The RBI has selected BCT’s product, the rt360 Real Time Monitoring system as viable
FinTech BizNews Service
Mumbai, June 19, 2024: Last evening, RBI announced Bahwan CyberTek (BCT) to be among the three entities who have successfully complete RBI regulatory sandbox's fourth cohort themed 'Prevention and Mitigation of Financial Frauds'.
Bahwan Cybertek’s “rt360 Real Time Monitoring System” was approved in the test phase. It is a technology enabled solution to assist banks in transaction monitoring in real-time/ near real-time basis. It further analyses the transactions and generates alerts for proactive follow-up and action.
Ms. Jaya Vaidyanathan, CEO, BCT Digital (a Bahwan CyberTek company) said, "We’re pleased to have had a successful journey as a part of the 4th Cohort of the Regulatory Sandbox with ‘Prevention and Mitigation of Financial Frauds’ as its theme. The RBI has selected BCT’s product, the rt360 Real Time Monitoring system as viable. This stamp of approval from the RBI, one of the most appreciated central banks globally, is a validation of our commitment to preventing fraud in the banking system and energizes our expansion into newer products, market segments, and geographies. We are thankful to the RBI and IDBI Bank, our Partner Financial Institution, for the opportunities. We strongly believe, for the Indian banking system, this is a giant leap towards actively looking out and preventing frauds rather than just reporting them out post facto and burning resources in recovering lost funds.”
RBI in the official release said that the products found acceptable under this cohort may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements. Further, as per the provisions of the Enabling Framework for Regulatory Sandbox, the fourth cohort on ‘Prevention and Mitigation of Financial Frauds’ is now open for ‘on-tap’ applications.
Out of nine applications received by RBI, six were selected for the ‘Test Phase’, of which, three products were found viable within the boundary conditions defined during testing under RS. Products which participated in the regulatory sandbox include transaction monitoring for banks, authorisation of transactions, and assessment of default risk of a loan applicant, respectively.
Regulatory sandbox refers to live testing of new products or services in controlled regulatory environment for which regulators may permit certain regulatory relaxations for limited purpose of testing
