RBI to join GFIN’s Greenwashing TechSprint to tackle ESG risks

The Reserve Bank of India has opened the application window for all companies and innovators in India to participate in the first TechSprint of the Global Financial Innovation Network (GFIN). The window will close on May 21, 2023.

RBI will be among 13 international regulators participating in GFIN’s Greenwashing TechSprint.

TechSprint will bring together 13 international regulators along with companies and innovators to address GFIN’s priority in environmental, social and governance (ESG) and sustainable finance.

RBI said it will participate in a virtual TechSprint, hosted on the Financial Conduct Authority’s (FCA) digital sandbox, to bring together international regulators, businesses and innovators to address sustainable finance as a collective priority.

The goal of TechSprint is to develop a tool that can help regulators, or the marketplace, more effectively address or mitigate greenwashing risks in financial services.

“Companies will have the opportunity to work with regulatory experts and a variety of stakeholders and professionals from around the world,” the central bank said in a statement.

In addition, to support the application process, GFIN will provide an information pack to companies interested in participating in the event.

The companies that have successfully submitted their applications will continue to join, which will be held on June 1 and 2. This will provide companies with Digital Sandbox training and an in-depth overview of the TechSprint process.

TechSprint will launch on June 5th and will run for 3 months, ending with a Demo Day in September 2023.