbox page for cohort notes, FAQs, and press releases.
- If cross-sector, scan peer-regulator updates (SEBI/IRDAI/PFRDA/IFSCA) for IoRS references.
Company disclosures
- Match PRs/exchange filings to the cohort name and dates before quoting.
- Avoid unverified social lists; maintain a tracker with timestamps and links.
Playbook — applying (fintech & partner bank)
Fintech
- Pick the right track (IoRS vs Theme-Neutral/On-Tap) based on regulator footprint.
- Assemble an evidence pack: pilot metrics, harm caps, kill-switch logic, DPDP/KYC artefacts.
- Attach a partner-bank/NBFC letter confirming involvement and test scope.
Banks/NBFCs
- Stand up a sandbox runbook (ops, risk, legal) with go/no-go gates and RACI.
- Define graduation criteria and a BAU migration plan before the first live user.
- Map incident workflows (chargeback, fraud, dispute TATs) and reporting cadences.
FAQ
- How long does testing run? Plan for ~6–9 months after admission; exact windows are cohort-specific.
- Is my product eligible for IoRS? Yes if it requires oversight from multiple regulators; otherwise use RBI’s standard tracks.
- Can I move from Theme-Neutral to IoRS? If your scope expands cross-sector, expect re-evaluation and updated safeguards.