HDFC Bank Ltd.

The Reserve Bank of India (RBI) has selected HDFC Bank and Precision Biometric India for testing their 'on tap' retail payments applications under the regulatory sandbox scheme. Regulatory sandbox (RS) refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of the testing.

The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new products and systems. The RBI announced the opening of the 'On Tap' application facility for the theme 'Retail Payments' under the regulatory sandbox in October last year.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.