The Reserve Bank has completed testing five MSME lending products under its regulatory sandbox cohort. Regulated entities can now consider adopting them. A regulatory sandbox allows live testing of new products or services in a controlled environment. The central bank has also announced the fifth cohort under this scheme. Innovative products, services and technologies cutting across various functions in RBI's regulatory domain are eligible to apply for the sandbox scheme, the central bank said. Applications may be submitted from October 30 to November 30, 2023. The RBI said that the products of the entities which completed the 'Test Phase' were evaluated based on mutually agreed test scenarios and expected outcomes. Products from FinAGG, Mynd Solutions, Rupifi, SIDBI, and SysArc have completed the test phase. RBI invited applications for the first cohort in Nov 2019 and for the second cohort on 'Cross Border Payments' in Dec 2020.