New Delhi, Jan. 5 -- To aid innovation of new financial products, Reserve Bank of India (RBI) came up with guidelines for a regulatory sandbox. It invited fintech companies to be part of it and test their new products.

A regulatory sandbox allows companies to live test new products in a controlled environment. Regulators can see the entire process and decide on what to allow and what not to and a product's viability.

Through pilots and field tests, the regulator knows the benefits and risks of new financial innovations. All this helps regulators to implement new norms quickly to aid the innovation of products.

The regulator has shortlisted six companies to test their innovative products in its regulatory sandbox. Here are the innovatio...